Investments in Securities

12 Months Ended

Dec. 31, 2019

Investments in Securities [Abstract]

Investments in Securities

3. Investments in Securities

Effective with the Company’s adoption of ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, on January 1, 2018, the Company carries all investments in equity securities at fair value. Investments in equity securities at December 31, 2019 and 2018 consisted of the following (in thousands):

	December 31, 2019				December 31, 2018
	Cost		Estimated Market Value		Cost		Estimated Market Value
Investments in securities:
Common stocks	$	41,226	$	26,463	$	38,865	$	32,414
Open-end funds		755		752		44		38
Closed-end funds		494		511		1,414		1,337
Total investments in securities	$	42,475	$	27,726	$	40,323	$	33,789

Investments in equity securities, including the Company’s investments in common stocks and open-end and closed-end funds, are stated at fair value with any unrealized gains or losses reported in each respective period’s earnings.

Investments in debt securities designated as held-to-maturity are carried at amortized cost. Investments in debt securities at December 31, 2019 consisted of the following (in thousands):

	December 31, 2019
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
Investments in debt securities:
Foreign government obligations	$	6,547	$	-	$	-	$	6,547
Total investments in debt securities	$	6,547	$	-	$	-	$	6,547

There were no investments in debt securities at December 31, 2018.

Held-to-maturity investments are stated at amortized cost with any foreign currency remeasurement included in unrealized gains or losses in each respective period’s earnings. The maturity dates of all of the Company’s debt securities are less than one year.