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Marketable Securities
 12 Months Ended
Dec. 31, 2021
MARKETABLE SECURITIES [Abstract]  
MARKETABLE SECURITIES


NOTE 4 – MARKETABLE SECURITIES


Our investments in marketable securities are classified as available-for-sale and consist of the following: 

 

 

December 31, 2021

(In thousands)

 

Amortized Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

3,005

 

 

$

13

 

 

$

—

 

$

3,018

 

Corporate debt securities and certificates of deposit

 

4,177

 

 

8

 

 

(2

 )

 

4,183

 

Asset backed securities

 

125

 

 

1

 

 

—

 

126

 

Marketable securities – short-term

 

$

7,307

 

 

$

22

 

 

$

(2

 )

 

$

7,327

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

9,921

 

 

$

5

 

 

$

(57

 )

 

$

9,869

 

Corporate debt securities and certificates of deposit

 

4,869

 

 

9

 

 

(18

 )

 

4,860

 

Asset backed securities

 

2,511

 

 

9

 

 

(11

 )

 

2,509

 

Equity security

 

42

 

 

1

 

 

—

 

43

 

Marketable securities – long-term

 

$

17,343

 

 

$

24

 

 

$

(86

 )

 

$

17,281

 



 

December 31, 2020

(In thousands)

 

Amortized Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,817

 

 

$

36

 

 

$

—

 

$

4,853

 

Corporate debt securities and certificates of deposit

 

3,113

 

 

21

 

 

—

 

3,134

 

Asset backed securities

 

133

 

 

1

 

 

—

 

134

 

Marketable securities – short-term

 

$

8,063

 

 

$

58

 

 

$

—

 

$

8,121

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

7,529

 

 

$

66

 

 

$

—

 

$

7,595

 

Corporate debt securities and certificates of deposit

 

3,975

 

 

61

 

 

(1

 )

 

4,035

 

Asset backed securities

 

2,347

 

 

45

 

 

—

 

2,392

 

Equity security

 

42

 

 

—

 

 

(12

 )

 

30

 

Marketable securities – long-term 

 

$

13,893

 

 

$

172

 

 

$

(13

)

 

$

14,052

  



In Unrealized Loss Position For
Less Than 12 Months
 
 In Unrealized Loss Position For
Greater Than 12 Months
(In thousands)  
 
Fair Value
 
Gross Unrealized
Losses
 
Fair Value
 
Gross Unrealized
Losses
December 31, 2021
 
 

 
 

 
 

 
 

U.S. government and agency obligations
 
$
9,250

 
$
(57
 )
 
$
—
 
$
—
Corporate debt securities and certificates of deposit
 
5,188

 
(18
 )
 
355
 
(2
 )
Asset backed securities


1,278



(11
 )


—


—
Marketable securities
 
$
15,716

 
$
(86
 )
 
$
355
 
$
(2
 )
December 31, 2020
 
 

 
 

 
 

 
 

U.S. government and agency obligations
 
$
330

 
$
—
 
$
—
 
$
—
Corporate debt securities and certificates of deposit
 
411

 
(1
 )
 
—
 
—
Marketable securities
 
$
741

 
$
(1
 )
 
$
—
 
$
—


Our long-term investments in marketable debt securities all have maturities of less than 5 years. Net pre-tax unrealized losses for marketable debt securities of $43,000 at December 31, 2021 and net pre-tax unrealized gains of $229,000 at December 31, 2020 have been recorded as a component of accumulated other comprehensive loss in stockholders’ equity. We only invest in highly rated investment grade securities. We have determined that the net pre-tax unrealized gains and losses for marketable debt securities at December 31, 2021 and December 31, 2020 were caused by fluctuations in interest rates and are temporary in nature. We review our marketable debt securities to identify and evaluate investments that have indications of possible impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the investment grade credit quality of our debt securities and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. We received proceeds of $225,000 from the sale of marketable securities in 2021. The gain recognized on the sale was insignificant. No marketable securities were sold in 2020. See Note 6 for additional information regarding the fair value of our investments in marketable securities.


Investments in marketable debt securities classified as cash equivalents of $8.8 million at December 31, 2021 and $1.3 million at December 31, 2020, consist of corporate debt securities and certificates of deposit. There were no unrealized gains or losses associated with any of these securities at December 31, 2021 or December 31, 2020.