Changes in Accumulated Other Comprehensive Income by Component

6 Months Ended

Jun. 30, 2023

Changes in Accumulated Other Comprehensive Income by Component

Note 5—Changes in Accumulated Other Comprehensive Income by Component

The Company’s accumulated other comprehensive income consists of unrealized gains and losses from the Company’s available-for-sale marketable securities. The following table provides a summary of the changes in accumulated other comprehensive income for the six months ended June 30, 2023 and 2022:


	Unrealized gains and losses on available-for-sale securities1
	Six Months Ended June 30,
	2023		2022
	(in thousands)
Accumulated other comprehensive (loss) income — beginning balance	$	(3,477)	$	4,000
Other comprehensive income (loss) before reclassifications	344		(7,234)
Losses reclassified from other comprehensive income2	3		20
Net current period other comprehensive income (loss)3	347		(7,214)
Accumulated other comprehensive loss — ending balance	$	(3,130)	$	(3,214)

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 six months ended June 30, 2023 and 2022, the Company recorded less than $0.1 million of realized losses from the sale of available-for-sale securities. Refer to Note 9—Fair Value Measurements herein for further information.

3.For the six months ended June 30, 2023 and 2022, the changes in other comprehensive income were net of a tax expense of $0.1 million and benefit of $1.9 million, respectively.


	Amounts Reclassified from Accumulated Other Comprehensive Income
	2023		2022
	(in thousands)
Three Months Ended June 30,
Losses from the sale of available-for-sale securities	$	(2)	$	(14)
Tax benefit	1		3
Net loss reclassified from accumulated other comprehensive income	$	(1)	$	(11)
Six Months Ended June 30,
Losses from the sale of available-for-sale securities	$	(4)	$	(26)
Tax benefit	1		6
Net loss reclassified from accumulated other comprehensive income	$	(3)	$	(20)