Fair Value Measurement

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 2 - Fair Value Measurement

The following table summarizes the Company’s investments at March 31, 2023 and December 31, 2022 measured at fair value on a recurring basis (in thousands):

	March 31, 2023							December 31, 2022
			Gross							Gross
			Unrealized			Recorded				Unrealized			Recorded
	Cost		Losses			Basis		Cost		Losses			Basis
Current:
Cash equivalents:
Money market funds	$	26,823	$	-		$	26,823	$	40,296	$	-		$	40,296
Total cash equivalents		26,823		-			26,823		40,296		-			40,296
Investments:
Corporate bonds		38,447		(4,644	)		33,803		38,489		(5,181	)		33,308
Asset backed securities		13,696		(581	)		13,115		13,709		(737	)		12,972
Mortgage backed securities		15,903		(2,972	)		12,931		16,135		(3,139	)		12,996
U.S. treasuries		12,439		(1,310	)		11,129		-		-			-
U.S. government agency securities		7,366		(240	)		7,126		7,369		(302	)		7,067
Emerging markets		2,034		(50	)		1,984		2,044		(62	)		1,982
Total current investments		89,885		(9,797	)		80,088		77,746		(9,421	)		68,325
Restricted cash and investments (1):
Corporate bonds		81,833		(9,834	)		71,999		81,993		(11,296	)		70,697
U.S. treasuries		56,950		(6,441	)		50,509		66,479		(9,222	)		57,257
Mortgage backed securities		44,878		(5,394	)		39,484		46,138		(6,045	)		40,093
U.S. government agency securities		26,450		(1,625	)		24,825		26,479		(2,156	)		24,323
Mutual funds		7,509		-			7,509		6,301		-			6,301
Money market funds		150		-			150		646		-			646
Asset backed securities		-		-			-		9		-			9
Total restricted cash and    investments		217,770		(23,294	)		194,476		228,045		(28,719	)		199,326
Total investments	$	334,478	$	(33,091	)	$	301,387	$	346,087	$	(38,140	)	$	307,947

(1) Included in restricted cash and investments within the condensed consolidated balance sheets is restricted cash of $12.8 million and $15.9 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

	March 31, 2023										December 31, 2022
	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	$	26,823	$	-	$	-	$	-	$	26,823	$	40,296	$	-	$	-	$	-	$	40,296
Investments:
Corporate bonds		33,803		-		33,803		-		-		33,308		-		33,308		-		-
Asset backed securities		13,115		-		13,115		-		-		12,972		-		12,972		-		-
Mortgage backed    securities		12,931		-		12,931		-		-		12,996		-		12,996		-		-
U.S. treasuries		11,129		-		11,129		-		-		-		-		-		-		-
U.S. government    agency securities		7,126		-		7,126		-		-		7,067		-		7,067		-		-
Emerging markets		1,984		-		1,984		-		-		1,982		-		1,982		-		-
Restricted cash and    investments:
Corporate bonds		71,999		-		71,999		-		-		70,697		-		70,697		-		-
U.S. treasuries		50,509		-		50,509		-		-		57,257		-		57,257		-		-
Mortgage backed    securities		39,484		-		39,484		-		-		40,093		-		40,093		-		-
U.S. government    agency securities		24,825		-		24,825		-		-		24,323		-		24,323		-		-
Mutual funds		7,509		7,509		-		-		-		6,301		6,301		-		-		-
Money market    funds		150		-		-		-		150		646		-		-		-		646
Asset backed securities		-		-		-		-		-		9		-		9		-		-
Total investments	$	301,387	$	7,509	$	266,905	$	-	$	26,973	$	307,947	$	6,301	$	260,704	$	-	$	40,942

(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 March 31, 2023 and December 31, 2022. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The table also includes money market funds, which are classified as cash and cash equivalents on the Company’s consolidated balance sheets.

	March 31, 2023
(In thousands)	Less than 1 Year		Between 1 to 5 Years		Between 5 to 10 Years		After 10 Years		Total
Corporate bonds	$	2,536	$	53,788	$	49,300	$	178	$	105,802
U.S. treasuries		3,532		16,627		41,479		-		61,638
U.S. government agency securities		3,986		24,436		3,529		-		31,951
Money market funds		26,973		-		-		-		26,973
Asset backed securities		-		-		11,821		1,294		13,115
Emerging markets		1,984		-		-		-		1,984
Total	$	39,011	$	94,851	$	106,129	$	1,472	$	241,463
	December 31, 2022
(In thousands)	Less than 1 Year		Between 1 to 5 Years		Between 5 to 10 Years		After 10 Years		Total
Corporate bonds	$	646	$	50,439	$	52,920	$	-	$	104,005
U.S. treasuries		440		3,405		53,412		-		57,257
Money market funds		40,539		-		-		-		40,539
U.S. government agency securities		3,943		24,025		3,422		-		31,390
Asset backed securities		-		9		2,113		10,859		12,981
Emerging markets		-		1,982		-		-		1,982
Total	$	45,568	$	79,860	$	111,867	$	10,859	$	248,154

The average contractual maturity of mortgage backed securities, which are excluded from the table above, was 23 years as of March 31, 2023 and December 31, 2022.