Investments

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

NOTE 5. INVESTMENTS

The following tables summarize the Company’s debt securities available-for-sale investments at March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	5,176	$	1	$	(13)	$	5,164
U.S. Treasury securities	15,768		—		(40)		15,728
Commercial paper	6,219		—		(22)		6,197
Corporate notes and bonds	8,820		—		(32)		8,788
Total	$	35,983	$	1	$	(107)	$	35,877


	December 31, 2021
	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

The following table summarizes the maturities of the Company’s debt securities available-for-sale investments at March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than 1 year	$	35,348	$	35,246	$	22,663	$	22,649
Due in 1-3 years	635		631		231		230
Total	$	35,983	$	35,877	$	22,894	$	22,879

There were no proceeds from sales of debt securities available-for-sale (including principal paydowns) for each of the three months ended March 31, 2022 and 2021. The Company determines gains and losses of marketable securities based on specific identification of the securities sold. There were no realized gains or losses from debt securities available-for-sale for the three months ended March 31, 2022 and 2021. No balances were reclassified out of accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021. No unrealized losses on debt securities available-for-sale have been recognized in income for the three months ended March 31, 2022 and 2021, as the issuers of such securities held by us were of high credit quality.

As of March 31, 2022, 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 March 31, 2022 the Company did not carry a material amount of debt securities available-for-sale that were below the Company's minimum credit rating. These debt securities available-for-sale are not subject to credit risk. All other debt securities available-for-sale had a credit rating of A- or better as of March 31, 2022.

Equity securities are comprised of investments in mutual funds. The fair value of equity securities for each of the periods ended March 31, 2022 and December 31, 2021 was $0.8 million. There were no material unrealized gains or losses on equity securities recorded in income for each of the three months ended March 31, 2022 and 2021. 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 for each of the three months ended March 31, 2022 and 2021.