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MARKETABLE SECURITIES
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES MARKETABLE SECURITIES
ASC 320 “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at December 31:
($ in thousands) 20222021
Marketable Securities:Fair Value HierarchyCostEstimated Fair ValueCostEstimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months$— $— $401 $400 
with unrecognized gains— — — — 
Total Certificates of depositLevel 1— — 401 400 
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months13,916 13,832 1,360 1,358 
with unrecognized losses for more than 12 months500 499 — — 
with unrecognized gains1,250 1,251 — — 
Total U.S. Treasury and agency notesLevel 215,666 15,582 1,360 1,358 
Corporate notes
with unrecognized losses for less than 12 months17,236 17,112 9,231 9,225 
with unrecognized losses for more than 12 months251 250 — — 
with unrecognized gains499 500 — — 
Total Corporate notesLevel 217,986 17,862 9,231 9,225 
$33,652 $33,444 $10,992 $10,983 

The Company adopted ASU No. 2016-13, "Financial Instruments — Credit Losses (Topic 326)" on January 1, 2020, prospectively. Under ASC Topic 326-30, the Company is now required to use an allowance approach when recognizing credit loss for available-for-sale debt securities, measured as the difference between the security's amortized cost basis and the amount expected to be collected over the security's lifetime. Under this approach, at each reporting date, the Company records impairment related to credit losses through earnings offset with an allowance for credit losses, or ACL. At December 31, 2022 the Company has not recorded any credit losses.
At December 31, 2022, the fair market value of investment securities was $208,000 below the cost basis of securities. The Company’s gross unrealized holding gains equal $2,000 dollars and gross unrealized holding losses equal $210,000. As of December 31, 2022, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflects a decrease in the market value of available-for-sale securities of $199,000, which includes estimated taxes of $56,000.
The Company elected to exclude applicable accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities, and separately present the accrued interest receivable balance per ASC Topic 326-30-50-3A. The accrued interest receivables balance totaled $186,000 as of December 31, 2022, and was included within the Prepaid expenses and other current assets line item of the Consolidated Balance Sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable as an allowance on possible uncollectible accrued interest is not warranted.
U.S. Treasury and agency notes
The unrealized losses on the Company's investments in U.S. Treasury and agency notes at December 31, 2022 were caused by relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies. The unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. As of December 31, 2022, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of December 31, 2022.
Corporate notes
The contractual terms of those investments do not permit the issuers to settle the securities at a price less than the amortized cost basis of the investments. The unrealized losses on corporate notes are a function of changes in investment spreads and interest rate movements and not changes in credit quality. The Company expects to recover the entire amortized cost basis of these securities. As of December 31, 2022, the Company did not intend to sell these securities and it is not more-likely-than-not that the Company would be required to sell these securities before recovery of their cost basis. Therefore, these investments did not require an ACL as of December 31, 2022.
The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands):
December 31, 202220232024Total
U.S. Treasury and agency notes$15,225 $500 $15,725 
Corporate notes17,470 500 17,970 
$32,695 $1,000 $33,695 
December 31, 202120222023Total
Certificates of deposit$400 $— $400 
U.S. Treasury and agency notes855 500 1,355 
Corporate notes8,925 250 9,175 
$10,180 $750 $10,930 
The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.