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INVESTMENTS

12 Months Ended

Dec. 31, 2022

INVESTMENTS

5. INVESTMENTS

Investments, at fair value

At December 31, 2022 and 2021, we had $0.1 million and $8.1 million, respectively, of cash invested in highly liquid taxable bond funds. We classify these investments as trading securities and report them at fair value. There were no significant unrealized gains or losses on these investments in 2022 and 2021. The fair value measurements of these investments are based on quoted market prices in active markets, and thus represent a Level 1 valuation as defined by ASC 820.

Marketable securities, at amortized cost

We also invest in marketable securities. Our marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 320, Investments – Debt and Equity Securities, as we have the intent and ability to hold all investments to maturity.

Below is a summary of the amortized cost and estimated market values of our marketable securities as of December 31, 2022 and 2021. The estimated market values provided are Level 2 valuations as defined by ASC 820.


		2022						2021
		Amortized			Market			Amortized			Market
		Cost			Value			Cost			Value

		(Dollars in thousands)
Marketable securities:
Current		$	1,385		$	1,381		$	219		$	223
Due from one through five years			3,977			3,950			6,503			6,805
Due from six through ten years			2,347			2,455			2,479			2,790
Due from eleven through twenty years			799			773			1,014			1,102
Total		$	8,508		$	8,559		$	10,215		$	10,920

The unrealized gains and losses on marketable securities at December 31, 2022 and 2021 were as follows:

2022

2021

Unrealized

Unrealized

Unrealized

Unrealized

Gains

Losses

Gains

Losses

(Dollars in thousands)

Marketable securities

$

145

$

(94)

$

705

$

—

At each reporting date, we review our investments to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. To determine whether a decline in value is other-than-temporary, we consider all available evidence, including our overall financial condition, the severity and duration of the decline in fair value, and our intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, we record a reduction in the carrying value to the estimated fair value. We reviewed our portfolio of investments as of December 31, 2022 and 2021 and determined that no other-than-temporary market value impairment exists.