Marketable Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

The amortized cost and estimated fair value of marketable securities, by contractual maturity are as follows:

	March 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value
Maturing in one year or less
Corporate bonds	$	7,577	$	—	$	(26	)	$	7,551
U.S. Treasuries		55,097		—		(525	)		54,572
Maturing after one year through five years
Corporate bonds		5,005		—		(84	)		4,921
U.S. Treasuries		24,968		—		(437	)		24,531
Total	$	92,647	$	—	$	(1,072	)	$	91,575

	December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
Maturing in one year or less
Corporate bonds	$	7,603	$	—	$	—	$	7,603
U.S. Treasuries		30,119		—		—		30,119
Maturing after one year through five years
Corporate bonds		5,006		—		—		5,006
U.S. Treasuries		44,940		—		—		44,940
Total	$	87,668	$	—	$	—	$	87,668

The unrealized losses of the Company’s marketable securities above were a result of market interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par value. The Company’s intent is to hold the investments until their maturity and any change in fair value that is not credit related is recognized as an other comprehensive income (loss), net of applicable taxes. A credit-related impairment is recognized as an allowance to the balance sheet with a corresponding adjustment to earnings. The Company did not recognize any credit losses related to marketable securities for the three months ended March 31, 2022.