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Investments
9 Months Ended
Sep. 30, 2021
Investments  
Investments

3. Investments

At December 31, 2020, the Company had investments of $10,840 classified as trading. The trading investments are held in municipal and corporate securities. The cash flows of municipal securities are backed by the issuing municipality’s credit-worthiness.

As of September 30, 2021, there were no unrealized gains or losses for available-for sale debt securities as all matured or were sold by September 30, 2021. Available-for-sale debt securities are carried at fair value on the consolidated balance sheets. The Company estimates the lifetime expected credit losses for all available-for sale debt securities in an unrealized loss position. If our assessment indicates that an expected credit loss exists, we determine the portion of the unrealized loss attributable to credit deterioration and record a reserve for the expected credit loss in the allowance for credit losses in technology and academic services in our consolidated income statements.