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Investment Securities At Fair Value
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
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


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.