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Marketable Securities
6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
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 June 30, 2018, the net unrealized gain on our available-for-sale equity investments was $112 and for the six months ended June 30, 2018, the net unrealized loss on our available-for-sale equity investments was $186, and 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 $186 and $894 were recorded as other comprehensive income in shareholders’ equity, net of income tax effects for the three and six months ended June 30, 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 June 30, 2018 and December 31, 2017, respectively:
 
 
June 30, 2018
Marketable Securities:
 
Adjusted Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair Value
 
 
 
 
 
 
 
 
 
Equity securities
 
$
10,498

 
$
35

 
$
(221
)
 
$
10,312

Money market funds
 
66,343

 
87

 

 
66,430

Corporate bonds
 
35,271

 
7

 
(240
)
 
35,038

Government securities - U.S.
 
15,027

 
5

 
(133
)
 
14,899

Other fixed-income securities
 
7,970

 
4

 
(24
)
 
7,950

Total
 
$
135,109

 
$
138

 
$
(618
)
 
$
134,629

 
 
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 $22 and $12 for the three months ended June 30, 2018, and 2017, respectively. These realized gains were offset by realized losses of $194 and $228 for the three months ended June 30, 2018, and 2017, respectively. We recognized gross realized gains of $235 and $101 for the six months ended June 30, 2018, and 2017, respectively. These realized gains were offset by realized losses of $328 and $746 for the six months ended June 30, 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 June 30, 2018:
 
 
Maturities
Marketable Debt Securities:
 
Less than 1 Year
 
1-5 Years
 
5-10 Years
 
Greater than 10 Years
 
Total
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
 
$
20,673

 
$
14,365

 
$

 
$

 
$
35,038

Government securities - U.S.
 

 
13,909

 

 
990

 
14,899

Other fixed-income securities
 
51

 
7,899

 

 

 
7,950

Total
 
$
20,724

 
$
36,173

 
$

 
$
990

 
$
57,887


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.