Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.21.1
Fair Value Measurement (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of Investments Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at March 31, 2021 and December 31, 2020 measured at fair value on a recurring basis (in thousands):

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

 

 

Gains

 

 

Recorded

 

 

 

 

 

 

Gains

 

 

Recorded

 

 

 

Cost

 

 

(Losses)

 

 

Basis

 

 

Cost

 

 

(Losses)

 

 

Basis

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

225

 

 

$

 

 

$

225

 

 

$

42,007

 

 

$

 

 

$

42,007

 

Total cash equivalents

 

 

225

 

 

 

 

 

 

225

 

 

 

42,007

 

 

 

 

 

 

42,007

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

59,034

 

 

 

70

 

 

 

59,104

 

 

 

50,918

 

 

 

884

 

 

 

51,802

 

Asset backed securities

 

 

36,945

 

 

 

55

 

 

 

37,000

 

 

 

36,948

 

 

 

(146

)

 

 

36,802

 

Mortgage backed securities

 

 

10,078

 

 

 

(171

)

 

 

9,907

 

 

 

4,367

 

 

 

24

 

 

 

4,391

 

U.S. government agency securities

 

 

7,393

 

 

 

638

 

 

 

8,031

 

 

 

7,396

 

 

 

752

 

 

 

8,148

 

U.S. treasuries

 

 

100

 

 

 

 

 

 

100

 

 

 

100

 

 

 

1

 

 

 

101

 

Total current investments

 

 

113,550

 

 

 

592

 

 

 

114,142

 

 

 

99,729

 

 

 

1,515

 

 

 

101,244

 

Restricted cash and investments (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

149,582

 

 

 

155

 

 

 

149,737

 

 

 

88,902

 

 

 

4,091

 

 

 

92,993

 

Mortgage backed securities

 

 

68,674

 

 

 

1,619

 

 

 

70,293

 

 

 

48,795

 

 

 

2,356

 

 

 

51,151

 

Money market funds

 

 

39,290

 

 

 

4

 

 

 

39,294

 

 

 

40,063

 

 

 

(4

)

 

 

40,059

 

U.S. government agency securities

 

 

34,937

 

 

 

1,717

 

 

 

36,654

 

 

 

29,737

 

 

 

2,466

 

 

 

32,203

 

U.S. treasuries

 

 

30,129

 

 

 

(897

)

 

 

29,232

 

 

 

4,371

 

 

 

19

 

 

 

4,390

 

Mutual funds

 

 

5,821

 

 

 

 

 

 

5,821

 

 

 

5,036

 

 

 

 

 

 

5,036

 

Asset backed securities

 

 

237

 

 

 

3

 

 

 

240

 

 

 

256

 

 

 

4

 

 

 

260

 

Supranational bonds

 

 

 

 

 

 

 

 

 

 

 

4,775

 

 

 

3

 

 

 

4,778

 

Total restricted cash and investments

 

 

328,670

 

 

 

2,601

 

 

 

331,271

 

 

 

221,935

 

 

 

8,935

 

 

 

230,870

 

Total investments

 

$

442,445

 

 

$

3,193

 

 

$

445,638

 

 

$

363,671

 

 

$

10,450

 

 

$

374,121

 

 

(1) Included in restricted cash and investments within the condensed consolidated balance sheets is restricted cash of $28.9 million and $124.3 million as of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

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

 

$

225

 

 

$

 

 

$

 

 

$

 

 

$

225

 

 

$

42,007

 

 

$

 

 

$

 

 

$

 

 

$

42,007

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

59,104

 

 

 

 

 

 

59,104

 

 

 

 

 

 

 

 

 

51,802

 

 

 

 

 

 

51,802

 

 

 

 

 

 

 

Asset backed

     securities

 

 

37,000

 

 

 

 

 

 

37,000

 

 

 

 

 

 

 

 

 

36,802

 

 

 

 

 

 

36,802

 

 

 

 

 

 

 

Mortgage backed

     securities

 

 

9,907

 

 

 

 

 

 

9,907

 

 

 

 

 

 

 

 

 

4,391

 

 

 

 

 

 

4,391

 

 

 

 

 

 

 

U.S. government

     agency

     securities

 

 

8,031

 

 

 

 

 

