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Investment Securities | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment Securities |
7. | Investment 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. The following table presents estimated fair value and gross unrealized losses of debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security category and length of time such securities have been in a continuous unrealized loss position as of December 31, 2021. There are no expected credit losses that have been recorded against our investment securities as of December 31, 2021. 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 |  |  |  |  |  |  |  |  |
The above table includes 188 securities at December 31, 2021, where the current fair value is less than the related amortized cost. Unrealized losses on the Company’s debt securities included in the above table are not considered to be credit-related based upon an analysis that considered the extent to which the fair value is less than the amortized basis of a security, adverse conditions specifically related to the security, changes to credit rating of the instrument subsequent to Company purchase, and the strength of the underlying collateral, if any. Additionally, the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be maturity. 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 |
During the years ended December 31, 2021, 2020 and 2019, unrealized gains and losses related to equity securities still held at those dates were immaterial.

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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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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