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Financial Instruments
 3 Months Ended
Mar. 31, 2022
Investments, All Other Investments [Abstract]  
Financial Instruments Financial Instruments
The following table presents our financial instruments:
March 31, 2022December 31, 2021
Cash and equivalents$243,262 $309,171 
Held-to-maturity investments— 98,653 
Available-for-sale investments79,315 — 
Equity investments10,000 10,000 
Total$332,577 $417,824 
Cash and cash equivalents consist primarily of money market funds with original maturity dates of three months or less, for which we determine fair value through quoted market prices.
Our available-for-sale securities were historically classified as held-to-maturity. During the fourth quarter of 2021, management determined that our investment portfolio would be transferred from held-to-maturity to available-for-sale, in order to have the flexibility to buy and sell investments and maximize cash liquidity for potential acquisitions or for debt repayments. Subsequently, our investment portfolio is now classified as available-for-sale as of March 31, 2022. Our available-for-sale investments primarily consist of investment grade corporate bonds, municipal bonds, and asset-backed securities with maturity dates through 2027. These investments are presented at fair value and are included in short-term investments and non-current investments in the accompanying condensed consolidated balance sheets. Unrealized gains or losses associated with the investments are included in accumulated other comprehensive loss, net of tax in the accompanying condensed consolidated balance sheets and statements of comprehensive income. For our available-for-sale investments, we do not have the intent to sell, nor is it more likely than not that we would be required to sell before recovery of their cost basis.
As of March 31, 2022, we have an accrued interest receivable balance of approximately $511,000 which is included in accounts receivable, net. We do not measure an allowance for credit losses for accrued interest receivables. We record any losses within the maturity period or at the time of sale of the investment and any write-offs to accrued interest receivables are recorded as a reduction to interest income in the period of the loss. During the three months ended March 31, 2022, we have recorded no credit losses for accrued interest receivables. Interest income and amortization of discounts and premiums are included in other income, net in the accompanying condensed consolidated statements of income.
The following table presents the components of our available-for-sale investments:
March 31, 2022December 31, 2021
Amortized cost$80,250 $— 
Unrealized gains58 — 
Unrealized losses(993)— 
Estimated fair value$79,315 $— 
As of March 31, 2022, we have $50.2 million of available-for-sale debt securities with contractual maturities of one year or less and $29.1 million with contractual maturities great than one year.
The following table presents the activity on our available-for-sale investments:
Three Months Ended March 31,
20222021
Proceeds from sales and maturities$22,672 $35,031 
Realized gains on sales, net of tax41 — 
Our equity investments consist of an 18% interest in BFTR, LLC., a wholly owned subsidiary of Bison Capital Partners V L.P. BFTR, LLC, a privately held Australian company specializing in digitizing the spoken word in court and legal proceedings. The investment in common stock is accounted for under the equity method because we do not have the ability to exercise significant influence over the investee; and as the securities do not have readily determinable fair values, our investment is carried at cost less any impairment write-downs.