Investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

NOTE 5. INVESTMENTS

The following tables summarize the Company’s debt securities classified as available-for-sale at December 31 (in thousands):


AVAILABLE-FOR-SALE INVESTMENTS
2021
(in thousands)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	1,351	$	—	$	—	$	1,351
U.S. Treasury securities	250		—		—		250
Commercial paper	8,048		—		(2)		8,046
Corporate notes and bonds	13,245		—		(13)		13,232
Total	$	22,894	$	—	$	(15)	$	22,879


AVAILABLE-FOR-SALE INVESTMENTS
2020
(in thousands)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	5,820	$	5	$	—	$	5,825
U.S. Treasury securities	5,908		15		—		5,923
Commercial paper	10,603		1		—		10,604
Corporate notes and bonds	9,779		1		(1)		9,779
Total	$	32,110	$	22	$	(1)	$	32,131

The following table summarizes the maturities of the Company’s debt securities classified as available-for-sale at December 31 (in thousands):


AVAILABLE-FOR-SALE INVESTMENT MATURITIES
(in thousands)
	2021				2020
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than 1 year	$	22,663	$	22,649	$	32,110	$	32,131
Due in 1-5 years	231		230		—		—
Total	$	22,894	$	22,879	$	32,110	$	32,131

Proceeds from sales of marketable securities (including principal payments) for the years ended December 31, 2021, 2020 and 2019, were $0.3 million, $0.0 million and $14.5 million, respectively. The Company determines gains and losses of marketable securities based on specific identification of the securities sold. There were no material realized gains or losses from sales of marketable securities for the years ended December 31, 2021, 2020 and 2019. No material balances were reclassified out of accumulated other comprehensive loss for the years ended December 31, 2021, 2020 and 2019. No unrealized losses on debt securities available-for-sale have been recognized in income for the years ended December 31, 2021, 2020 and 2019 as the issuers of such securities held by us were of high credit quality.

As of December 31, 2021 and 2020, there were no holdings of debt securities available-for-sale of any one issuer, other than the U.S. government, in an amount greater than 10%. As of December 31, 2021 and 2020, there were no debt securities available-for-sale in a material unrealized loss position.

As of December 31, 2021 the Company carried debt securities available-for-sale that were certificates of deposits, which were not covered by a rating agency or the credit rating was below the Company's minimum credit rating. As of December 31, 2021 all of the Company's certificate deposits were below the FDIC's insurance limit of $250,000 per depositor which mitigated the Company's investment risk. All other debt securities available-for-sale had a credit rating of A- or better as of December 31, 2021.

Equity securities are comprised of investments in mutual funds. The fair value of equity securities at December 31, 2021 and 2020 were $0.8 million and $0.4 million, respectively. There were no material unrealized gains or losses on equity securities recorded in income for the years ended December 31, 2021 and 2020. These unrealized gains or losses are recorded as a component of other income (expense), net. There were no realized gains or losses from equity securities during the years ended December 31, 2021 and 2020.

Additional information regarding the fair value of our financial instruments is included in Note 4, Fair Value of Financial Instruments.