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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Investments

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

 

 

 

March 31, 2022

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

5,000

 

 

$

-

 

 

$

-

 

 

$

5,000

 

Non-governmental debt securities

 

 

208,401

 

 

 

3

 

 

 

(1,192

)

 

 

207,212

 

Treasury and federal agencies

 

 

95,737

 

 

 

-

 

 

 

(329

)

 

 

95,408

 

Total short-term investments (available for sale)

 

$

309,138

 

 

$

3

 

 

$

(1,521

)

 

$

307,620

 

 

 

 

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

 
Schedule of Maintenance Fee Payment to CCKF

We make periodic operating maintenance payments to CCKF related to proprietary rights that we use in our intellipath® personalized learning technology. The total fees recorded during the quarters ended March 31, 2022 and 2021 were as follows (dollars in thousands):

 

Maintenance Fee Payments

 

For the quarter ended March 31, 2022

$

433

 

For the quarter ended March 31, 2021

$

423