Marketable Securities

The Company has investments in equity and available-for-sale debt securities which are recorded at fair market value. The change in the fair value of equity investments is recognized in our unaudited condensed consolidated statements of loss and the change in the fair value of available-for-sale debt investments is recorded as other comprehensive income (loss) in shareholders’ (deficit) equity, net of income tax effects.

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 September 30, 2019 and December 31, 2018, respectively:



	September 30, 2019
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value

Equity securities	$	4,200	$	—	$	(24	)	$	4,176
Money market and mutual funds	43,306		785		—			44,091
Corporate bonds	4,190		69		(1		)	4,258
Government securities - U.S.	5,217		129		(2		)	5,344
Other fixed-income securities	1,693		26		(1		)	1,718
Total	$	58,606	$	1,009	$	(28	)	$	59,587



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

Equity securities	$	10,101	$	—	$	(956	)	$	9,145
Money market and mutual 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

We determine realized gains or losses on the sale of marketable securities on a specific identification method. We reflect these gains and losses as a component of investment and other income in the accompanying unaudited condensed consolidated statements of loss.

We recognized gross realized gains of $71 and $143 for the three months ended September 30, 2019, and 2018, respectively. These realized gains were offset by realized losses of $64 and $22 for the three months ended September 30, 2019, and 2018, respectively.

We recognized gross realized gains of $339 and $378 for the nine months ended September 30, 2019, and 2018, respectively. These realized gains were offset by realized losses of $211 and $350 for the nine months ended September 30, 2019 and 2018, respectively. We reflect these gains and losses as a component of investment and other 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 debt securities and classified by the contractual maturity date of the securities as of September 30, 2019:



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

Corporate bonds	$	556	$	3,360	$	342	$	—	$	4,258
Government securities - U.S.	—		4,600		—		744		5,344
Other fixed-income securities	49		1,669		—		—		1,718
Total	$	605	$	9,629	$	342	$	744	$	11,320

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