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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Information about Financial Assets Measured at Fair Value on Recurring Basis Based on Three-Tier Fair Value Hierarchy

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the above three-tier fair value hierarchy:

 

 

March 31, 2023

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

(in thousands)

 

Equity securities, debt securities and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

U.S. government debt securities

$

355,736

 

 

$

 

 

$

355,736

 

 

$

 

U.S. agency debt securities

 

208,894

 

 

 

 

 

 

208,894

 

 

 

 

Corporate debt securities

 

165,133

 

 

 

 

 

 

165,133

 

 

 

 

U.S. treasury bills

 

67,883

 

 

 

67,883

 

 

 

 

 

 

 

Municipal bonds

 

21,772

 

 

 

 

 

 

21,772

 

 

 

 

Preferred stock of privately held company

 

15,000

 

 

 

 

 

 

 

 

 

15,000

 

Redeemable preferred stock investment

 

12,982

 

 

 

 

 

 

 

 

 

12,982

 

Money market accounts

 

11,902

 

 

 

11,902

 

 

 

 

 

 

 

Yankee debt securities

 

672

 

 

 

 

 

 

672

 

 

 

 

Total equity securities, debt securities and cash equivalents

$

859,974

 

 

$

79,785

 

 

$

752,207

 

 

$

27,982

 

 

 

December 31, 2022

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

(in thousands)

 

Equity securities, debt securities and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

U.S. government debt securities

$

332,048

 

 

$

 

 

$

332,048

 

 

$

 

Corporate debt securities

 

194,149

 

 

 

 

 

 

194,149

 

 

 

 

U.S. agency debt securities

 

156,688

 

 

 

 

 

 

156,688

 

 

 

 

U.S. treasury bills

 

69,798

 

 

 

69,798

 

 

 

 

 

 

 

Money market accounts

 

27,455

 

 

 

27,455

 

 

 

 

 

 

 

Municipal bonds

 

22,673

 

 

 

 

 

 

22,673

 

 

 

 

Preferred stock of privately held company

 

15,000

 

 

 

 

 

 

 

 

 

15,000

 

Redeemable preferred stock investment

 

12,385

 

 

 

 

 

 

 

 

 

12,385

 

Yankee debt securities

 

3,010

 

 

 

 

 

 

3,010

 

 

 

 

Total equity securities, debt securities and cash equivalents

$

833,206

 

 

$

97,253

 

 

$

708,568

 

 

$

27,385