Investments, Debt and Equity Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure

Marketable Securities

The following table summarizes available-for-sale debt securities held at September 30, 2023 and December 31, 2022 by asset type:

	Available-For-Sale Debt Securities
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Net Carrying Amount)
September 30, 2023
Fixed maturity:
United States Government and agency securities	$	40,123	$	262	$	(295)	$	40,090
Corporate notes and bonds	577		—		(57)		520
Total available-for-sale debt securities	$	40,700	$	262	$	(352)	$	40,610
December 31, 2022
Fixed maturity:
United States Government and agency securities	$	25,485	$	84	$	(315)	$	25,254
Corporate notes and bonds	315		—		(51)		264
Total available-for-sale debt securities	$	25,800	$	84	$	(366)	$	25,518

Marketable securities are composed of available-for-sale debt securities and marketable equity securities and all marketable securities are held at fair value. We carry a portion of our marketable securities portfolio in long-term assets since they are generally held for the settlement of our insurance claims processed through our wholly owned captive insurance subsidiary.

Available-for-sale debt securities are included in other current assets and marketable securities and other investments totaling $40,610 and $25,518 at September 30, 2023 and December 31, 2022, respectively. Realized gains and losses on sales of available-for-sale debt securities are recognized in net income on the specific identification basis. Changes in the fair values of available-for-sale debt securities that are determined to be holding gains or losses are recorded through accumulated other comprehensive income (loss) net of applicable taxes, within shareholders' equity. In assessing whether a credit loss exists, we evaluate our ability to hold the investment, the strength of the underlying collateral and the extent to which the investment's amortized cost or cost, as appropriate, exceeds its related fair value.

We held approximately $10,276 and $18,110 in marketable equity securities as of September 30, 2023 and December 31, 2022, respectively. Realized and unrealized gains and losses on marketable equity securities are included in other income (expense) in the Consolidated Statements of Operations.

The net carrying values of available-for-sale debt securities at September 30, 2023 by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

	Amortized Cost		Fair Value
Due:
Less than one year	$	21,037	$	21,267
One year through five years	17,335		17,210
Six years through ten years	534		492
After ten years	1,794		1,641
Total	$	40,700	$	40,610