| Fair Value Measurement |
Note 2 - Fair Value Measurement The following table summarizes the Company’s investments at March 31, 2026 and December 31, 2025 measured at fair value on a recurring basis (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Recorded |
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
|
Recorded |
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Basis |
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Basis |
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
15,338 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,338 |
|
|
$ |
44,394 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
44,394 |
|
Total cash equivalents |
|
|
15,338 |
|
|
|
— |
|
|
|
— |
|
|
|
15,338 |
|
|
|
44,394 |
|
|
|
— |
|
|
|
— |
|
|
|
44,394 |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
21,265 |
|
|
|
2 |
|
|
|
(1,255 |
) |
|
|
20,012 |
|
|
|
27,827 |
|
|
|
5 |
|
|
|
(1,238 |
) |
|
|
26,594 |
|
U.S. treasuries |
|
|
14,260 |
|
|
|
— |
|
|
|
(639 |
) |
|
|
13,621 |
|
|
|
14,261 |
|
|
|
— |
|
|
|
(634 |
) |
|
|
13,627 |
|
Mortgage-backed securities |
|
|
11,004 |
|
|
|
— |
|
|
|
(2,075 |
) |
|
|
8,929 |
|
|
|
11,174 |
|
|
|
— |
|
|
|
(2,026 |
) |
|
|
9,148 |
|
Asset-backed securities |
|
|
7,548 |
|
|
|
— |
|
|
|
(65 |
) |
|
|
7,483 |
|
|
|
7,564 |
|
|
|
17 |
|
|
|
(63 |
) |
|
|
7,518 |
|
U.S. government agency
securities |
|
|
5,287 |
|
|
|
— |
|
|
|
(42 |
) |
|
|
5,245 |
|
|
|
5,309 |
|
|
|
— |
|
|
|
(42 |
) |
|
|
5,267 |
|
Total current investments |
|
|
59,364 |
|
|
|
2 |
|
|
|
(4,076 |
) |
|
|
55,290 |
|
|
|
66,135 |
|
|
|
22 |
|
|
|
(4,003 |
) |
|
|
62,154 |
|
Restricted cash and
investments (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
78,187 |
|
|
|
3 |
|
|
|
(3,955 |
) |
|
|
74,235 |
|
|
|
79,178 |
|
|
|
8 |
|
|
|
(3,876 |
) |
|
|
75,310 |
|
U.S. treasuries |
|
|
51,785 |
|
|
|
— |
|
|
|
(3,891 |
) |
|
|
47,894 |
|
|
|
51,809 |
|
|
|
— |
|
|
|
(3,767 |
) |
|
|
48,042 |
|
Mortgage-backed securities |
|
|
31,528 |
|
|
|
2 |
|
|
|
(4,077 |
) |
|
|
27,453 |
|
|
|
32,560 |
|
|
|
10 |
|
|
|
(4,000 |
) |
|
|
28,570 |
|
Mutual funds |
|
|
12,956 |
|
|
|
— |
|
|
|
— |
|
|
|
12,956 |
|
|
|
13,602 |
|
|
|
— |
|
|
|
— |
|
|
|
13,602 |
|
U.S. government agency
securities |
|
|
5,940 |
|
|
|
— |
|
|
|
(344 |
) |
|
|
5,596 |
|
|
|
5,947 |
|
|
|
— |
|
|
|
(336 |
) |
|
|
5,611 |
|
Money market funds |
|
|
1,786 |
|
|
|
— |
|
|
|
— |
|
|
|
1,786 |
|
|
|
486 |
|
|
|
— |
|
|
|
— |
|
|
|
486 |
|
Asset-backed securities |
|
|
806 |
|
|
|
7 |
|
|
|
— |
|
|
|
813 |
|
|
|
980 |
|
|
|
11 |
|
|
|
— |
|
|
|
991 |
|
Total restricted cash and
investments |
|
|
182,988 |
|
|
|
12 |
|
|
|
(12,267 |
) |
|
|
170,733 |
|
|
|
184,562 |
|
|
|
29 |
|
|
|
(11,979 |
) |
|
|
172,612 |
|
Total investments |
|
$ |
257,690 |
|
|
$ |
14 |
|
|
$ |
(16,343 |
) |
|
$ |
241,361 |
|
|
$ |