 

8,031

 

 

 

 

 

 

 

 

 

8,148

 

 

 

 

 

 

8,148

 

 

 

 

 

 

 

U.S. treasuries

 

 

100

 

 

 

 

 

 

100

 

 

 

 

 

 

 

 

 

101

 

 

 

 

 

 

101

 

 

 

 

 

 

 

Restricted cash and investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

149,737

 

 

 

 

 

 

149,737

 

 

 

 

 

 

 

 

 

92,993

 

 

 

 

 

 

92,993

 

 

 

 

 

 

 

Mortgage backed

     securities

 

 

70,293

 

 

 

 

 

 

70,293

 

 

 

 

 

 

 

 

 

51,151

 

 

 

 

 

 

51,151

 

 

 

 

 

 

 

Money market

     funds

 

 

39,294

 

 

 

 

 

 

 

 

 

 

 

 

39,294

 

 

 

40,059

 

 

 

 

 

 

 

 

 

 

 

 

40,059

 

U.S. government

     agency

     securities

 

 

36,654

 

 

 

 

 

 

36,654

 

 

 

 

 

 

 

 

 

32,203

 

 

 

 

 

 

32,203

 

 

 

 

 

 

 

U.S. treasuries

 

 

29,232

 

 

 

 

 

 

29,232

 

 

 

 

 

 

 

 

 

4,390

 

 

 

 

 

 

4,390

 

 

 

 

 

 

 

Mutual funds

 

 

5,821

 

 

 

5,821

 

 

 

 

 

 

 

 

 

 

 

 

5,036

 

 

 

5,036

 

 

 

 

 

 

 

 

 

 

Asset backed

     securities

 

 

240

 

 

 

 

 

 

240

 

 

 

 

 

 

 

 

 

260

 

 

 

 

 

 

260

 

 

 

 

 

 

 

Supranational

     bonds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,778

 

 

 

 

 

 

4,778

 

 

 

 

 

 

 

Total investments

 

$

445,638

 

 

$

5,821

 

 

$

400,298

 

 

$

 

 

$

39,519

 

 

$

374,121

 

 

$

5,036

 

 

$

287,019

 

 

$

 

 

$

82,066

 

 

(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 March 31, 2021 and December 31, 2020. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

 

 

March 31, 2021

 

(In thousands)

Less than 1 Year

 

 

Between 1 to 5 Years

 

 

Between 5 to 10 Years

 

 

After 10 Years

 

 

Total

 

Corporate bonds

$

44,701

 

 

$

68,171

 

 

$

95,969

 

 

$

 

 

$

208,841

 

U.S. government agency securities

 

1,007

 

 

 

18,497

 

 

 

25,181

 

 

 

 

 

 

44,685

 

Money market funds

 

39,519

 

 

 

 

 

 

 

 

 

 

 

 

39,519

 

Asset backed securities

 

 

 

 

246

 

 

 

2,201

 

 

 

34,793

 

 

 

37,240

 

U.S. treasuries

 

959

 

 

 

682

 

 

 

27,691

 

 

 

 

 

 

29,332

 

Total

$

86,186

 

 

$

87,596

 

 

$

151,042

 

 

$

34,793

 

 

$

359,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

(In thousands)

Less than 1 Year

 

 

Between 1 to 5 Years

 

 

Between 5 to 10 Years

 

 

After 10 Years

 

 

Total

 

Corporate bonds

$

49,308

 

 

$

61,315

 

 

$

34,172

 

 

$

 

 

$

144,795

 

Money market funds

 

82,066

 

 

 

 

 

 

 

 

 

 

 

 

82,066

 

U.S. government agency securities

 

1,013

 

 

 

18,668

 

 

 

20,670

 

 

 

 

 

 

40,351

 

Asset backed securities

 

2

 

 

 

267

 

 

 

 

 

 

36,793

 

 

 

37,062

 

Supranational bonds

 

4,778

 

 

 

 

 

 

 

 

 

 

 

 

4,778

 

U.S. treasuries

 

1,367

 

 

 

1,504

 

 

 

1,620

 

 

 

 

 

 

4,491

 

Total

$

138,534

 

 

$

81,754

 

 

$

56,462

 

 

$

36,793

 

 

$

313,543