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Marketable Securities
 12 Months Ended
Dec. 31, 2021
Marketable Securities  
Marketable Securities

Note 6: Marketable Securities

 

The Company classifies and accounts for its marketable debt securities as available-for-sale and the securities are stated at fair value.

 

The investments in marketable securities had an adjusted cost basis of $113.8 million and a market value of $112.5 million as of December 31, 2021 are as follows (in thousands):

               
   Adjusted Cost   Unrealized Gain/(Loss)   Fair Value 
Corporate Bonds  $47,864   $(529)  $47,335 
U.S. Treasury   24,410    (257)   24,153 
Mortgage-Backed   7,504    (143)   7,361 
U.S. agency and government sponsored securities   14,675    (87)   14,588 
U.S. states and municipalities   11,871    (189)   11,682 
Asset-Backed   6,456    (50)   6,406 
Commercial paper   998    –    998 
Total  $113,778   $(1,255)  $112,523 

 

 

The Company reported the net unrealized losses in accumulated other comprehensive (loss) income, a component of stockholders' equity. The decline in fair value is largely due to changes in interest rates and other market conditions and is expected to recover as the securities approach maturity. The Company has evaluated these securities and determined that no allowance is necessary based on the credit quality and the low risk of loss due to the security type. The Company has not yet held marketable securities in an unrealized loss position for greater than twelve months. A net realized loss of $70,260 related to the prepayment of principals for certain mortgage-backed securities was recorded in earnings during the year ended December 31, 2021.

 

The contractual maturities of the Company’s marketable investments as of December 31, 2021 were as follows (in thousands):

     
   Fair Value 
Due after 1 year through 5 years  $95,881 
Due after 5 years through 10 years   6,443 
Due after 10 years   10,199 
Total  $112,523 

 

The Company may sell certain of its marketable debt securities prior to their stated maturities for reasons including, but not limited to, managing liquidity, credit risk, duration and asset allocation.

 

The Company did not sell any securities during the year ended December 31, 2021, that resulted in material gains or losses.