Changes in Accumulated Other Comprehensive Loss by Component (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following table provides a summary of the changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023:

	Unrealized gains and losses on available-for-sale securities1
	Three Months Ended March 31,
	2024		2023
	(in thousands)
Accumulated other comprehensive loss — beginning balance	$	(1,844)	$	(3,477)
Other comprehensive (loss) income before reclassifications	(495)		1,206
Losses reclassified from other comprehensive loss2	167		1
Net current period other comprehensive (loss) income3	(328)		1,207
Accumulated other comprehensive loss — ending balance	$	(2,172)	$	(2,270)

1.All amounts are net of tax.

2.Realized gains and losses were recorded pre-tax within “Investment and other income, net” in the Consolidated Statements of Comprehensive Income. For the three months ended March 31, 2024 and 2023, the Company recorded realized losses of $0.2 million and less than $0.1 million from the sale of available-for-sale securities. Refer to Note 10—Fair Value Measurements herein for further information.

3.For the three months ended March 31, 2024 and 2023, the changes in other comprehensive loss were net of a tax benefit of $0.1 million and an expense of $0.3 million, respectively.

Schedule of Reclassification out of Accumulated Other Comprehensive Income

	Amounts Reclassified from Accumulated Other Comprehensive Loss
	2024		2023
	(in thousands)
Three Months Ended March 31,
Losses from the sale of available-for-sale securities	$	(211)	$	(2)
Tax benefit	44		1
Net loss reclassified from accumulated other comprehensive loss	$	(167)	$	(1)