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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Available-For-Sale Securities | The Company’s amortized cost and estimated fair value of investment securities as of December 31, 2021 and 2020, are presented below:
(In thousands) | Amortized Cost |  | Total Unrealized Gains |  | Total Unrealized Losses |  | Fair Value(a)
2021 |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |
U.S. treasury notes | $ | 308,058 |  |  | $ | 250 |  |  | $ | 1,113 |  |  | $ | 307,195 |
Corporate debt securities | 355,102 |  |  | 30 |  |  | 3,289 |  |  | 351,843 |
Municipal bonds | 31,273 |  |  | 44 |  |  | 149 |  |  | 31,168 |
Asset-backed securities | 120,774 |  |  | 24 |  |  | 587 |  |  | 120,211 |
Mortgage-backed securities | 139,590 |  |  | 11 |  |  | 1,341 |  |  | 138,260 |
Total(d) | $ | 954,797 |  |  | $ | 359 |  |  | $ | 6,479 |  |  | $ | 948,677 |
Non-current: |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |
Municipal bonds | $ | 3,107 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 3,108 |
Asset-backed securities | 167 |  |  | 1 |  |  | — |  |  | 168 |
Mortgage-backed securities | 121 |  |  | 2 |  |  | — |  |  | 123 |
Mutual fund | 27,999 |  |  | — |  |  | 748 |  |  | 27,251 |
Pooled investment fund | 9,000 |  |  | — |  |  | — |  |  | 9,000 |
Total (b) | $ | 40,394 |  |  | $ | 4 |  |  | $ | 748 |  |  | $ | 39,650 |
Total investment securities(c) | $ | 995,191 |  |  | $ | 363 |  |  | $ | 7,227 |  |  | $ | 988,327 |
2020 |  |  |  |  |  |  |
Non-current: |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |
Municipal bonds | $ | 195 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 197 |
Asset-backed securities | 211 |  |  | — |  |  | 1 |  |  | 210 |
Mortgage-backed securities | 133 |  |  | 5 |  |  | — |  |  | 138 |
Mutual fund | 27,680 |  |  | 48 |  |  | — |  |  | 27,728 |
Pooled investment fund | 9,000 |  |  | — |  |  | — |  |  | 9,000 |
Total (b) | $ | 37,219 |  |  | $ | 55 |  |  | $ | 1 |  |  | $ | 37,273 |
Total investment securities(b)(c) | $ | 37,219 |  |  | $ | 55 |  |  | $ | 1 |  |  | $ | 37,273 |
(a) The Company’s methods for measuring the fair value of its investment securities are discussed in Note 18, Fair Value. (b) These investments are not deemed available for current operations and have been classified as non-current on the consolidated balance sheets. (c) Excludes $11.3 million and $9.6 million in equity securities as of December 31, 2021 and 2020, respectively, included in prepaid expenses and other current assets and other assets on the consolidated balance sheets. See Note 17, Employee Benefit Plans, for additional information. (d) These investments are custodial assets managed and invested by WEX Bank through an investment manager. They are classified as current on the consolidated balance sheets, even though the stated maturity date may be one year or more beyond the current balance sheet date, as the Company views these securities as available for use in current operations, if needed.
Schedule of Unrealized Loss on Investments | Unrealized losses on the Company’s debt securities as of December 31, 2020 were insignificant.
| Less than one year |  |  |  |
(In thousands) | Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |
Investment-grade rated debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. treasury notes | $ | 268,839 |  |  | $ | 1,113 |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | 336,777 |  |  | $ | 3,289 |  |  |  |  |  |  |  |  |
Municipal bonds | $ | 24,049 |  |  | $ | 149 |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 101,983 |  |  | $ | 587 |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | 132,737 |  |  | $ | 1,341 |  |  |  |  |  |  |  |  |
Maturity Dates Of Available-For-Sale Securities | The following table summarizes the contractual maturity dates of the Company’s debt securities.
| December 31,
| 2021 |  | 2020
(In thousands) | Net Carrying Amount |  | Fair Value |  | Net Carrying Amount |  | Fair Value
Due after 1 year through year 5 | $ | 369,485 |  |  | $ | 366,605 |  |  | $ | — |  |  | $ | — |
Due after 5 years through year 10 | 369,131 |  |  | 367,536 |  |  | 236 |  |  | 236 |
Due after 10 years | 219,576 |  |  | 217,935 |  |  | 303 |  |  | 309 |
Total | $ | 958,192 |  |  | $ | 952,076 |  |  | $ | 539 |  |  | $ | 545 |

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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