INVESTMENTS

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate notes and bonds	$	406	$	—	$	—	$	406
Total	$	406	$	—	$	—	$	406


	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 June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than 1 year	$	406	$	406	$	9,757	$	9,728
Total	$	406	$	406	$	9,757	$	9,728

There were no proceeds from sales of debt securities available-for-sale (including principal paydowns) for the three and six months ended June 30, 2023 and 2022. The Company determines gains and losses on marketable securities based on specific identification of the securities sold. There were no material realized gains or losses from debt securities available-for-sale during the three and six months ended June 30, 2023 and 2022. No material balances were reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2023 and 2022. No unrealized losses on debt securities available-for-sale have been recognized in income for the three and six months ended June 30, 2023 and 2022, as the issuers of such securities were of high credit quality.

As of June 30, 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 June 30, 2023.

Equity securities are comprised of investments in mutual funds. The fair value of equity securities at June 30, 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 and six months ended June 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Unrealized (gain) loss on equity investments	$	(40)	$	107	$	(90)	$	157

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 and six months ended June 30, 2023 and 2022.