Marketable Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

The following is a summary of available-for-sale securities as of September 30, 2022 (in thousands):

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Losses)		Estimated Fair Value
Tax-exempt municipal securities	$	18,636	$	1	$	(540)	$	18,097
Corporate debt securities	8,179		—		(241)		7,938
Total	$	26,815	$	1	$	(781)	$	26,035

The following is a summary of available-for-sale securities as of December 31, 2021 (in thousands):

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Losses)		Estimated Fair Value
Tax-exempt municipal securities	$	18,546	$	271	$	—	$	18,817
Corporate debt securities	10,898		163		—		11,061
Total	$	29,444	$	434	$	—	$	29,878

The unrealized gains and losses on the Company’s investments in corporate debt and municipal securities as of December 31, 2021 and September 30, 2022 were caused by changes in market values primarily due to interest rate changes. As of September 30, 2022, there were no securities in an unrealized loss position for a period longer than twelve months. The Company has no allowance for credit losses related to its available-for-sale securities as all investments are in investment grade securities. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. No impairment charges were recorded during the three and nine months ended September 30, 2021 and 2022.

The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2021 and September 30, 2022 (in thousands):

	December 31, 2021		September 30, 2022
Due within one year	$	6,501	$	11,387
Due after one year through five years	23,377		14,648
Total	$	29,878	$	26,035

The following table summarizes the proceeds from the maturities and sales of available-for-sale securities for the three and nine months ended September 30, 2021 and 2022 (in thousands):

	For the three months ended September 30,				For the nine months ended September 30,
	2021		2022		2021		2022
Maturities of marketable securities	$	1,900	$	500	$	7,495	$	2,600
Sales of marketable securities	1,805		—		1,805		—
Total	$	3,705	$	500	$	9,300	$	2,600

The Company recorded approximately $0.8 million in gross realized losses in net income during the three and nine months ended September 30, 2021 related to the sale of marketable securities. The Company did not record any gross realized gains or losses in net income during the three and nine months ended September 30, 2022.