Changes in Accumulated Other Comprehensive Income by Component (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following table provides a summary of the changes in accumulated other comprehensive income for the nine months ended September 30, 2022 and 2021:

	Unrealized Gains and Losses on Available-for-Sale Securities1
	Nine Months Ended September 30,
	2022		2021
	(in thousands)
Accumulated other comprehensive income — beginning balance	$	4,000	$	5,563
Other comprehensive loss before reclassifications	(9,530)		(1,421)
Losses (gains) reclassified from other comprehensive income2	23		(161)
Net current period other comprehensive loss3	(9,507)		(1,582)
Accumulated other comprehensive (loss) income — ending balance	$	(5,507)	$	3,981

1.All amounts are net of tax.

2.Realized gains and losses were recorded pre-tax under “Investment and other income” in the Consolidated Statements of Comprehensive Income. For the nine months ended September 30, 2022, the Company recorded less than $0.1 million of realized losses from the sale of available-for-sale securities. For the nine months ended September 30, 2021, the Company recorded $0.2 million of realized gains from the sale of available-for-sale securities. Refer to Note 9—Fair Value Measurements herein for further information.

3.For the nine months ended September 30, 2022 and 2021, the changes in other comprehensive income were net of a tax benefit of $2.5 million and $0.4 million, respectively.

Schedule of Reclassification out of Accumulated Other Comprehensive Income

	Amounts Reclassified from Accumulated Other Comprehensive Income
	2022		2021
	(in thousands)
Three Months Ended September 30,
Losses from the sale of available-for-sale securities	$	(5)	$	(7)
Tax benefit	2		5
Net loss reclassified from accumulated other comprehensive income	$	(3)	$	(2)
Nine Months Ended September 30,
(Losses) gains from the sale of available-for-sale securities	$	(31)	$	221
Tax benefit (expense)	8		(60)
Net (loss) gain reclassified from accumulated other comprehensive income	$	(23)	$	161