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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 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 three-tier fair value hierarchy:

 

 

December 31, 2022

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

(in thousands)

 

Equity securities, debt securities and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

U.S. government debt securities

$

332,048

 

 

$

—

 

 

$

332,048

 

 

$

—

 

Corporate debt securities

 

194,149

 

 

 

—

 

 

 

194,149

 

 

 

—

 

U.S. agency debt securities

 

156,688

 

 

 

—

 

 

 

156,688

 

 

 

—

 

U.S. treasury bills

 

69,798

 

 

 

69,798

 

 

 

—

 

 

 

—

 

Money market accounts

 

27,455

 

 

 

27,455

 

 

 

—

 

 

 

—

 

Municipal bonds

 

22,673

 

 

 

—

 

 

 

22,673

 

 

 

—

 

Preferred stock of privately held company

 

15,000

 

 

 

—

 

 

 

—

 

 

 

15,000

 

Redeemable preferred stock investment

 

12,385

 

 

 

—

 

 

 

—

 

 

 

12,385

 

Yankee debt securities

 

3,010

 

 

 

—

 

 

 

3,010

 

 

 

—

 

Total equity securities, debt securities and cash equivalents

$

833,206

 

 

$

97,253

 

 

$

708,568

 

 

$

27,385

 

 

 

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