Fair Value Measurement

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 2 - Fair Value Measurement

The following table summarizes the Company’s investments at September 30, 2022 and December 31, 2021 measured at fair value on a recurring basis (in thousands):

	September 30, 2022							December 31, 2021
										Gross
			Gross							Unrealized
			Unrealized			Recorded				Gains			Recorded
	Cost		Losses			Basis		Cost		(Losses)			Basis
Current:
Cash equivalents:
Money market funds	$	29,787	$	—		$	29,787	$	13,384	$	—		$	13,384
Total cash equivalents		29,787		—			29,787		13,384		—			13,384
Investments:
Corporate bonds		38,552		(5,923	)		32,629		41,954		(136	)		41,818
Asset backed securities		19,496		(1,097	)		18,399		29,533		(38	)		29,495
Mortgage backed securities		16,366		(3,255	)		13,111		18,089		(440	)		17,649
U.S. government agency securities		7,373		(301	)		7,072		7,383		418			7,801
Emerging markets		2,054		(80	)		1,974		—		—			—
Total current investments		83,841		(10,656	)		73,185		96,959		(196	)		96,763
Restricted cash and investments (1):
Corporate bonds		90,292		(12,900	)		77,392		117,700		(17	)		117,683
U.S. treasuries		66,397		(9,725	)		56,672		67,614		(342	)		67,272
Mortgage backed securities		52,309		(6,965	)		45,344		64,217		764			64,981
U.S. government agency securities		31,827		(2,324	)		29,503		32,898		1,281			34,179
Mutual funds		6,124		—			6,124		6,273		—			6,273
Money market funds		553		—			553		528		—			528
Asset backed securities		28		—			28		107		1			108
Total restricted cash and    investments		247,530		(31,914	)		215,616		289,337		1,687			291,024
Total investments	$	361,158	$	(42,570	)	$	318,588	$	399,680	$	1,491		$	401,171

(1) Included in restricted cash and investments within the condensed consolidated balance sheets is restricted cash of $8.7 million and $9.2 million as of September 30, 2022 and December 31, 2021, respectively, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheet based on the nature of the restriction.

The following table summarizes the Company’s investments at September 30, 2022 and December 31, 2021 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

	September 30, 2022										December 31, 2021
	Total										Total
	Recorded										Recorded
	Basis		Level 1		Level 2		Level 3		Other (1)		Basis		Level 1		Level 2		Level 3		Other (1)
Cash equivalents:
Money market    funds	$	29,787	$	—	$	—	$	—	$	29,787	$	13,384	$	—	$	—	$	—	$	13,384
Investments:
Corporate bonds		32,629		—		32,629		—		—		41,818		—		41,818		—		—
Asset backed    securities		18,399		—		18,399		—		—		29,495		—		29,495		—		—
Mortgage backed    securities		13,111		—		13,111		—		—		17,649		—		17,649		—		—
U.S. government    agency securities		7,072		—		7,072		—		—		7,801		—		7,801		—		—
Emerging markets		1,974		—		1,974		—		—		—		—		—		—		—
Restricted cash and    investments:
Corporate bonds		77,392		—		77,392		—		—		117,683		—		117,683		—		—
U.S. treasuries		56,672		—		56,672		—		—		67,272		—		67,272		—		—
Mortgage backed    securities		45,344		—		45,344		—		—		64,981		—		64,981		—		—
U.S. government    agency securities		29,503		—		29,503		—		—		34,179		—		34,179		—		—
Mutual funds		6,124		6,124		—		—		—		6,273		6,273		—		—		—
Money market    funds		553		—		—		—		553		528		—		—		—		528
Asset backed    securities		28		—		28		—		—		108		—		108		—		—
Total investments	$	318,588	$	6,124	$	282,124	$	—	$	30,340	$	401,171	$	6,273	$	380,986	$	—	$	13,912

(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.

The following table summarizes the contractual maturities of the Company’s available-for-sale securities at September 30, 2022 and December 31, 2021. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

	September 30, 2022
(In thousands)	Less than 1 Year		Between 1 to 5 Years		Between 5 to 10 Years		After 10 Years		Total
Corporate bonds	$	4,829	$	51,107	$	53,973	$	112	$	110,021
U.S. treasuries		145		3,578		52,949		—		56,672
U.S. government agency securities		3,919		29,240		3,416		—		36,575
Money market funds		30,339		—		—		—		30,339
Asset backed securities		—		28		2,058		16,341		18,427
Emerging markets		—		1,974		—		—		1,974
Total	$	39,232	$	85,927	$	112,396	$	16,453	$	254,008
	December 31, 2021
(In thousands)	Less than 1 Year		Between 1 to 5 Years		Between 5 to 10 Years		After 10 Years		Total
Corporate bonds	$	24,601	$	35,570	$	99,180	$	150	$	159,501
U.S. treasuries		953		4,295		62,024		—		67,272
U.S. government agency securities		—		25,171		16,809		—		41,980
Asset backed securities		—		108		2,200		27,295		29,603
Money market funds		13,657		—		—		—		13,657
Total	$	39,211	$	65,144	$	180,213	$	27,445	$	312,013

The average contractual maturity of mortgage backed securities, which are excluded from the table above was 23 years as of September 30, 2022 and December 31, 2021.