Changes in Accumulated Other Comprehensive Income by Component

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income by Component

Note 3 — Changes in Accumulated Other Comprehensive Income by Component

For the years ended December 31, 2022, 2021 and 2020, the Company’s accumulated other comprehensive income consisted of unrealized gains and losses from the Company’s available-for-sale marketable securities. The following tables provide a summary of the changes in accumulated other comprehensive income, net of taxes:

	Unrealized Gains and (Losses) on Available-for-Sale Securities1
	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Accumulated other comprehensive income — beginning balance	$	4,000	$	5,563	$	2,919
Other comprehensive (loss) income before reclassifications	(7,505)		(1,522)		2,557
Losses (gains) reclassified from other comprehensive income2	28		(41)		87
Net current period other comprehensive (loss) income3	(7,477)		(1,563)		2,644
Accumulated other comprehensive income — ending balance	$	(3,477)	$	4,000	$	5,563

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 year ended December 31, 2022, the Company recorded less than $0.1 million of realized losses from the sale of available-for-sale securities. For the year ended December 31, 2021, the Company recorded $0.1 million of realized gains from the sale of available-for-sale securities. For the year ended December 31, 2020, the Company recorded $0.1 million of realized losses from the sale of available-for-sale securities. Refer to Note 6 — Fair Value Measurements herein for further information.

3.For the year ended December 31, 2022, the change in other comprehensive income was net of a tax benefit of $2.0 million. For the years ended December 31, 2021 and 2020, the changes in other comprehensive income were net of a tax benefit of $0.4 million and expense of $0.7 million, respectively.

	Amounts Reclassified from Accumulated Other Comprehensive Income
	2022		2021		2020
	(in thousands)
Year Ended December 31,
(Losses) gains from the sale of available-for-sale securities	$	(37)	$	55	$	(114)
Tax (expense) benefit	9		(14)		27
Net (loss) gain reclassified from accumulated other comprehensive income	$	(28)	$	41	$	(87)