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Investments
 9 Months Ended
Sep. 30, 2021
Investments  
Investments

Note 9. Investments

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A summary of the Company’s investments that are classified as held-to-maturity are as follows:

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Gross

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Gross

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Amortized

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Unrealized

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Unrealized

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Fair

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Cost

    

Gains

    

Losses

    

Value

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(in thousands)

Corporate bonds

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$

513

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$

—

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$

(1)

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$

512

Municipal bonds

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2,527

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—

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—

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2,527

Total investments as of September 30, 2021

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$

3,040

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$

—

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$

(1)

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$

3,039

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Corporate bonds

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$

1,560

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$

—

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$

(1)

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$

1,559

Municipal bonds

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2,297

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—

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(1)

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2,296

Total investments as of December 31, 2020

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$

3,857

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$

—

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$

(2)

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$

3,855

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At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, noting neither a significant deterioration since purchase nor any other factors that would indicate a material credit loss.

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The Company measures expected credit losses on held-to-maturity investments on a collective basis. All the Company’s held-to-maturity investments were considered to be one pool. The estimate for credit losses considers historical loss information that is adjusted for current conditions and reasonable and supportable forecasts. Expected credit losses on held-to-maturity investments were not material to the condensed consolidated financial statements.

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Investment in Hanxin

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As a result of the ANP restructuring that was completed during the third quarter of 2021 (see Note 3), the Company has a 14% noncontrolling investment in Hanxin that is accounted for as an equity method investment.

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The Company accounts for its share of the earnings or losses of Hanxin with a reporting lag of three months, as the financial statements of Hanxin are not completed on a basis that is sufficient for the Company to apply the equity method on a current basis. Hanxin became an equity method investment during the third quarter of 2021, and as such, no shares of earnings or losses of Hanxin were recorded in the condensed consolidated statement of operations for the three and nine months ended September 30, 2021.

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