INVESTMENTS

12 Months Ended

Dec. 31, 2022

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
2022
(in thousands)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	2,548	$	—	$	(7)	$	2,541
U.S. Treasury securities	3,015		—		(6)		3,009
Commercial paper	425		—		(1)		424
Corporate notes and bonds	3,769		—		(15)		3,754
Total	$	9,757	$	—	$	(29)	$	9,728


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

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)
	2022				2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than 1 year	$	9,757	$	9,728	$	22,663	$	22,649
Due in 1-5 years	—		—		231		230
Total	$	9,757	$	9,728	$	22,894	$	22,879

Proceeds from sales of marketable securities (including principal payments) for the years ended December 31, 2022, 2021 and 2020, were $0.0 million, $0.3 million and $0.0 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, 2022, 2021 and 2020. No material balances were reclassified out of accumulated other comprehensive loss for the years ended December 31, 2022, 2021 and 2020. No unrealized losses on debt securities available-for-sale have been recognized in income for the years ended December 31, 2022, 2021 and 2020 as the issuers of such securities held by us were of high credit quality.

As of December 31, 2022 and 2021, 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, 2022 and 2021, there

were no debt securities available-for-sale in a material unrealized loss position.

Equity securities are comprised of investments in mutual funds. The fair value of equity securities at December 31, 2022 and 2021 were $0.9 million and $0.8 million, respectively. Unrealized losses or gains on equity securities recorded in income during the year ended December 31, 2022, 2021 and 2020 were as follows (in thousands):


	2022		2021		2020
Unrealized loss on equity investments	$	(211)	$	—	$	—

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, 2022, 2021 and 2020.

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