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 consolidated statements of (loss) income rather than as a component of our consolidated statement of comprehensive income (loss). For the year ended December 31, 2018, the net unrealized loss on our available-for-sale equity investments, recorded as a component of investment income in the accompanying consolidated statements of (loss) income, was $956. The net unrealized gain on our available-for-sale equity investments was immaterial for the year ended December 31, 2017 and $344 for the year ended December 31, 2016. These amounts were recorded as other comprehensive income in shareholders’ equity, net of income tax effects for the year ended December 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 December 31, 2018 and 2017, respectively:



	2018
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value

Equity securities	$	10,101	$	—	$	(956	)	$	9,145
Money market funds	52,733		316		(53		)	52,996
Corporate bonds	6,411		7		(79		)	6,339
Government securities - U.S.	12,714		66		(79		)	12,701
Other fixed-income securities	9,400		22		(13		)	9,409
Total	$	91,359	$	411	$	(1,180	)	$	90,590



	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 $317, $1,677, and $1,265 for the twelve months ended December 31, 2018, 2017, and 2016, respectively. These realized gains were offset by realized losses of $565, $1,390, and $586 for the twelve-months ended December 31, 2018, 2017, and 2016, respectively. We reflect these gains and losses as a component of investment income in the accompanying consolidated statements of (loss) income.

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 December 31, 2018:



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

Corporate bonds	$	1,511	$	4,828	$	—	$	—	$	6,339
Government securities - U.S.	771		11,145		281		504		12,701
Other fixed-income securities	—		9,409		—		—		9,409
Total	$	2,282	$	25,382	$	281	$	504	$	28,449

The Company has classified our investment in available-for-sale marketable securities as current assets in the 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.