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Financial Instruments | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Financial Instruments | NOTE 6 – FINANCIAL INSTRUMENTS The Company has investments in debt securities which include corporate bonds and notes, treasury and agency notes and bills, commercial paper, certificates of deposit, and in equity securities consisting of money market funds. The Company classifies its debt securities as available-for-sale (“AFS”), which are accounted for at fair value with credit related losses recognized as a provision for credit losses in its Consolidated Statements of Operations and all non-credit related unrealized gains and losses recognized in accumulated other comprehensive income or loss on the Consolidated Balance Sheets. Under ASU 2016-01 (Topic 321), equity securities are measured at fair value with unrealized gains and losses recognized in other income and expense, net, in the Consolidated Statements of Operations. The following is a summary of marketable securities at December 31, 2022 and December 31, 2021 (in thousands):
|  | December 31, 2022 |
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Estimated Fair Values |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and notes |  | $ | 29,018 |  |  | $ | 3 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 29,015 |
Total debt securities |  |  | 29,018 |  |  |  | 3 |  |  |  | (6 | ) |  |  |  |  |  | 29,015 |
Money market funds |  |  | 4,107 |  |  |  |  |  |  |  |  |  |  |  |  | 4,107 |
Total equity securities |  |  | 4,107 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,107 |
Total marketable securities |  | $ | 33,125 |  |  | $ | 3 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 33,122 |
Reported in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 33,122 |
|  | December 31, 2021 |
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Estimated Fair Values |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and notes |  | $ | 40,466 |  |  | $ | — |  |  | $ | (53 | ) |  | $ | — |  |  | $ | 40,413 |
Commercial paper |  |  | 49,609 |  |  |  | — |  |  |  | (18 | ) |  |  | — |  |  |  | 49,591 |
Total debt securities |  |  | 90,075 |  |  |  | — |  |  |  | (71 | ) |  |  | — |  |  |  | 90,004 |
Money market funds |  |  | 12,372 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,372 |
Total equity securities |  |  | 12,372 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,372 |
Total marketable securities |  | $ | 102,447 |  |  | $ | — |  |  | $ | (71 | ) |  | $ | — |  |  | $ | 102,376 |
Reported in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 41,842 |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60,534 |
Total marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 102,376 |
At December 31, 2022 and 2021, the Company had $114.6 million and $141.0 million, respectively, in cash, cash equivalents and short-term investments. A significant portion of these amounts were held in marketable securities, as shown above. The remaining balance of $81.5 million and $38.6 million at December 31, 2022 and December 31, 2021, respectively, was cash held in operating accounts not included in the tables above. Debt Securities The gross realized gains and losses on sales of marketable debt securities were immaterial during the years ended December 31, 2022, 2021 and 2020. Unrealized losses on AFS d ebt securities were immaterial as of December 31, 2022 and December 31, 2021. The Company evaluated whether the decline in fair value has resulted from credit losses or other factors and concluded these amounts were related to temporary fluctuations in value of AFS securities and were due primarily to changes in interest rates and market conditions of the underlying securities. In addition, the contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. The Company does not intend to sell the debt securities and it is more-likely-than-not that it will not be required to sell the investments before recovery of their amortized cost bases. The Company did no t recognize a provision for credit loss expense related to its AFS debt securities for the years ended December 31, 2022 and 2021, respectively. No impairment charges were recorded on the AFS debt securities for the year ended December 31, 2022. The following table summarizes the fair value and gross unrealized losses related to individual debt securities at December 31, 2022 and 2021, which have been in a continuous unrealized loss position, aggregated by investment category and length of time (in thousands):
December 31, 2022 |  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |  |  | Fair Value |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Cash and Cash Equivalents |  | AFS Debt Securities |
Commercial paper |  | $ | 29,015 |  |  | $ | (6 | ) |  | $ | — |  |  | $ | — |  |  | $ | 29,015 |  |  | $ | (6 | ) |  | $ | 29,015 |  | $ | — |
December 31, 2021 |  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |  |  | Fair Value |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Cash and Cash Equivalents |  |  | AFS Debt Securities |
Corporate bonds and notes |  | $ | 29,807 |  |  | $ | (45 | ) |  | $ | 10,382 |  |  | $ | (8 | ) |  | $ | 40,189 |  |  | $ | (53 | ) |  | $ | - |  |  | $ | 40,189 |
Commercial paper |  |  | 48,091 |  |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | 48,091 |  |  |  | (18 | ) |  |  | 29,470 |  |  |  | 18,621 |
Total |  | $ | 77,898 |  |  | $ | (63 | ) |  | $ | 10,382 |  |  | $ | (8 | ) |  | $ | 88,280 |  |  | $ | (71 | ) |  | $ | 29,470 |  |  | $ | 58,810 |
The estimated fair value of marketable debt securities by contractual maturity at December 31, 2022 is shown below (in thousands). Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.
|  | Estimated Fair Value |
Due in one year or less |  | $ | 29,015 |

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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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