295,091 |
|
|
$ |
51 |
|
|
$ |
(15,982 |
) |
|
$ |
279,160 |
|
(1) Included in restricted cash and investments within the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 is restricted cash of $46.2 million and $30.8 million, 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. The following table summarizes the Company’s investments at March 31, 2026 and December 31, 2025 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Recorded |
|
|
|
|
|
|
|
|
|
|
|
Recorded |
|
|
|
|
|
|
|
|
|
|
|
|
Basis |
|
|
Level 1 |
|
|
Level 2 |
|
|
Other (1) |
|
|
Basis |
|
|
Level 1 |
|
|
Level 2 |
|
|
Other (1) |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
15,338 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,338 |
|
|
$ |
44,394 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
44,394 |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
20,012 |
|
|
|
— |
|
|
|
20,012 |
|
|
|
— |
|
|
|
26,594 |
|
|
|
— |
|
|
|
26,594 |
|
|
|
— |
|
U.S. treasuries |
|
|
13,621 |
|
|
|
— |
|
|
|
13,621 |
|
|
|
— |
|
|
|
13,627 |
|
|
|
— |
|
|
|
13,627 |
|
|
|
— |
|
Mortgage-backed
securities |
|
|
8,929 |
|
|
|
— |
|
|
|
8,929 |
|
|
|
— |
|
|
|
9,148 |
|
|
|
— |
|
|
|
9,148 |
|
|
|
— |
|
Asset-backed securities |
|
|
7,483 |
|
|
|
— |
|
|
|
7,483 |
|
|
|
— |
|
|
|
7,518 |
|
|
|
— |
|
|
|
7,518 |
|
|
|
— |
|
U.S. government
agency securities |
|
|
5,245 |
|
|
|
— |
|
|
|
5,245 |
|
|
|
— |
|
|
|
5,267 |
|
|
|
— |
|
|
|
5,267 |
|
|
|
— |
|
Restricted cash and
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
74,235 |
|
|
|
— |
|
|
|
74,235 |
|
|
|
— |
|
|
|
75,310 |
|
|
|
— |
|
|
|
75,310 |
|
|
|
— |
|
U.S. treasuries |
|
|
47,894 |
|
|
|
— |
|
|
|
47,894 |
|
|
|
— |
|
|
|
48,042 |
|
|
|
— |
|
|
|
48,042 |
|
|
|
— |
|
Mortgage-backed
securities |
|
|
27,453 |
|
|
|
— |
|
|
|
27,453 |
|
|
|
— |
|
|
|
28,570 |
|
|
|
— |
|
|
|
28,570 |
|
|
|
— |
|
Mutual funds |
|
|
12,956 |
|
|
|
12,956 |
|
|
|
— |
|
|
|
— |
|
|
|
13,602 |
|
|
|
13,602 |
|
|
|
— |
|
|
|
— |
|
U.S. government
agency securities |
|
|
5,596 |
|
|
|
— |
|
|
|
5,596 |
|
|
|
— |
|
|
|
5,611 |
|
|
|
— |
|
|
|
5,611 |
|
|
|
— |
|
Money market funds |
|
|
1,786 |
|
|
|
— |
|
|
|
— |
|
|
|
1,786 |
|
|
|
486 |
|
|
|
— |
|
|
|
— |
|
|
|
486 |
|
Asset-backed securities |
|
|
813 |
|
|
|
— |
|
|
|
813 |
|
|
|
— |
|
|
|
991 |
|
|
|
— |
|
|
|
991 |
|
|
|
— |
|
Total investments |
|
$ |
241,361 |
|
|
$ |
12,956 |
|
|
$ |
211,281 |
|
|
$ |
17,124 |
|
|
$ |
279,160 |
|
|
$ |
13,602 |
|
|
$ |
220,678 |
|
|
$ |
44,880 |
|
(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. The following table summarizes the contractual maturities of the Company’s available-for-sale securities at March 31, 2026 and December 31, 2025. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. The table also includes money market funds, which are classified as cash and cash equivalents on the Company’s condensed consolidated balance sheets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
