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Marketable Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

6. Marketable Securities

Marketable securities consist of corporate bonds, commercial paper, and U.S. Treasury and agency bonds, and are classified as held-to-maturity. Investments held in marketable securities had contractual maturities of between one and four months as of March 31, 2023. As the Company invests in short-term and high credit quality marketable securities, the Company expects to receive fixed par value without any loss of principle at the maturity of each security. Therefore, an allowance for expected credit losses is not recognized as of March 31, 2023 and December 31, 2022. The following presents information about the Company’s marketable securities:

		As of March 31, 2023
Sector		Amortized Cost				Allowance for credit losses				Net Amortized Cost				Gross unrealized gains				Gross unrealized losses				Fair Value
Financial		$	21,146			$	-			$	21,146			$	-			$	(12	)		$	21,134
Government			42,397				-				42,397				8				-				42,405
Total		$	63,543			$	-			$	63,543			$	8			$	(12	)		$	63,539

		As of December 31, 2022
Sector		Amortized Cost				Allowance for credit losses				Net Amortized Cost				Gross unrealized gains				Gross unrealized losses				Fair Value
Financial		$	80,831			$	-			$	80,831			$	8			$	(32	)		$	80,807
Government			15,071				-				15,071				5				-				15,076
Industrial			15,084				-				15,084				-				(3	)			15,081
Total		$	110,986			$	-			$	110,986			$	13			$	(35	)		$	110,964

The fair value of marketable securities in the Government major security type is classified as a Level 1 in the Company’s fair value hierarchy described in Note 5. The fair values of the remaining major security types are classified as Level 2.

The following table presents information about the Company’s investments that were in an unrealized loss position and for which an other-than-temporary impairment has not been recognized in earnings:

		As of March 31, 2023				As of December 31, 2022
Aggregate fair value of investments with unrealized losses (1)		$	21,134			$	59,595
Aggregate amount of unrealized losses			(12	)			(35	)

_________________

(1) Investments have been in a continuous loss position for less than 12 months

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- References

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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 https://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 https://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 https://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 https://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)

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