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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Summary of Investments

Investments consist of the following as of September 30, 2019 and December 31, 2018 (dollars in thousands):

 

 

 

September 30, 2019

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

1,078

 

 

$

3

 

 

$

-

 

 

$

1,081

 

Non-governmental debt securities

 

 

212,120

 

 

 

490

 

 

 

(54

)

 

 

212,556

 

Treasury and federal agencies

 

 

20,788

 

 

 

4

 

 

 

(14

)

 

 

20,778

 

Total short-term investments (available for sale)

 

 

233,986

 

 

 

497

 

 

 

(68

)

 

 

234,415

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

$

179,393

 

 

$

35

 

 

$

(337

)

 

$

179,091

 

Treasury and federal agencies

 

 

17,417

 

 

 

5

 

 

 

(85

)

 

 

17,337

 

Total short-term investments (available for sale)

 

$

196,810

 

 

$

40

 

 

$

(422

)

 

$

196,428

 
Investments Measured at Fair Value on Recurring Basis

Investments measured at fair value on a recurring basis subject to the disclosure requirements of FASB ASC Topic 820 – Fair Value Measurements at September 30, 2019 and December 31, 2018 were as follows (dollars in thousands):

 

 

 

As of  September 30, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Municipal bonds

 

$

-

 

 

$

1,081

 

 

$

-

 

 

$

1,081

 

Non-governmental debt securities

 

 

15,000

 

 

 

197,556

 

 

 

-

 

 

 

212,556

 

Treasury and federal agencies

 

 

-

 

 

 

20,778

 

 

 

-

 

 

 

20,778

 

Totals

 

$

15,000

 

 

$

219,415

 

 

$

-

 

 

$

234,415

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of  December 31, 2018

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Non-governmental debt securities

 

$

20,000

 

 

$

159,091

 

 

$

-

 

 

$

179,091

 

Treasury and federal agencies

 

 

-

 

 

 

17,337

 

 

 

-

 

 

 

17,337

 

Totals

 

$

20,000

 

 

$

176,428

 

 

$

-

 

 

$

196,428

 
Schedule of Maintenance Fee Payment to CCKF

We make periodic operating maintenance payments related to proprietary rights that we use in our intellipath® personalized learning technology. The total fees paid to CCKF for the quarters and years to date ended September 30, 2019 and 2018 were as follows (dollars in thousands):

 

Maintenance Fee Payments

 

For the quarter ended September 30, 2019

$

338

 

For the quarter ended September 30, 2018

$

355

 

For the year to date ended September 30, 2019

$

1,045

 

For the year to date ended September 30, 2018

$

1,108