(In thousands) |
Less than
1 Year |
|
|
Between 1 to
5 Years |
|
|
Between 5 to
10 Years |
|
|
After 10 Years |
|
|
Total |
|
Corporate bonds |
$ |
15,835 |
|
|
$ |
74,246 |
|
|
$ |
4,166 |
|
|
$ |
— |
|
|
$ |
94,247 |
|
U.S. treasuries |
|
3,249 |
|
|
|
58,266 |
|
|
|
— |
|
|
|
— |
|
|
|
61,515 |
|
Money market funds |
|
17,124 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,124 |
|
U.S. government agency securities |
|
2,092 |
|
|
|
8,749 |
|
|
|
— |
|
|
|
— |
|
|
|
10,841 |
|
Asset-backed securities |
|
— |
|
|
|
408 |
|
|
|
150 |
|
|
|
7,738 |
|
|
|
8,296 |
|
Total |
$ |
38,300 |
|
|
$ |
141,669 |
|
|
$ |
4,316 |
|
|
$ |
7,738 |
|
|
$ |
192,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
(In thousands) |
Less than
1 Year |
|
|
Between 1 to
5 Years |
|
|
Between 5 to
10 Years |
|
|
After 10 Years |
|
|
Total |
|
Corporate bonds |
$ |
11,486 |
|
|
$ |
85,088 |
|
|
$ |
5,330 |
|
|
$ |
— |
|
|
$ |
101,904 |
|
U.S. treasuries |
|
3,237 |
|
|
|
49,405 |
|
|
|
9,027 |
|
|
|
— |
|
|
|
61,669 |
|
Money market funds |
|
44,880 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
44,880 |
|
U.S. government agency securities |
|
2,096 |
|
|
|
8,782 |
|
|
|
— |
|
|
|
— |
|
|
|
10,878 |
|
Asset-backed securities |
|
— |
|
|
|
578 |
|
|
|
151 |
|
|
|
7,780 |
|
|
|
8,509 |
|
Total |
$ |
61,699 |
|
|
$ |
143,853 |
|
|
$ |
14,508 |
|
|
$ |
7,780 |
|
|
$ |
227,840 |
|
The average contractual maturity of mortgage-backed securities, which are excluded from the table above, was 20 years as of each of March 31, 2026 and December 31, 2025. The fair values and gross unrealized losses of the Company’s available for sale securities that were in an unrealized loss position as of March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous loss position, were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
Less than 12 months |
|
|
12 months or longer |
|
|
Total |
|
|
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
Recorded |
|
|
Unrealized |
|
|
Recorded |
|
|
Unrealized |
|
|
Recorded |
|
|
Unrealized |
|
|
|
Basis |
|
|
Losses |
|
|
Basis |
|
|
Losses |
|
|
Basis |
|
|
Losses |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
885 |
|
|
$ |
(126 |
) |
|
$ |
18,929 |
|
|
$ |
(1,129 |
) |
|
$ |
19,814 |
|
|
$ |
(1,255 |
) |
U.S. treasuries |
|
|
— |
|
|
|
— |
|
|
|
13,621 |
|
|
|
(639 |
) |
|
|
13,621 |
|
|
|
(639 |
) |
Mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
8,929 |
|
|
|
(2,075 |
) |
|
|
8,929 |
|
|
|
(2,075 |
) |
Asset-backed securities |
|
|
— |
|
|
|
— |
|
|
|
7,483 |
|
|
|
(65 |
) |
|
|
7,483 |
|
|
|
(65 |
) |
U.S. government agency securities |
|
|
— |
|
|
|
— |
|
|
|
5,245 |
|
|
|
(42 |
) |
|
|
5,245 |
|
|
|
(42 |
) |
Total investments |
|
