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Marketable Securities | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities The following is a summary of available-for-sale and held-to-maturity securities as of March 31, 2023 (in thousands):
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Losses) |  | Estimated Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Tax-exempt municipal securities | $ | 14,793 |  |  | $ | 2 |  |  | $ | (400) |  |  | $ | 14,395 |
Corporate debt securities | 6,237 |  |  | — |  |  | (170) |  |  | 6,067 |
Total available-for sale securities | $ | 21,030 |  |  | $ | 2 |  |  | $ | (570) |  |  | $ | 20,462 |
Held-to-maturity securities: |  |  |  |  |  |  |
Term deposits | $ | 16,727 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,727 |
The following is a summary of available-for-sale securities as of December 31, 2022 (in thousands):
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Losses) |  | Estimated Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Tax-exempt municipal securities | $ | 15,852 |  |  | $ | 2 |  |  | $ | (507) |  |  | $ | 15,347 |
Corporate debt securities | 7,140 |  |  | — |  |  | (208) |  |  | 6,932 |
Total | $ | 22,992 |  |  | $ | 2 |  |  | $ | (715) |  |  | $ | 22,279 |
The Company had no held-to-maturity securities as of December 31, 2022. The unrealized gains and losses on the Company’s investments in corporate debt and municipal securities as of December 31, 2022 and March 31, 2023 were caused by changes in market values primarily due to interest rate changes. As of March 31, 2023, the fair value of the Company’s securities which were in an unrealized loss position for a period longer than twelve months was $19.5 million. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. As such, no impairment charges were recorded during the three months ended March 31, 2022 and 2023. The Company has no allowance for credit losses related to its available-for-sale or held-to-maturity securities as all investments are in investment grade securities. The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2022 and March 31, 2023 (in thousands):
| December 31, 2022 |  | March 31, 2023
| Available-for-sale securities |  | Held-to-maturity securities |  | Available-for-sale securities |  | Held-to-maturity securities
Due within one year | $ | 9,156 |  |  | $ | — |  |  | $ | 7,763 |  |  | $ | 16,727 |
Due after one year through three years | 13,123 |  |  | — |  |  | 12,699 |  |  | — |
Total | $ | 22,279 |  |  | $ | — |  |  | $ | 20,462 |  |  | $ | 16,727 |
The following table summarizes the proceeds from the maturities and sales of available-for-sale securities for the three months ended March 31, 2022 and 2023 (in thousands):
| For the three months ended March 31, |  |  |  |
| 2022 |  | 2023 |  |  |  |  |  |  |  |
Maturities of marketable securities | $ | 1,100 |  |  | $ | 1,960 |  |  |  |  |  |  |  |  |
Sales of marketable securities | — |  |  | — |  |  |  |  |  |  |  |  |
Total | $ | 1,100 |  |  | $ | 1,960 |  |  |  |  |  |  |  |  |
The Company did not record any gross realized gains or losses in net income (loss) during the three months ended March 31, 2022 and March 31, 2023.

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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) + Details
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