Investments

At December 31, 2017 and 2016, other investments, comprised of equity securities which do not have readily determinable fair values, consist of the following:



	December 31,		December 31,
(in thousands)	2017		2016
Cost method:
CoBank	$	6,818	$	6,177
Other – Equity in other telecommunications partners	811		742
	7,629		6,919
Equity method:
Other	564		450
	564		450
Total other investments	$	8,193	$	7,369

The classifications of debt and equity securities are determined by management at the date individual investments are acquired. The appropriateness of such classification is periodically reassessed. The Company monitors the fair value of all investments, and based on factors such as market conditions, financial information and industry conditions, the Company reflects impairments in values when warranted. The classification of those securities and the related accounting policies are as follows:

Investments Carried at Fair Value: Investments in equity and bond mutual funds and investment trusts held within the Company’s rabbi trust, which is related to the Company’s unfunded Supplemental Executive Retirement Plan, ("SERP"), are reported at fair value using net asset value per share. The Company has elected to recognize unrealized gains and losses on investments carried at fair value in earnings, pursuant to the fair value option in ASC 820, "Fair Value Measurement".

Investments Carried at Cost: Investments in common stock in which the Company does not have a significant ownership (less than 20%) and for which there is no ready market, are carried at cost. This category includes required investments to obtain services, primarily with CoBank. Information regarding investments carried at cost is reviewed for evidence of impairment. Impairments, if any, are charged to earnings and a new cost basis for the investment is established. The Company’s investment in CoBank increased $689 thousand and $540 thousand in the years ended December 31, 2017 and 2016, respectively, due to the ongoing equity-based patronage earned from the outstanding investment and loan balances the Company has with CoBank.

Equity Method Investments: Investments in the equity of partnerships and in unconsolidated corporations where the Company's ownership is 20% or more, but less than 50%, or where the Company otherwise has the ability to exercise significant influence, are reported under the equity method. Under this method, the Company's equity in earnings or losses of investees is reflected in earnings. Distributions received reduce the carrying value of these investments. The Company recognizes a loss when there is a decline in value of the investment which is other than a temporary decline.

The Company's investments carried at fair value consisted of:



	December 31,		December 31,
(in thousands)	2017		2016
Taxable bond funds	$	—	$	24
Domestic equity funds	2,856		2,787
International equity funds	423		96
	$	3,279	$	2,907

Investments carried at fair value were acquired under a rabbi trust arrangement related to the Company’s SERP. The Company purchases investments in the trust to mirror the investment elections of participants in the SERP. The Company recorded gains of $450 thousand and $143 thousand in 2017 and 2016, respectively, and losses of $141 thousand in 2015. Fair values for these investments are determined by quoted market prices (“Level 2 fair values”) for the underlying mutual funds, which may be based upon net asset value. Gains and losses on the investments in the trust are reflected as increases or decreases in the liability owed to the participants. The increases or decreases to the liability are recorded as pension expense included within "Non-operating income (loss), net" in our consolidated statements of operations.