INVESTMENTS

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

NOTE 5. INVESTMENTS

The following tables summarize the Company’s debt securities classified as available-for-sale investments at March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	333	$	—	$	—	$	333
Commercial paper	125		—		—		125
Corporate notes and bonds	1,025		—		(4)		1,021
Total	$	1,483	$	—	$	(4)	$	1,479


	December 31, 2022
	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

The following table summarizes the maturities of the Company’s debt securities classified as available-for-sale investments at March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than 1 year	$	1,483	$	1,479	$	9,757	$	9,728
Total	$	1,483	$	1,479	$	9,757	$	9,728

There were no proceeds from sales of debt securities available-for-sale (including principal paydowns) for the three months ended March 31, 2023 and 2022. 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 debt securities available-for-sale for the three months ended March 31, 2023 and 2022. No material balances were reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2023 and 2022. No unrealized losses on debt securities available-for-sale have been recognized in income for the three months ended March 31, 2023 and 2022, as the issuers of such securities held by us were of high credit quality.

As of March 31, 2023, there were five single issuers of debt securities classified as available-for-sale investments with an amount greater than 10%, which ranged from $0.2 million to $0.3 million per holding.

As of March 31, 2023 the Company did not carry any debt securities available-for-sale that were below the Company's minimum credit rating. All debt securities available-for-sale had a credit rating of A- or better as of March 31, 2023.

Equity securities are comprised of investments in mutual funds. The fair value of equity securities for each of the periods ended March 31, 2023 and December 31, 2022 was $1.0 million and $0.9 million, respectively.

Unrealized gains or losses on equity securities recorded in income during the three months ended March 31, 2023 and 2022 were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Unrealized gain (loss) on equity investments	$	50	$	—

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, 2023 and 2022.