Long-Term Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

LONG-TERM INVESTMENT

As of December 31, 2023 and 2022, the Company held one auction rate security with a par value of $3,000,000 and an estimated fair value of approximately $2,530,000 and $2,622,000, respectively, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk

of default. Through December 31, 2023, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. Changes in the estimated fair value of the Failed Auction Security have not been significant in the past three years. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months. As a result, the Company continued to classify the Failed Auction Security as long-term as of December 31, 2023.

At this time, the Company has no intent to sell the Failed Auction Security and does not believe it is more likely than not the Company will be required to sell the security. If current market conditions deteriorate further, the Company may be required to record additional unrealized losses. If the credit rating of the security deteriorates, the Company may be required to adjust the carrying value of the investment through impairment charges recorded in the Consolidated Statement of Operations, and any such impairment adjustments may be material.

Details of our investments are as follows (in thousands):


	December 31, 2023
	Cash and Cash		Long-Term
Measured at fair value:	Equivalents		Investment
Available-for-sale debt securities:
Money Market Funds	$	209,489	$	—
Failed Auction Security		—		2,530
Total		209,489		2,530

Other measurement basis:
Cash on hand		32,730		—
Total	$	242,219	$	2,530


	December 31, 2022
	Cash and Cash		Long-Term
Measured at fair value:	Equivalents		Investment
Available-for-sale debt securities:
Money Market Funds	$	143,274	$	—
Failed Auction Security		—		2,622
Total		143,274		2,622
Other measurement basis:
Cash on hand		47,337		—
Total	$	190,611	$	2,622

The following is a summary of the available-for-sale securities (in thousands):


			Gross		Gross		Estimated
			Unrealized		Unrealized		Fair
December 31, 2023	Cost		Gains		Losses		Value
Failed Auction Security	$	3,000	$	—	$	470	$	2,530

December 31, 2022
Failed Auction Security	$	3,000	$	—	$	378	$	2,622

As of December 31, 2023 and 2022, the Failed Auction Security had been in an unrealized loss position for greater than 12 months.

The amortized cost and estimated fair value of the available-for-sale securities on December 31, 2023, by type and contractual maturities, are shown below (in thousands):

Failed Auction Security:


			Estimated
	Cost		Fair Value
Due in nineteen years	$	3,000	$	2,530