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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Summary of Investments

Investments consist of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands):

 

 

 

September 30, 2020

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

846

 

 

$

3

 

 

$

-

 

 

$

849

 

Non-governmental debt securities

 

 

287,248

 

 

 

636

 

 

 

(129

)

 

 

287,755

 

Treasury and federal agencies

 

 

16,989

 

 

 

19

 

 

 

(2

)

 

 

17,006

 

Total short-term investments (available for sale)

 

$

305,083

 

 

$

658

 

 

$

(131

)

 

$

305,610

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

1,361

 

 

$

3

 

 

$

-

 

 

$

1,364

 

Non-governmental debt securities

 

 

165,423

 

 

 

433

 

 

 

(37

)

 

 

165,819

 

Treasury and federal agencies

 

 

18,307

 

 

 

7

 

 

 

(9

)

 

 

18,305

 

Total short-term investments (available for sale)

 

$

185,091

 

 

$

443

 

 

$

(46

)

 

$

185,488

 
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 during the quarters and years to date ended September 30, 2020 and 2019 were as follows (dollars in thousands):

 

Maintenance Fee Payments

 

For the quarter ended September 30, 2020 (1)

$

-

 

For the quarter ended September 30, 2019

$

338

 

For the year to date ended September 30, 2020 (1)

$

1,443

 

For the year to date ended September 30, 2019

$

1,045

 

________________________

(1)During the first quarter of 2020, the Company prepaid approximately $1.4 million of maintenance payments, of which approximately $0.4 million and $1.2 million was recognized as expense for the quarter and year to date ended September 30, 2020, respectively.