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Investments Available for Sale
 9 Months Ended
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