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 loss in shareholders’ equity (deficit), net of income tax effects. As of March 31, 2020, we considered any decreases in fair value on our marketable securities to be driven by factors other than credit risk, including market risk.

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, 2020 and December 31, 2019, respectively:



	March 31, 2020
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value

Money market and mutual funds	$	28,370	$	410	$	(308	)	$	28,472
Corporate bonds	4,074		33		(94		)	4,013
Government securities - U.S.	5,777		308		—			6,085
Other fixed-income securities	1,418		7		(18		)	1,407
Total	$	39,639	$	758	$	(420	)	$	39,977



	December 31, 2019
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value

Equity securities	$	4,234	$	170	$	—		$	4,404
Money market and mutual funds	38,028		771		—			38,799
Corporate bonds	4,021		77		—			4,098
Government securities - U.S.	5,341		110		(5		)	5,446
Other fixed-income securities	1,614		23		—			1,637
Total	$	53,238	$	1,151	$	(5	)	$	54,384

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 $276 and $94 for the three months ended March 31, 2020, and 2019, respectively. These realized gains were offset by realized losses of $872 and $147 for the three months ended March 31, 2020, and 2019, respectively.

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 March 31, 2020:



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

Corporate bonds	$	592	$	3,030	$	391	$	—	$	4,013
Government securities - U.S.	—		5,269		329		487		6,085
Other fixed-income securities	50		1,357		—		—		1,407
Total	$	642	$	9,656	$	720	$	487	$	11,505

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.

The following table shows the gross unrealized losses and fair value of our available-for-sale debt securities at March 31, 2020. The unrealized losses in the table below are driven by factors other than credit risk and have been in a unrealized loss position for less than one year. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.



Marketable Debt Securities:	Fair Value		Unrealized Losses

Corporate bonds	$	2,442	$	94
Other fixed-income securities	694		18
Total	$	3,136	$	112