Investments

3 Months Ended

Mar. 31, 2021

Investments

Investments

3. Investments

At March 31, 2021 and December 31, 2020, the Company had investments of $8,015 and $10,840, respectively, classified as trading. The trading investments are held in municipal and corporate securities as of March 31, 2021 and December 31, 2020 and are due in one year or less as of March 31, 2021. The cash flows of municipal securities are backed by the issuing municipality’s credit-worthiness.

At March 31, 2021, the Company had available-for-sale investments of $28,428, comprised of the following:

	As of March 31, 2021
			Gross		Gross		Estimated
	Adjusted		Unrealized		Unrealized		Fair
	Cost		Gains		(Losses)		Value
Corporate bonds	$	19,228	$	9	$	(158)	$	19,079
Commercial paper		5,991		—		(3)		5,988
Municipal securities		1,433				(1)		1,432
Asset backed securities		1,931				(2)		1,929
Total investments	$	28,583	$	9	$	(164)	$	28,428

For the three months ended March 31, 2021, the net unrealized gains or (losses) were $120, net of taxes. Available-for-sale debt securities are carried at fair value on the consolidated balance sheets. The Company estimates

the lifetime expected credit losses for all available-for sale debt securities in an unrealized loss position. If our assessment indicates that an expected credit loss exists, we determine the portion of the unrealized loss attributable to credit deterioration and record a reserve for the expected credit loss in the allowance for credit losses in technology and academic services in our consolidated income statements. As of March 31, 2021, there were no credit losses for our available-for-sale debt securities.

Available-for-sale securities maturing as of December 31:
2021 (Remainder of year)	9,153
2022	2,302
2023	4,041
2024	3,338
2025	1,019
Thereafter	8,575
Total	28,428