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Short-Term Investments
3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments

Note 5—Short-Term Investments

Short-term investments include available-for-sale debt securities and certificates of deposit. Available-for-sale debt securities are carried at fair value, inclusive of unrealized gains and losses. Unrealized gains and losses on available-for-sale debt securities are recognized in other comprehensive income (loss), net of applicable income taxes. Gains or losses on sales of available-for-sale debt securities are recognized on the specific identification basis.

The Company reviews available-for-sale debt securities for declines in fair value below their cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable,

and evaluates the current expected credit loss. This evaluation is based on a number of factors, including historical experience, market data, issuer-specific factors, economic conditions, and any changes to the credit rating of the security. As of March 31, 2022, the Company has not recorded a credit loss related to available-for-sale debt securities and believes the carrying values for its available-for-sale debt securities are properly recorded.

Short-term investments as of December 31, 2021 consisted of the following (in thousands):

Gross

Amortized

 Unrealized

Estimated

    

 Cost

    

Gain (Loss)

    

 Fair Value

Municipal bonds and notes

$

6,001

$

(1)

$

6,000

Zero coupon bonds

 

123,210

 

(18)

 

123,192

Certificates of deposit

 

530

 

 

530

Total short-term investments

$

129,741

$

(19)

$

129,722

Short-term investments as of March 31, 2022 consisted of the following (in thousands):

Gross 

Amortized

Unrealized

Estimated

    

 Cost

    

Loss

    

 Fair Value

Zero coupon bonds

$

120,077

$

(42)

$

120,035

Certificates of deposit

530

530

Total short-term investments

$

120,607

$

(42)

$

120,565