Quarterly report pursuant to Section 13 or 15(d)

AVAILABLE-FOR-SALE INVESTMENTS

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AVAILABLE-FOR-SALE INVESTMENTS
6 Months Ended
Jun. 30, 2022
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 are comprised of highly liquid investments with minimum “A” rated securities and, as of June 30, 2022, consist of corporate entity commercial paper and securities and municipal bonds. The debt securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income in the condensed consolidated balance sheets. Refer to Note 11, "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 June 30, 2022 and December 31, 2021 (in thousands):
June 30, 2022
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value
Commercial Paper $ 121,659  $ $ (294) $ 121,368 
Corporate Bonds 99,877  —  (662) 99,215 
Municipal Bonds 10,832  —  (84) 10,748 
Total $ 232,368  $ $ (1,040) $ 231,331 
December 31, 2021
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value
Commercial Paper $ 76,961  $ —  $ (31) $ 76,930 
Corporate Bonds 84,771  —  (183) 84,588 
Municipal Bonds 5,870  —  (23) 5,847 
Total $ 167,602  $ —  $ (237) $ 167,365 
The following table summarizes the fair value and amortized cost bases of the Company’s available-for-sale investments by contractual maturity of June 30, 2022 and December 31, 2021 (in thousands):
June 30, 2022 December 31, 2021
Amortized Cost Fair Value Amortized Cost Fair Value
Due within one year $ 220,376  $ 219,414  $ 117,164  $ 117,100 
Due after one year through five years 11,992  11,917  50,438  50,265 
Total $ 232,368  $ 231,331  $ 167,602  $ 167,365 
Debt securities as of June 30, 2022 had an average remaining maturity of 0.5 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 six months ended June 30, 2022 and 2021, 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.