Short-term Investment Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Short-term Investment Securities

Short-term Investment Securities

The Company's short-term investment securities are classified as available-for-sale and generally consist of U.S. Treasury and U.S. government agency securities with contractual maturities of twelve months or less. These securities are stated at fair value within current assets on the Company's consolidated balance sheet. Realized gains and losses on sales of investments, if any, are reflected in non-operating income (expense) in the consolidated statements of operations. Unrealized gains and losses on investment securities are reflected as a component of accumulated other comprehensive income, ("AOCI").

As of December 31, 2021 and December 31, 2020, the Company had $106.3 million in short-term available-for-sale investment securities. During the twelve months ended December 31, 2021, 2020 and 2019, these investments earned interest income at a weighted-average fixed rate of approximately 0.1%, 1.1% and 2.3% respectively. For the twelve months ended December 31, 2021 and December 31, 2020, an unrealized loss of $74 thousand and $73 thousand, net of deferred taxes of $22 thousand and $21 thousand, respectively, were recorded within AOCI related to these investment securities. For the twelve months ended December 31, 2021, the Company did not recognize any realized gains or losses related to these securities as the Company did not transact any sales of these securities during this period. For the twelve months ended December 31, 2020 and 2019, a realized gain of $3 thousand and $5 thousand were recorded within non-operating income (expense) in the consolidated statements of operations. As of December 31, 2021 and December 31, 2020, $43 thousand and $31 thousand, net of tax, respectively, remained in AOCI, related to these instruments.