Marketable Securities

The Company has investments in available-for-sale marketable securities which are recorded at fair market value. Prior to January 1, 2018, unrealized gains and losses on all securities are recorded as other comprehensive income (loss) in shareholders’ equity, net of income tax effects.

On January 1, 2018, the Company adopted ASU 2016-01, which requires the change in the fair value of available-for-sale equity investments to be recognized in our condensed consolidated statements of income (loss) rather than as a component of our condensed consolidated statement of comprehensive income (loss). For the three months ended March 31, 2018, net unrealized losses on our available-for-sale equity investments of $298 were recorded as a component of investment income in the accompanying condensed consolidated statements of income (loss). For comparability purposes, net unrealized gains on our available-for-sale equity investments of $726 were recorded as other comprehensive income in shareholders’ equity, net of income tax effects for the three months ended March 31, 2017.

The following tables show the Company’s available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category as of March 31, 2018 and December 31, 2017, respectively:



	March 31, 2018
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value

Equity securities	$	10,461	$	28	$	(326	)	$	10,163
Money market funds	60,073		—		(14		)	60,059
Corporate bonds	41,554		4		(244		)	41,314
Government securities - U.S.	36,868		40		(131		)	36,777
Other fixed-income securities	8,984		2		(30		)	8,956
Total	$	157,940	$	74	$	(745	)	$	157,269



	December 31, 2017
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value

Equity securities	$	443	$	31	$	(6	)	$	468
Money market funds	44,525		—		(44		)	44,481
Corporate bonds	9,285		1		(24		)	9,262
Government securities - U.S.	19,080		—		(30		)	19,050
Other fixed-income securities	4,259		—		(9		)	4,250
Total	$	77,592	$	32	$	(113	)	$	77,511

We determine realized gains or losses on the sale of marketable securities on a specific identification method. We recognized gross realized gains of $213 and $89 for the three months ended March 31, 2018, and 2017, respectively. These realized gains were offset by realized losses of $134 and $518 for the three months ended March 31, 2018, and 2017, respectively. We reflect these gains and losses as a component of investment income in the accompanying condensed consolidated statements of income (loss).

The following table summarizes the estimated fair value of our investments in marketable debt securities, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities as of March 31, 2018:



	Maturities
Marketable Debt Securities:	Less than 1 Year		1-5 Years		5-10 Years		Greater than 10 Years		Total

Corporate bonds	$	18,502	$	22,812	$	—	$	—	$	41,314
Government securities - U.S.	—		36,271		506		—		36,777
Other fixed-income securities	1,207		7,749		—		—		8,956
Total	$	19,709	$	66,832	$	506	$	—	$	87,047

The Company has classified our investment in available-for-sale marketable securities as current assets in the condensed consolidated balance sheets as the securities need to be available for use, if required, to fund current operations. There are no restrictions on the sale of any securities in our investment portfolio.