AVAILABLE-FOR-SALE INVESTMENTS

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

AVAILABLE-FOR-SALE INVESTMENTS

AVAILABLE-FOR-SALE INVESTMENTS

The Company classifies its investments in debt securities as available-for-sale. Debt securities have been historically comprised of highly liquid investments with minimum “A” rated securities. The debt securities have historically been reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income in the condensed consolidated balance sheets. Refer to Note 12 – Fair Value of Financial Instruments for information related to the fair value measurements and valuation methods utilized.

The following table represents the Company’s available-for-sale investments by major security type as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Commercial Paper	$	9,871	$	—	$	(5)	$	9,866
US Treasury Notes	2,162		—		(2)		2,160
Corporate Bonds	—		—		—		—
Municipal Bonds	—		—		—		—
Total	$	12,033	$	—	$	(7)	$	12,026

	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Commercial Paper	$	32,997	$	—	$	(241)	$	32,756
Corporate Bonds	58,791		—		(349)		58,442
Municipal Bonds	7,446		—		(52)		7,394
Total	$	99,234	$	—	$	(642)	$	98,592

The following table represents the Company’s available-for-sale investments by contractual maturity as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	12,033	$	12,026	$	92,253	$	91,669
Due after one year through five years	—		—		6,981		6,923
Total	$	12,033	$	12,026	$	99,234	$	98,592

Debt securities as of September 30, 2023 had an average remaining maturity of 0.3 years.

The Company reviews available-for-sale investments for other-than-temporary impairment loss periodically. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and our intent to sell. For debt securities, we also consider whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the nine months ended September 30, 2023 and 2022, the Company did not recognize any other-than-temporary impairment losses. All marketable securities with unrealized losses have been in a loss position for less than twelve months, and the Company does not anticipate any material losses upon maturity of these investments. The fair value for fixed-rate debt securities is based on quoted market prices for the same or similar debt instruments and is classified as Level 2. The fair value for the Company's other securities holdings, primarily under commercial paper, equals the carrying value and is classified as Level 2.