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Investments in Available-for-Sale Securities
12 Months Ended
Dec. 31, 2022
Investments in Available-for-Sale Securities  
Investments in Available-for-Sale Securities

9. Investments in Available-for-Sale Securities

The Company has invested in marketable debt securities, primarily highly liquid U.S Treasury securities and investment grade corporate bonds. These investments are held in the custody of a major financial institution. These securities are classified as available-for-sale securities and, accordingly, the unrealized gains and losses are recorded through other comprehensive income.

The Company’s investments in available-for-sale marketable securities are as follows:

December 31, 2022

Gross

Allowance

Unrealized

for - Credit

Fair

    

Cost Basis

    

Gains

    

Losses

Losses

    

Value

(In thousands)

Available-for-sale:

 

  

 

  

 

  

 

  

U.S. government and agency securities

$

28,325

$

1

$

(25)

$

$

28,301

Corporate notes and bonds

 

8,689

 

20

 

(17)

 

 

8,692

Total Investments

$

37,014

$

21

$

(42)

$

$

36,993

December 31, 2021

Gross

Allowance

Unrealized

for - Credit

Fair

    

Cost Basis

    

Gains

    

Losses

Losses

    

Value

 

(In thousands)

Available-for-sale:

U.S. government and agency securities

$

6,074

$

$

(71)

$

$

6,003

Corporate notes and bonds

 

8,571

 

 

(111)

 

 

8,460

Total Investments

$

14,645

$

$

(182)

$

$

14,463

The aggregate fair value of investments with unrealized losses that had been owned for less than a year was $22.6 million and $0.0 million at December 31, 2022 and 2021, respectively. The aggregate fair value of investments with unrealized losses that have been owned for over a year was $0.0 million and $14.5 million at December 31, 2022 and 2021, respectively.

The debt securities outstanding at December 31, 2022 have maturity dates ranging through the first quarter of 2024. The Company classifies its investments as current based on the nature of the investments and their availability to provide cash for use in current operations, if needed.