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Marketable Securities
 3 Months Ended
Mar. 31, 2022
Marketable Securities [Abstract]  
Marketable Securities

5. MARKETABLE SECURITIES:


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

(In thousands)

 

Amortized Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

4,091

 

 

$

3

 

 

$

(17
 )

 

$

4,077

 

Corporate debt securities and certificates of deposit

 

4,731

 

 

1

 

 

(20

 )

 

4,712

 

Asset backed securities
290

—

—

290

Marketable securities – short-term

 

$

9,112

 

 

$

4

 

 

$

(37

 )

 

$

9,079

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

10,259

 

 

$

—

 

 

$

(275

 )

 

$

9,984

 

Corporate debt securities and certificates of deposit 

 

6,547

 

 

—

 

 

(141

 )

 

6,406

 

Asset backed securities

 

2,538

 

 

1

 

 

(52

 )

 

2,487

 

Equity security

 

42

 

 

—

 

 

(1

 )

 

41

 

Marketable securities – long-term

 

$

19,386

 

 

$

1

 

 

$

(469

 )

 

$

18,918

 





 

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

 


At March 31, 2022 and December 31, 2021, investments in marketable debt securities in an unrealized loss position were as follows:  

 
 
 
 

 
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
March 31, 2022












   U.S. government and agency obligations

$
10,486


$
(214
 )

$
2,371


$
(78
 )
   Corporate debt securities and certificates of deposit

9,978


(153
 )

319


(8
 )
   Asset backed securities

1,917


(50
 )

88


(2
 )
      Marketable securities

$
22,381


$
(417
 )

$
2,778


$
(88
 )
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
 )


Our long-term investments in marketable debt securities all have maturities of less than five years. Net pre-tax unrealized losses for marketable debt securities of $500,000 at March 31, 2022 and $43,000 at December 31, 2021 have been recorded as a component of accumulated other comprehensive loss in stockholders’ equity. We only invest in highly rated investment grade debt securities. We have determined that the net pre-tax unrealized losses for marketable debt securities at March 31, 2022 and December 31, 2021 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. At March 31, 2022 there were 152 marketable debt securities in an unrealized loss position, with the largest loss for any single security being equal to approximately $11,000. No marketable securities were sold in the three months ended March 31, 2022 or the three months ended March 31, 2021. 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 $4.9 million at March 31, 2022 and $8.8 million at December 31, 2021, consist of commercial money market savings accounts, corporate debt securities and certificates of deposit. There were no unrealized gains or losses associated with any of these securities at March 31, 2022 or December 31, 2021.


Cash and marketable securities held by foreign subsidiaries totaled $477,000 at March 31, 2022 and $588,000 at December 31, 2021.