Investments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value of the Company's Investments by Type

The following tables summarize the fair value of the Company’s investments by type. The estimated fair values of the Company’s fixed income investments are classified as Level 2 in the fair value hierarchy as defined in U.S. GAAP. These valuations are based on observable direct and indirect inputs, primarily quoted prices of similar, but not identical,

instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. These fair values are obtained from independent pricing services which utilize Level 2 inputs.


	March 31, 2023
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	242,246	$	160	$	69	$	(585)	$	241,890
Corporate debt securities	3,362		13		—		(21)		3,354
Certificates of deposit	1,224		7		—		(21)		1,210
Total investments	$	246,832	$	180	$	69	$	(627)	$	246,454


	December 31, 2022
	Amortized Cost		Accrued Interest		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Obligations of U.S. Government and its agencies	$	129,940	$	427	$	—	$	(996)	$	129,371
Corporate debt securities	6,093		37		—		(38)		6,092
Certificates of deposit	2,163		23		—		(29)		2,157
Total investments	$	138,196	$	487	$	—	$	(1,063)	$	137,620

Schedule of the Maturity of Investments

The following table summarizes the scheduled maturity for the Company’s investments at March 31, 2023 and December 31, 2022:


	March 31, 2023		December 31, 2022
Maturing in one year or less	$	243,022	$	119,543
Maturing after one year through two years	3,432		18,077
Total investments	$	246,454	$	137,620