2. Investments

12 Months Ended

Dec. 31, 2017

Investments Schedule [Abstract]

Investments

As of December 31, 2017 and 2016, we held certain investments that were required to be measured for disclosure purposes at fair value on a recurring basis. These investments were considered Level 1 or Level 2 investments as detailed in the table below.

The amortized cost and fair value of our investments and the related gross unrealized gains and losses, were as follows as of the dates shown below (in thousands):

					Gross Unrealized
	Level		Cost		Gains		Losses			Fair value
As of December 31, 2017:
Short-term Investments:
Certificates of deposit		2	$	4,020	$	--	$	(3	)	$	4,017
Commercial paper		2	$	31,220	$	26	$	(38	)	$	31,208
Corporate bonds		2	$	6	$	--	$	--		$	6
Mutual funds		1	$	219	$	3	$	--		$	222
Long-term Investments:
Corporate bonds		2	$	5,000	$	--	$	(75	)	$	4,925
Equity investments		2	$	5,675	$	--	$	(1,539	)	$	4,136
As of December 31, 2016:
Short-term Investments:
Certificates of deposit		2	$	24,000	$	9	$	--		$	24,009
Corporate bonds		2	$	80	$	--	$	--		$	80
Long-term Investments:
Corporate bonds		2	$	5,000	$	--	$	(287	)	$	4,713
Equity investments		2	$	5,675	$	--	$	(730	)	$	4,945

The above certificates of deposit and commercial paper represents investments in multiple issuers at December 31, 2017, and are classified as held-to-maturity securities. The above equity investment represents an investment in one company at December 31, 2017 and is classified as available for sale. The above long-term corporate bond represents an investment in one issuer at December 31, 2017. The carrying value of our investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggest an investment may not be recoverable. The unrealized loss for the long-term corporate bond is attributable to a rise in interest rates which resulted in a lower market price for that security. This investment has been in a loss position for more than 12 months due to the rise in interest rates. As of December 31, 2017 there were no changes in circumstances or events that would suggest our investments may not be recoverable. As a result, we recorded no impairment expense related to our investments during 2017. In 2015, one of our bonds experienced a significant decline in market value over a 12-month period due to a changed outlook for the issuer resulting from a major economic decline in its industry. In the fourth quarter of 2015, we determined, based upon disclosures by the issuer, that more likely than not, we would be required to sell or exchange the bond before recovery of its amortized cost. Therefore, we recorded an impairment loss on this bond of $2.4 million in 2015, reducing the carrying value of the bond to its market value at December 31, 2015. In 2016 after the issuer declared bankruptcy, we sold this bond that was previously intended to be held to maturity. We recorded an additional net loss of $311,000 on this bond in 2016 prior to and including its sale. These losses in 2015 and 2016 are reported as other income (loss) in the accompanying Consolidated Statements of Income.

At December 31, 2017, the length of time until maturity of the corporate bond we currently own was 41.5 months and the length of time until maturity of the certificates of deposit and commercial paper ranged from less than a monthto 11.2 months.

Our accumulated other comprehensive loss is comprised solely of unrealized losses on our above equity investments, net of tax.