|
885 |
|
|
|
(126 |
) |
|
|
54,207 |
|
|
|
(3,950 |
) |
|
|
55,092 |
|
|
|
(4,076 |
) |
Restricted investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
— |
|
|
|
— |
|
|
|
73,525 |
|
|
|
(3,956 |
) |
|
|
73,525 |
|
|
|
(3,956 |
) |
U.S. treasuries |
|
|
726 |
|
|
|
(6 |
) |
|
|
47,168 |
|
|
|
(3,885 |
) |
|
|
47,894 |
|
|
|
(3,891 |
) |
Mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
27,297 |
|
|
|
(4,077 |
) |
|
|
27,297 |
|
|
|
(4,077 |
) |
U.S. government agency securities |
|
|
— |
|
|
|
— |
|
|
|
5,596 |
|
|
|
(344 |
) |
|
|
5,596 |
|
|
|
(344 |
) |
Total restricted investments |
|
|
726 |
|
|
|
(6 |
) |
|
|
153,586 |
|
|
|
(12,262 |
) |
|
|
154,312 |
|
|
|
(12,268 |
) |
Total investments and restricted
investments |
|
$ |
1,611 |
|
|
$ |
(132 |
) |
|
$ |
207,793 |
|
|
$ |
(16,212 |
) |
|
$ |
209,404 |
|
|
$ |
(16,344 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Less than 12 months |
|
|
12 months or longer |
|
|
Total |
|
|
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
Recorded |
|
|
Unrealized |
|
|
Recorded |
|
|
Unrealized |
|
|
Recorded |
|
|
Unrealized |
|
|
|
Basis |
|
|
Losses |
|
|
Basis |
|
|
Losses |
|
|
Basis |
|
|
Losses |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26,394 |
|
|
$ |
(1,238 |
) |
|
$ |
26,394 |
|
|
$ |
(1,238 |
) |
U.S. treasuries |
|
|
— |
|
|
|
— |
|
|
|
13,627 |
|
|
|
(634 |
) |
|
|
13,627 |
|
|
|
(634 |
) |
Mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
9,148 |
|
|
|
(2,026 |
) |
|
|
9,148 |
|
|
|
(2,026 |
) |
U.S. government agency securities |
|
|
— |
|
|
|
— |
|
|
|
5,267 |
|
|
|
(42 |
) |
|
|
5,267 |
|
|
|
(42 |
) |
Asset-backed securities |
|
|
— |
|
|
|
— |
|
|
|
1,302 |
|
|
|
(63 |
) |
|
|
1,302 |
|
|
|
(63 |
) |
Total investments |
|
|
— |
|
|
|
— |
|
|
|
55,738 |
|
|
|
(4,003 |
) |
|
|
55,738 |
|
|
|
(4,003 |
) |
Restricted investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
100 |
|
|
|
— |
|
|
|
73,745 |
|
|
|
(3,876 |
) |
|
|
73,845 |
|
|
|
(3,876 |
) |
U.S. treasuries |
|
|
729 |
|
|
|
(1 |
) |
|
|
47,313 |
|
|
|
(3,766 |
) |
|
|
48,042 |
|
|
|
(3,767 |
) |
Mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
26,916 |
|
|
|
(4,000 |
) |
|
|
26,916 |
|
|
|
(4,000 |
) |
U.S. government agency securities |
|
|
— |
|
|
|
— |
|
|
|
5,611 |
|
|
|
(336 |
) |
|
|
5,611 |
|
|
|
(336 |
) |
Total restricted investments |
|
|
829 |
|
|
|
(1 |
) |
|
|
153,585 |
|
|
|
(11,978 |
) |
|
|
154,414 |
|
|
|
(11,979 |
) |
Total investments and restricted
investments |
|
$ |
829 |
|
|
$ |
(1 |
) |
|
$ |
209,323 |
|
|
$ |
(15,981 |
) |
|
$ |
210,152 |
|
|
$ |
(15,982 |
) |
We have determined that the gross unrealized losses on our investments as of March 31, 2026 and December 31, 2025 were temporary in nature. The decline in fair value was due to changes in market interest rates, rather than credit losses.
|