| Investment Securities At Fair Value |
INVESTMENT SECURITIES AT FAIR VALUE
Investment securities at fair value consisted of the following: | | | | | | | | | | December 31, 2019 | | December 31, 2018 | Debt securities available for sale | $ | 83,445 |
| | $ | 84,367 |
| Equity securities at fair value | 46,196 |
| | 47,202 |
| Total investment securities at fair value | $ | 129,641 |
| | $ | 131,569 |
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Net gains (losses) recognized on investment securities were as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2019 | | 2018 | | 2017 | Net gains (losses) recognized on equity securities at fair value (1) | $ | 7,320 |
| | $ | (8,449 | ) | | $ | — |
| Net gains (losses) recognized on debt and equity securities available for sale (2) | 135 |
| | (34 | ) | | 169 |
| Gross realized losses on other-than-temporary impairments (3) | (15 | ) | | (1,087 | ) | | (465 | ) | Net gains (losses) recognized on investment securities | $ | 7,440 |
| | $ | (9,570 | ) | | $ | (296 | ) |
| | (1) | Includes net gains (losses) recognized on equity securities at fair value and net gains (losses) recognized on equity securities at fair value that qualify for the NAV practical expedient. The latter securities are included in the “Long-term investments” line item on the consolidated balance sheet and are further discussed in Note 8. |
| | (2) | Includes net gains recognized on equity securities that were classified as available for sale in 2017. |
| | (3) | Includes impairments on equity securities that were classified as equity securities available for sale in 2017. |
Proceeds from sales of investment securities totaled $21,879, $18,628 and $28,761 and proceeds from early redemptions by issuers totaled $69,943, $26,330 and $103,730 for the years ended December 31, 2019, 2018 and 2017, respectively, mainly from sales of Corporate securities and U.S. Government securities. (a) Debt and Equity Securities Available for Sale The components of debt securities available for sale at December 31, 2019 were as follows:
| | | | | | | | | | | | | | | | | | Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Marketable debt securities | $ | 82,714 |
| | $ | 731 |
| | $ | — |
| | $ | 83,445 |
|
The table below summarizes the maturity dates of debt securities available for sale at December 31, 2019.
| | | | | | | | | | | | | | | | | Investment Type: | Fair Value | | Under 1 Year | | 1 Year up to 5 Years | | More than 5 Years | U.S. Government securities | $ | 14,660 |
| | $ | 4,914 |
| | $ | 9,746 |
| | $ | — |
| Corporate securities | 54,413 |
| | 25,824 |
| | 28,589 |
| | — |
| U.S. mortgage-backed securities | 6,816 |
| | 3,337 |
| | 3,479 |
| | — |
| Commercial mortgage-backed securities | 382 |
| | 382 |
| | — |
| | — |
| Commercial paper | 5,887 |
| | 5,887 |
| | — |
| | — |
| Index-linked U.S. bonds | 779 |
| | 779 |
| | — |
| | — |
| Foreign fixed-income securities | 508 |
| | — |
| | 508 |
| | — |
| Total debt securities available for sale by maturity dates | $ | 83,445 |
| | $ | 41,123 |
| | $ | 42,322 |
| | $ | — |
|
The components of debt securities available for sale at December 31, 2018 were as follows:
| | | | | | | | | | | | | | | | | | Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Marketable debt securities | $ | 84,199 |
| | $ | 168 |
| | $ | — |
| | $ | 84,367 |
|
There were no available-for-sale debt securities with continuous unrealized losses for less than 12 months and 12 months or greater at December 31, 2019 and 2018, respectively.
Gross realized gains and losses recognized on debt and equity securities available for sale were as follows:
| | | | | | | | | | | | | | | | Year Ended December 31, | | | 2019 | | 2018 | | 2017 | Gross realized gains on sales | | $ | 144 |
| | $ | 4 |
| | $ | 479 |
| Gross realized losses on sales | | (9 | ) | | (38 | ) | | (310 | ) | Net gains (losses) recognized on debt and equity securities available for sale | | $ | 135 |
| | $ | (34 | ) | | $ | 169 |
| | | | | | | | Gross realized losses on other-than-temporary impairments | | $ | (15 | ) | | $ | (1,087 | ) | | $ | (465 | ) |
Although management generally does not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing the Company’s investment securities portfolio, management may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements.
(b) Equity Securities at Fair Value Equity securities at fair value consisted of the following: | | | | | | | | | | December 31, 2019 | | December 31, 2018 | Marketable equity securities | $ | 23,819 |
| | $ | 26,010 |
| Mutual funds invested in fixed-income securities | 22,377 |
| | 21,192 |
| Total equity securities at fair value | $ | 46,196 |
| | $ | 47,202 |
|
The following is a summary of unrealized and realized net gains (losses) recognized in net income on equity securities at fair value after the adoption of ASU 2016-01, for the years ended December 31, 2019 and 2018, respectively:
| | | | | | | | | | Year Ended December 31, | | 2019 | | 2018 | Net gains (losses) recognized on equity securities (1) | $ | 7,320 |
| | $ | (8,449 | ) | Less: Net gains (losses) recognized on equity securities sold (2) | 1,526 |
| | (808 | ) | Net unrealized gains (losses) recognized on equity securities still held at the reporting date | $ | 5,794 |
| | $ | (7,641 | ) | | | | |
| | (1) | Includes $6,619 of net gains and $517 of net losses recognized on equity securities at fair value that qualify for the NAV practical expedient for the years ended December 31, 2019 and 2018, respectively. These equity securities are included in the “Long-term investments” line item on the consolidated balance sheet and are further discussed in Note 8. |
| | (2) | Includes $1,797 and $84 of net gains recognized on sales of equity securities at fair value that qualify for the NAV practical expedient for the years ended December 31, 2019 and 2018, respectively. These equity securities are included in the “Long-term investments” line item on the consolidated balance sheet and are further discussed in Note 8. |
The Company’s marketable equity securities and mutual funds invested in fixed-income securities are classified as Level 1 under the fair value hierarchy disclosed in Note 18. Their fair values are based on quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets. (c) Equity Securities Without Readily Determinable Fair Values That Do Not Qualify for the NAV Practical Expedient
Equity securities without readily determinable fair values that do not qualify for the NAV practical expedient consisted of investments in the common stock of a reinsurance company, membership units of a real estate limited liability company and membership units of a commercial real estate limited liability company at December 31, 2019. At December 31, 2018, the Company owned an investment in the common stock of a reinsurance company. The total carrying value of these investments was $6,200 and $5,000 and was included in “Other assets” on the consolidated balance sheet at December 31, 2019 and 2018, respectively. No impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were identified for the years ended December 31, 2019 and 2018, respectively.
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