Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Investments Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at June 30, 2022 and December 31, 2021 measured at fair value on a recurring basis (in thousands):

	June 30, 2022							December 31, 2021
										Gross
			Gross							Unrealized
			Unrealized			Recorded				Gains			Recorded
	Cost		Losses			Basis		Cost		(Losses)			Basis
Current:
Cash equivalents:
Money market funds	$	29,587	$	—		$	29,587	$	13,384	$	—		$	13,384
Total cash equivalents		29,587		—			29,587		13,384		—			13,384
Investments:
Corporate bonds		39,720		(4,739	)		34,981		41,954		(136	)		41,818
Asset backed securities		19,509		(806	)		18,703		29,533		(38	)		29,495
Mortgage backed securities		16,753		(2,470	)		14,283		18,089		(440	)		17,649
U.S. government agency securities		7,376		(58	)		7,318		7,383		418			7,801
Emerging markets		2,064		(46	)		2,018		—		—			—
Total current investments		85,422		(8,119	)		77,303		96,959		(196	)		96,763
Restricted cash and investments ⁽¹⁾:
Corporate bonds		93,129		(9,578	)		83,551		117,700		(17	)		117,683
U.S. treasuries		66,252		(6,774	)		59,478		67,614		(342	)		67,272
Mortgage backed securities		54,255		(4,595	)		49,660		64,217		764			64,981
U.S. government agency securities		31,857		(1,203	)		30,654		32,898		1,281			34,179
Mutual funds		5,985		—			5,985		6,273		—			6,273
Money market funds		597		—			597		528		—			528
Asset backed securities		51		—			51		107		1			108
Total restricted cash and investments		252,126		(22,150	)		229,976		289,337		1,687			291,024
Total investments	$	367,135	$	(30,269	)	$	336,866	$	399,680	$	1,491		$	401,171

(1) Included in restricted cash and investments within the condensed consolidated balance sheets is restricted cash of $10.0 million and $9.2 million as of June 30, 2022 and December 31, 2021, respectively, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheet based on the nature of the restriction.

Summary of Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at June 30, 2022 and December 31, 2021 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

	June 30, 2022										December 31, 2021
	Total										Total
	Recorded										Recorded
	Basis		Level 1		Level 2		Level 3		Other ⁽¹⁾		Basis		Level 1		Level 2		Level 3		Other ⁽¹⁾
Cash equivalents:
Money market funds	$	29,587	$	—	$	—	$	—	$	29,587	$	13,384	$	—	$	—	$	—	$	13,384
Investments:
Corporate bonds		34,981		—		34,981		—		—		41,818		—		41,818		—		—
Asset backed securities		18,703		—		18,703		—		—		29,495		—		29,495		—		—
Mortgage backed securities		14,283		—		14,283		—		—		17,649		—		17,649		—		—
U.S. government agency securities		7,318		—		7,318		—		—		7,801		—		7,801		—		—
Emerging markets		2,018		—		2,018		—		—		—		—		—		—		—
Restricted cash and investments:
Corporate bonds		83,551		—		83,551		—		—		117,683		—		117,683		—		—
U.S. treasuries		59,478		—		59,478		—		—		67,272		—		67,272		—		—
Mortgage backed securities		49,660		—		49,660		—		—		64,981		—		64,981		—		—
U.S. government agency securities		30,654		—		30,654		—		—		34,179		—		34,179		—		—
Mutual funds		5,985		5,985		—		—		—		6,273		6,273		—		—		—
Money market funds		597		—		—		—		597		528		—		—		—		528
Asset backed securities		51		—		51		—		—		108		—		108		—		—
Total investments	$	336,866	$	5,985	$	300,697	$	—	$	30,184	$	401,171	$	6,273	$	380,986	$	—	$	13,912

(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.

Summary of Contractual Maturities of Available for Sale Securities

The following table summarizes the contractual maturities of the Company’s available-for-sale securities at June 30, 2022 and December 31, 2021. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

	June 30, 2022
(In thousands)	Less than 1 Year		Between 1 to 5 Years		Between 5 to 10 Years		After 10 Years		Total
Corporate bonds	$	7,548	$	35,743	$	75,120	$	121	$	118,532
U.S. treasuries		—		3,664		55,814		—		59,478
U.S. government agency securities		2,425		25,530		10,017		—		37,972
Money market funds		29,878		—		—		—		29,878
Asset backed securities		—		51		2,118		16,585		18,754
Emerging markets		—		2,018		—		—		2,018
Total	$	39,851	$	67,006	$	143,069	$	16,706	$	266,632

	December 31, 2021
(In thousands)	Less than 1 Year		Between 1 to 5 Years		Between 5 to 10 Years		After 10 Years		Total
Corporate bonds	$	24,601	$	35,570	$	99,180	$	150	$	159,501
U.S. treasuries		953		4,295		62,024		—		67,272
U.S. government agency securities		—		25,171		16,809		—		41,980
Asset backed securities		—		108		2,200		27,295		29,603
Money market funds		13,657		—		—		—		13,657
Total	$	39,211	$	65,144	$	180,213	$	27,445	$	312,013