Changes in Accumulated Other Comprehensive Income by Component

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income by Component

Note 5—Changes in Accumulated Other Comprehensive Income by Component

Accumulated other comprehensive income consists of unrealized gains and losses from the Company’s available-for-sale marketable securities. The following table provides a summary of the changes in accumulated other comprehensive income for the nine months ended September 30, 2020 and 2019:

	Unrealized Gains and Losses on Available-for-Sale Securities1
	Nine Months Ended September 30,
	2020		2019
	(in thousands)
Accumulated other comprehensive income — beginning balance	$	2,919	$	158
Other comprehensive income before reclassifications	1,925		2,754
Losses (gains) reclassified from other comprehensive income2	71		(90)
Net current period other comprehensive income3	1,996		2,664
Accumulated other comprehensive income — ending balance	$	4,915	$	2,822

1.All amounts are net of tax

2.Realized gains and losses were recorded pre-tax under “Investment and other income” in the Consolidated Statements of Comprehensive Income. For the nine months ended September 30, 2020, the Company recorded $0.1 million of realized losses from the sale of available-for-sale securities. For the nine months ended September 30, 2019, the Company recorded $0.1 million of realized gains from the sale of available-for-sale securities. Refer to Note 9—Fair Value Measurements herein for further information.

3.For the nine months ended September 30, 2020 and 2019, the changes in other comprehensive income were net of a tax expense of $0.5 million and $0.7 million, respectively.

	Amounts Reclassified from Accumulated Other Comprehensive Income
	2020		2019
	(in thousands)
Three Months Ended September 30,
(Losses) gains from the sale of available-for-sale securities	$	(7)	$	14
Tax benefit (expense)	2		(3)
Net (loss) gain reclassified from accumulated other comprehensive income	$	(5)	$	11
Nine Months Ended September 30,
(Losses) gains from the sale of available-for-sale securities	$	(94)	$	117
Tax benefit (expense)	23		(27)
Net (loss) gain reclassified from accumulated other comprehensive income	$	(71)	$	90