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Investments | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | 6. INVESTMENTS Debt Securities and Other Investments The following debt securities and other investments were included on the Condensed Consolidated Balance Sheets and recorded at fair value as of December 31, 2022:
|  | As of December 31, 2022 |
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Corporate bonds |  | $ | 2,538 |  |  | $ | 5 |  |  | $ | (81 | ) |  | $ | 2,462 |
Municipal fixed-rate bonds |  |  | 185 |  |  |  | — |  |  |  | (5 | ) |  |  | 180 |
Asset-backed bonds |  |  | 818 |  |  |  | 1 |  |  |  | (24 | ) |  |  | 795 |
Mortgage/Agency-backed bonds |  |  | 1,853 |  |  |  | — |  |  |  | (105 | ) |  |  | 1,748 |
U.S. government bonds |  |  | 3,870 |  |  |  | 3 |  |  |  | (188 | ) |  |  | 3,685 |
Foreign government bonds |  |  | 407 |  |  |  | — |  |  |  | (24 | ) |  |  | 383 |
Available-for-sale debt securities held at fair value |  | $ | 9,671 |  |  | $ | 9 |  |  | $ | (427 | ) |  | $ | 9,253 |
The Company did no t have any debt securities and other investments as of September 30, 2023. Re alized gains and losses on sales of debt securities are computed under the specific identification method. The following table presents the gross realized gains and losses related to its debt securities:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Gross realized gain on debt securities |  | $ | 5 |  |  | $ | 1 |  |  | $ | 9 |  |  | $ | 14 |
Gross realized loss on debt securities |  |  | (317 | ) |  |  | (116 | ) |  |  | (355 | ) |  |  | (242 | )
Total loss recognized, net |  | $ | (312 | ) |  | $ | (115 | ) |  | $ | (346 | ) |  | $ | (228 | )
Income generated from available-for-sale debt securities was recorded as interest and dividend income in the Condensed Consolidated Statements of Loss. No allowance for credit losses was recorded for the nine months ended September 30, 2023 and 2022 related to available-for-sale debt securities. The Company’s investment policy provides limitations for issuer concentration, which limits, at the time of purchase, the concentration in any one issuer to 5.0% of the market value of its total investment portfolio. The Company did no t purchase any available-for-sale debt security with credit deterioration during the nine months ended September 30, 2023. Realized and unrealized gains and losses related to marketable equity securities were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Unrealized gain (loss) on equity securities held |  | $ | (1,130 | ) |  | $ | (1,217 | ) |  | $ | 1,404 |  |  | $ | (8,849 | )
Realized gain (loss) on equity securities sold |  |  | (1 | ) |  |  | (1,358 | ) |  |  | 13 |  |  |  | (1,675 | )
Total gain (loss) recognized, net |  | $ | (1,131 | ) |  | $ | (2,575 | ) |  | $ | 1,417 |  |  | $ | (10,524 | )
Income generated from marketable equity securities was recorded as interest and dividend income in the Condensed Consolidated Statements of Loss. U.S. GAAP establishes a three-level valuation hierarchy based upon observable and unobservable inputs for fair value measurement of financial instruments: • Level 1 – Observable outputs; values based on unadjusted quoted prices for identical assets or liabilities in an active market; • Level 2 – Significant inputs that are observable; values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly; • Level 3 – Significant unobservable inputs; values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs could include information supplied by investees. The Company’s cash equivalents and investments held at fair value are categorized into this hierarchy as follows:
|  |  |  |  | Fair Value Measurements as of September 30, 2023 Using |
(In thousands) |  | Fair Value |  |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 5,245 |  |  |  | 5,245 |  |  |  | — |  |  |  | — |
Commercial paper |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total cash equivalents |  | $ | 5,245 |  |  | $ | 5,245 |  |  | $ | - |  |  | $ | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 815 |  |  |  | 815 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 24,364 |  |  |  | 24,364 |  |  |  | — |  |  |  | — |
Total long-term investments |  | $ | 25,179 |  |  | $ | 25,179 |  |  | $ | — |  |  | $ | — |
Total |  | $ | 30,424 |  |  | $ | 30,424 |  |  | $ | — |  |  | $ | — |
|  |  |  |  | Fair Value Measurements as of December 31, 2022 Using |
(In thousands) |  | Fair Value |  |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 228 |  |  | $ | 228 |  |  | $ | — |  |  | $ | — |
Total cash equivalents |  | $ | 228 |  |  | $ | 228 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 2,462 |  |  | $ | — |  |  | $ | 2,462 |  |  | $ | — |
Municipal fixed-rate bonds |  |  | 180 |  |  |  | — |  |  |  | 180 |  |  |  | — |
Asset-backed bonds |  |  | 795 |  |  |  | — |  |  |  | 795 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 1,748 |  |  |  | — |  |  |  | 1,748 |  |  |  | — |
U.S. government bonds |  |  | 3,685 |  |  |  | 3,685 |  |  |  | — |  |  |  | — |
Foreign government bonds |  |  | 383 |  |  |  | — |  |  |  | 383 |  |  |  | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 810 |  |  |  | 810 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 22,942 |  |  |  | 22,942 |  |  |  | — |  |  |  | — |
Total short-term and long-term investments |  | $ | 33,005 |  |  | $ | 27,437 |  |  | $ | 5,568 |  |  | $ | - |
Total |  | $ | 33,233 |  |  | $ | 27,665 |  |  | $ | 5,568 |  |  | $ | — |
The fair value of its Level 2 securities is calculated using a weighted average market price for each security. Market prices are obtained from a variety of industry standard data providers, large financial institutions and other third-party sources. These multiple market prices are used as inputs into a distribution-curve-based algorithm to determine the daily market value of each security.

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