Restricted Available-for-Sale Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Restricted Available-for-Sale Investments

Note 4. Restricted Available-for-Sale Investments

The following tables reconcile the amortized cost, gross unrealized gains and losses included in accumulated other comprehensive income or loss, and estimated fair value of the Company’s restricted available-for-sale investments as of the periods indicated:

	September 30, 2023
Dollars in thousands	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Restricted investments	$	23,014	$	—	$	(504	)	$	22,510

	December 31, 2022
Dollars in thousands	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Restricted investments	$	21,158	$	—	$	(742	)	$	20,416

The following tables include the gross unrealized losses and estimated fair values of restricted available-for-sale investments that were in a continuous unrealized loss position, for which no allowance for credit loss has been recorded, as of the periods indicated:

	September 30, 2023
	Less than 12 Months				12 Months or Longer					Total
Dollars in thousands	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses
Restricted investments	$	4,051	$	—	$	18,459	$	(504	)	$	22,510	$	(504	)

	December 31, 2022
	Less than 12 Months					12 Months or Longer				Total
Dollars in thousands	Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Restricted investments	$	20,416	$	(742	)	$	—	$	—	$	20,416	$	(742	)

The restricted available-for-sale investments consist of U.S. Treasuries which are measured at fair value and include accrued interest receivables of $0.1 million and $0.3 million as of September 30, 2023 and December 31, 2022, respectively. The investments consist of highly rated securities backed by the U.S. federal government. As a result, the Company has not recorded an allowance for credit losses related to the restricted available-for-sale investments. Changes in fair value are the result of recent increases in interest rates by the Federal Reserve that occurred after the purchase of the investments.

The following table includes the amortized cost and estimated fair values of restricted available-for-sale investments by contractual maturity as of the periods indicated:

	September 30, 2023
Dollars in thousands	Amortized Cost		Estimated Fair Value
Due in one year	$	20,854	$	20,430
Due within one year to five years		2,160		2,080
Due within five years to ten years		—		—
Due after ten years		—		—
Total restricted available-for-sale investments	$	23,014	$	22,510

The following table includes the proceeds from sold restricted available-for-sale investments for the periods indicated:

	Three Months Ended				Nine Months Ended
Dollars in thousands	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Sales of restricted available-for-sale investments	$	—	$	3,130	$	—	$	3,130

The Company had no gross realized gains or losses during the three and nine months ended September 30, 2023 and 2022, respectively. For additional information on the Company's restricted available-for-sale investments, see Note 8, "Disclosure About Fair Value of Financial Instruments."