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Investments
12 Months Ended
Dec. 31, 2021
Investments  
Investments

5. Investments

As of December 31, 2020, the Company had investments of $10,840 classified as trading. The trading investments were held in municipal and corporate securities. The cash flows of municipal securities were backed by the issuing municipality’s creditworthiness.

As of December 31, 2021, there were no unrealized gains or losses for available-for sale debt securities as all matured or were sold by December 31, 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. The Company had no investments as of December 31, 2021.