As of March 31, 2023 and December 31, 2022, the Company held one auction rate security with a par value of $3,000,000 and an estimated fair value of approximately $2,631,000 and $2,622,000, respectively, purchased through and held in custody by a broker-dealer affiliate of Bank of America, N.A., that has experienced failed auctions (the “Failed Auction Security”) since February 2008. The Failed Auction Security held by the Company is Aaa/AA+ rated by major credit rating agencies, is collateralized by student loans, and is guaranteed by the U.S. Department of Education under the Federal Family Education Loan Program. Management is not aware of any reason to believe the issuer of the Failed Auction Security is presently at risk of default. Through March 31, 2023, the Company has continued to receive interest payments on the Failed Auction Security in accordance with the terms of its indenture. Management believes the Company ultimately should be able to liquidate the Failed Auction Security without significant loss primarily due to the overall quality of the issue held and the collateral securing the substantial majority of the underlying obligation. However, current conditions in the auction rate securities market have led management to conclude the recovery period for the Failed Auction Security exceeds 12 months. As a result, the Company continued to classify the Failed Auction Security as long-term as of March 31, 2023.

Details of our investments are as follows (in thousands):


	March 31, 2023
	Cash and Cash Equivalents		Long-Term Investment
Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	144,725	$	—
Failed Auction Security		—		2,631

Total		144,725		2,631

Other measurement basis:
Cash on hand		48,172		—

Total	$	192,897	$	2,631


	December 31, 2022
	Cash and Cash Equivalents		Long-Term Investment
Measured at fair value:
Available-for-sale debt securities:
Money market funds	$	143,274	$	—
Failed Auction Security		—		2,622

Total		143,274		2,622

Other measurement basis:
Cash on hand		47,337		—

Total	$	190,611	$	2,622

The following is a summary of the

available-for-sale

securities (in thousands):


March 31, 2023	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Failed Auction Security	$	3,000		—		369	$	2,631


December 31, 2022	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Failed Auction Security		3,000		—		378		2,622

As of March 31, 2023, the Failed Auction Security had been in an unrealized loss position for greater than 12 months.

The amortized cost and estimated fair value of the

available-for-sale

securities on March 31, 2023, by type and

contractual maturities, are shown below (in thousands):


	Cost		Estimated Fair Value
Failed Auction Security:

Due in twenty years	$	3,000	$	2,631