Changes in Accumulated Other Comprehensive Income by Component

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income by Component

Note 5—Changes in Accumulated Other Comprehensive Income by Component

The Company’s 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 six months ended June 30, 2022 and 2021:

	Unrealized Gains and Losses on Available-for-Sale Securities1
	Six Months Ended June 30,
	2022		2021
	(in thousands)
Accumulated other comprehensive income — beginning balance	$	4,000	$	5,563
Other comprehensive loss before reclassifications	(7,234)		(405)
Losses (gains) reclassified from other comprehensive income2	20		(163)
Net current period other comprehensive loss3	(7,214)		(568)
Accumulated other comprehensive (loss) income — ending balance	$	(3,214)	$	4,995

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 six months ended June 30, 2022, the Company recorded less than $0.1 million of realized losses from the sale of available-for-sale securities. For the six months ended June 30, 2021, the Company recorded $0.2 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 six months ended June 30, 2022 and 2021, the changes in other comprehensive income were net of a tax benefit of $1.9 million and $0.6 million, respectively.

	Amounts Reclassified from Accumulated Other Comprehensive Income
	2022		2021
	(in thousands)
Three Months Ended June 30,
(Losses) gains from the sale of available-for-sale securities	$	(14)	$	276
Tax benefit (expense)	3		(77)
Net (loss) gain reclassified from accumulated other comprehensive income	$	(11)	$	199
Six Months Ended June 30,
(Losses) gains from the sale of available-for-sale securities	$	(26)	$	228
Tax benefit (expense)	6		(65)
Net (loss) gain reclassified from accumulated other comprehensive income	$	(20)	$	163