Investments consist of the following as of December 31, 2022 and 2021 (dollars in thousands):


	December 31, 2022
			Gross Unrealized
	Cost		Gain		(Loss)			Fair Value
Short-term investments (available for sale):
Municipal bonds	$	3,016	$	-	$	(22	)	$	2,994
Non-governmental debt securities		222,575		37		(2,880	)		219,732
Treasury and federal agencies		179,068		6		(2,485	)		176,589
Total short-term investments (available for sale)	$	404,659	$	43	$	(5,387	)	$	399,315


	December 31, 2021
			Gross Unrealized
	Cost		Gain		(Loss)			Fair Value
Short-term investments (available for sale):
Municipal bonds	$	5,028	$	-	$	(1	)	$	5,027
Non-governmental debt securities		168,623		27		(184	)		168,466
Treasury and federal agencies		720		-		-			720
Total short-term investments (available for sale)	$	174,371	$	27	$	(185	)	$	174,213

In the table above, unrealized holding gains (losses) relate to short-term investments that have been in a continuous unrealized gain (loss) position for less than one year.

Our non-governmental debt securities primarily consist of corporate bonds, certificates of deposit and commercial paper. Our treasury and federal agencies primarily consist of U.S. Treasury bills and federal home loan debt securities.

A schedule of available-for-sale investments segregated by their original stated terms to maturity as of December 31, 2022 and 2021 are as follows (dollars in thousands):


	Less than one year		One to five years		Six to ten years		Greater than ten years		Total
Original stated term to maturity of available-for-sale- investments as of December 31, 2022	$	188,472	$	210,843	$	-	$	-	$	399,315
Original stated term to maturity of available-for-sale- investments as of December 31, 2021	$	133,728	$	40,485	$	-	$	-	$	174,213

Realized gains or losses resulting from sales of investments during the years ended December 31, 2022, 2021 and 2020 were not significant.

FASB ASC Topic 820 – Fair Value Measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of December 31, 2022 and 2021, we held investments that are required to be measured at fair value on a recurring basis. These investments (available for sale) consist of municipal bonds, non-governmental debt securities and treasury and federal agencies securities. Available for sale securities included in Level 2 are estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for identical or similar assets or liabilities in inactive markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

All of our available for sale investments were measured under Level 2 as of December 31, 2022 and December 31, 2021. Additionally, money market funds of $40.1 million and $225.3 million included within cash and cash equivalents on our consolidated balance sheets as of December 31, 2022 and 2021, respectively, were measured under Level 1.

Our investment in an equity affiliate, which is recorded within other noncurrent assets on our consolidated balance sheets, represents an international investment in a private company. As of December 31, 2022, our investment in an equity affiliate equated to a 30.7%, or $1.1 million.

We recorded a loss of approximately $1.8 million for the year ended December 31, 2022 related to our equity method investment within miscellaneous (expense) income on our consolidated statements of income, of which $1.2 million was related to impairment of our equity method investment due to a decline in projected cash flows. The fair value for our equity method investment was determined based upon management's assumptions regarding projected future cash flows. Because the determination of the estimated fair value of this investment requires significant estimation and assumptions, this fair value measurement is categorized as Level 3 per ASC Topic 820. We recorded a gain of approximately $0.2 million each for the years ended December 31, 2021 and 2020, respectively, related to our equity method investment within miscellaneous (expense) income on our consolidated statements of income.