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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the above three-tier fair value hierarchy:

 

 

June 30, 2022

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

(in thousands)

 

Equity securities, debt securities and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

Investment in private equity securities

$

15,000

 

 

$

 

 

$

 

 

$

15,000

 

U.S. government debt securities

 

357,573

 

 

 

 

 

 

357,573

 

 

 

 

Corporate debt securities

 

257,716

 

 

 

 

 

 

257,716

 

 

 

 

U.S. agency debt securities

 

81,832

 

 

 

 

 

 

81,832

 

 

 

 

Municipal bonds

 

24,060

 

 

 

 

 

 

24,060

 

 

 

 

Yankee debt securities

 

11,801

 

 

 

 

 

 

11,801

 

 

 

 

U.S. treasury bills

 

59,261

 

 

 

59,261

 

 

 

 

 

 

 

Money market accounts

 

44,209

 

 

 

44,209

 

 

 

 

 

 

 

Redeemable preferred stock investment

 

11,981

 

 

 

 

 

 

 

 

 

11,981

 

Total equity securities, debt securities and cash equivalents

$

863,433

 

 

$

103,470

 

 

$

732,982

 

 

$

26,981

 

 

 

December 31, 2021

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

(in thousands)

 

Equity securities, debt securities and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

$

332,529

 

 

$

 

 

$

332,529

 

 

$

 

U.S. government debt securities

 

198,157

 

 

 

 

 

 

198,157

 

 

 

 

Bond funds

 

98,799

 

 

 

98,799

 

 

 

 

 

 

 

U.S. agency debt securities

 

69,534

 

 

 

 

 

 

69,534

 

 

 

 

Exchange traded funds

 

35,000

 

 

 

35,000

 

 

 

 

 

 

 

Municipal bonds

 

24,480

 

 

 

 

 

 

24,480

 

 

 

 

Yankee debt securities

 

12,153

 

 

 

 

 

 

12,153

 

 

 

 

Redeemable preferred stock investment

 

21,965

 

 

 

 

 

 

 

 

 

21,965

 

Money market accounts

 

77,067

 

 

 

77,067

 

 

 

 

 

 

 

Total equity securities, debt securities and cash equivalents

$

869,684

 

 

$

210,866

 

 

$

636,853

 

 

$

21,965