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Marketable Securities
 6 Months Ended
Jun. 30, 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

(In thousands)

 

Amortized Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

5,897

 

 

$

—

 

 

$

(77
 )

 

$

5,820

 

Corporate debt securities and certificates of deposit

 

5,576

 

 

1

 

 

(45

 )

 

5,532

 

Asset backed securities
445

—

(3 )
442

Marketable securities – short-term

 

$

11,918

 

 

$

1

 

 

$

(125

 )

 

$

11,794

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

8,505

 

 

$

1

 

 

$

(287

 )

 

$

8,219

 

Corporate debt securities and certificates of deposit 

 

5,310

 

 

—

 

 

(184

 )

 

5,126

 

Asset backed securities

 

2,773

 

 

—

 

 

(68

 )

 

2,705

 

Equity security

 

42

 

 

—

 

 

(11

 )

 

31

 

Marketable securities – long-term

 

$

16,630

 

 

$

1

 

 

$

(550

 )

 

$

16,081

 





 

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 June 30, 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
June 30, 2022












   U.S. government and agency obligations

$
10,231


$
(223
 )

$
4,054


$
(157
 )
   Corporate debt securities and certificates of deposit

8,665


(197
 )

679


(16
 )
   Asset backed securities

2,206


(51
 )

530


(20
 )
      Marketable securities

$
21,102


$
(471
 )

$
5,263


$
(193
 )
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 $662,000 at June 30, 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 June 30, 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 June 30, 2022 there were 171 marketable debt securities in an unrealized loss position, with the largest loss for any single security being equal to approximately $14,000. No marketable securities were sold in the three and six months ended June 30, 2022. We received proceeds from the sale of marketable securities of $225,000 in the three and six months ended June 30, 2021. The gain recognized on the sale was insignificant. 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 June 30, 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 June 30, 2022 or December 31, 2021.


Cash and marketable securities held by foreign subsidiaries totaled $618,000 at June 30, 2022 and $588,000 at December 31, 2021.