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Investments Available for Sale | 9 Months Ended
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Sep. 30, 2022
Investments Debt And Equity Securities [Abstract] |
Investments Available for Sale | Note 2 — Investments Available for Sale In the three months ended September 30, 2022, the Company started to invest its cash in slightly higher yielding securities. Investments AFS and the related fair value measurement consisted of the following (dollars in thousands):
|  | September 30, 2022 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Level 2 Fair Value Measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 35,093 |  |  | $ | 1 |  |  | $ | (75 | ) |  | $ | 35,019 |
Certificates of deposit |  |  | 14,404 |  |  |  | 1 |  |  |  | (66 | ) |  |  | 14,339 |
U.S. Treasury and agency securities |  |  | 4,188 |  |  |  | — |  |  |  | (1 | ) |  |  | 4,187 |
Corporate debt securities |  |  | 41,898 |  |  |  | 5 |  |  |  | (297 | ) |  |  | 41,606 |
Accrued interest receivable |  |  | 300 |  |  |  | — |  |  |  | — |  |  |  | 300 |
Total investments AFS |  | $ | 95,883 |  |  | $ | 7 |  |  | $ | (439 | ) |  | $ | 95,451 |
The Company obtains the fair value from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers and other industry and economic events. The Company assessed each debt security with gross unrealized losses for credit impairment. As part of that assessment, the Company concluded that it is more-likely-than-not that the Company will not be required to sell, prior to the recovery of the amortized cost basis. The Company did not recognize impairment for the three and nine months ended September 30, 2022. The following table shows the fair value of investments AFS by contractual maturity (dollars in thousands):
|  | As of September 30, 2022 |
|  | Within one year |  |  | After one year through five years |  |  |  | Total |
Commercial paper |  | $ | 35,019 |  |  | $ | — |  |  |  | $ | 35,019 |
Certificates of deposit |  |  | 14,339 |  |  |  | — |  |  |  |  | 14,339 |
U.S. Treasury and agency securities |  |  | 4,187 |  |  |  | — |  |  |  |  | 4,187 |
Corporate debt securities |  |  | 28,246 |  |  |  | 13,360 |  |  |  |  | 41,606 |
Accrued interest receivable |  |  | 300 |  |  |  | — |  |  |  |  | 300 |
Total investments AFS |  | $ | 82,091 |  |  | $ | 13,360 |  |  |  | $ | 95,451 |

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