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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of Investments

Investments consist of the following as of December 31, 2021 and 2020 (dollars in thousands):

 

 

 

December 31, 2021

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

5,028

 

 

$

-

 

 

$

(1

)

 

$

5,027

 

Non-governmental debt securities

 

 

168,623

 

 

 

27

 

 

 

(184

)

 

 

168,466

 

Treasury and federal agencies

 

 

720

 

 

 

-

 

 

 

-

 

 

 

720

 

Total short-term investments (available for sale)

 

$

174,371

 

 

$

27

 

 

$

(185

)

 

$

174,213

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

139

 

 

$

1

 

 

$

-

 

 

$

140

 

Non-governmental debt securities

 

 

288,578

 

 

 

331

 

 

 

(176

)

 

 

288,733

 

Treasury and federal agencies

 

 

11,799

 

 

 

6

 

 

 

(2

)

 

 

11,803

 

Total short-term investments (available for sale)

 

$

300,516

 

 

$

338

 

 

$

(178

)

 

$

300,676

 
Schedule of Available-for-Sale Investments

A schedule of available-for-sale investments segregated by their original stated terms to maturity as of December 31, 2021 and 2020 are as follows (dollars in thousands): 

 

 

Less than

one year

 

 

One to

five years

 

 

Six to

ten years

 

 

Greater

than ten

years

 

 

Total

 

Original stated term to maturity of available-for-sale-

   investments as of December 31, 2021

 

$

133,728

 

 

$

40,485

 

 

$

-

 

 

$

-

 

 

$

174,213

 

Original stated term to maturity of available-for-sale-

   investments as of December 31, 2020

 

$

182,959

 

 

$

117,641

 

 

$

-

 

 

$

76

 

 

$

300,676

 
Schedule of Maintenance Fee Payment to CCKF

We make periodic operating maintenance payments to CCKF related to proprietary rights that we use in our intellipath® personalized learning technology. The total fees recorded for the years ended December 31, 2021, 2020 and 2019 were as follows (dollars in thousands):

 

For the year ended December 31, 2021

 

$

1,726

 

For the year ended December 31, 2020

 

$

1,596

 

For the year ended December 31, 2019

 

$

1,418