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Investments | 9 Months Ended
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Sep. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Investments | NOTE 13 Investments At September 30, 2021, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:
(in thousands) |  | Cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities |  | $ | 31,756 |  |  | $ | 239 |  |  | $ | (172 | ) |  | $ | 31,823 |
Corporate debt |  |  | 8,288 |  |  |  | 160 |  |  |  | (23 | ) |  |  | 8,425 |
Total |  | $ | 40,044 |  |  | $ | 399 |  |  | $ | (195 | ) |  | $ | 40,248 |
At September 30, 2021, the Company held $31.8 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $8.4 million issued by corporations with investment grade ratings. Of that total, $8.9 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year. Additionally, the Company holds $5.5 million in short-term investments, which are related to time deposits held with various financial institutions. For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2021:
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
(in thousands) |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities |  | $ | 15,987 |  |  | $ | (141 | ) |  | $ | 969 |  |  | $ | (31 | ) |  | $ | 16,956 |  |  | $ | (172 | )
Corporate debt |  |  | 2,929 |  |  |  | (23 | ) |  |  | — |  |  |  | — |  |  |  | 2,929 |  |  |  | (23 | )
Total |  | $ | 18,916 |  |  | $ | (164 | ) |  | $ | 969 |  |  | $ | (31 | ) |  | $ | 19,885 |  |  | $ | (195 | )
At September 30, 2021, the Company had 21 securities in an unrealized loss position. The unrealized losses for the period ended September 30, 2021 were caused by interest rate increases. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at September 30, 2021. At December 31, 2020, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:
(in thousands) |  | Cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities |  | $ | 28,372 |  |  | $ | 464 |  |  | $ | (5 | ) |  | $ | 28,831 |
Corporate debt |  |  | 7,190 |  |  |  | 239 |  |  |  | (6 | ) |  |  | 7,423 |
Total |  | $ | 35,562 |  |  | $ | 703 |  |  | $ | (11 | ) |  | $ | 36,254 |
At December 31, 2020, the Company held $28.8 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipalities, and $7.4 million issued by corporations with investment grade ratings. Of that total, $11.3 million is classified as short-term investments on the Condensed Consolidated Balance Sheet as maturities are less than one year, which also includes $7.0 million that is related to time deposits held with various financial institutions. For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2020:
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
(in thousands) |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities |  | $ | 1,995 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,995 |  |  | $ | (5 | )
Corporate debt |  |  | 808 |  |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | 808 |  |  |  | (6 | )
Total |  | $ | 2,803 |  |  | $ | (11 | ) |  | $ | — |  |  | $ | — |  |  | $ | 2,803 |  |  | $ | (11 | )
The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2020, the Company had 3 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at December 31, 2020. The amortized cost and estimated fair value of the fixed maturity securities at September 30, 2021 by contractual maturity are set forth below:
(in thousands) |  | Amortized cost |  |  | Fair value |
Years to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 8,801 |  |  | $ | 8,899 |
Due after one year through five years |  |  | 30,243 |  |  |  | 30,379 |
Due after five years |  |  | 1,000 |  |  |  | 970 |
Total |  | $ | 40,044 |  |  | $ | 40,248 |
The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2020 by contractual maturity are set forth below:
(in thousands) |  | Amortized cost |  |  | Fair value |
Years to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 11,214 |  |  | $ | 11,283 |
Due after one year through five years |  |  | 23,348 |  |  |  | 23,976 |
Due after five years |  |  | 1,000 |  |  |  | 995 |
Total |  | $ | 35,562 |  |  | $ | 36,254 |
The expected maturities in the foregoing table may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalty. Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities were $7.70 million. This along with maturing time deposits yielded total cash proceeds from the sale of investments of $9.3 million in the period of January 1, 2021 to September 30, 2021. These proceeds were principally used to purchase additional fixed maturity securities and time deposits. The gains and losses realized on the sale of securities for the period from January 1, 2021 to September 30, 2021 were insignificant. Realized gains and losses are reported on the Condensed Consolidated Statements of Income, with the cost of securities sold determined on a specific identification basis. At September 30, 2021, investments with a fair value of approximately $4.2 million were on deposit with state insurance departments to satisfy regulatory requirements.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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