4. Investments

6 Months Ended

Jun. 30, 2018

Investments Schedule [Abstract]

Investments

As of June 30, 2018, we held investments in certificates of deposit, commercial paper, bonds, mutual funds and equity securities that are required to be measured for disclosure purposes at fair value on a recurring basis. The certificates of deposit, commercial paper and bonds are considered held-to-maturity and are recorded at amortized cost in the accompanying consolidated balance sheet. The equity securities and mutual funds are recorded at fair value in the accompanying consolidated balance sheet. These investments are considered Level 1 or Level 2 as detailed in the table below. We consider as current assets those investments which will mature in the next 12 months including interest receivable on the long-term bonds. The remaining investments are considered non-current assets including our investment in equity securities we intend to hold longer than 12 months. The fair values of these investments were estimated using recently executed transactions and market price quotations. 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 June 30, 2018:
Short-term Investments
Certificates of deposit		2		2,021	$	--	$	(4	)	$	2,017
Commercial paper		2		10,977	$	--	$	(9	)	$	10,968
Bonds		2		11,178	$	--	$	(29	)	$	11,149
Long-term Investments
Bonds		2		18,781	$	--	$	(259	)	$	18,522
Mutual funds		1		485	$	--	$	(4	)	$	481
Equity investments		2		5,675	$	--	$	(2,729	)	$	2,946
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
Bonds		2		6	$	--	$	--		$	6
Mutual funds		1		219	$	3	$	--		$	222
Long-term Investments
Bonds		2		5,000	$	--	$	(75	)	$	4,925
Equity investments		2		5,675	$	--	$	(1,539	)	$	4,136

The above long-term bonds represent investments in various issuers at June 30, 2018. The unrealized losses for these investments relate to a rise in interest rates which resulted in a lower market price for those securities. Only one of these bond investments has been in a loss position for more than 12 months.

The certificate of deposit matures in 5.2 months. The commercial paper securities have maturities ranging from 0.2 months to 3.4 months. The bonds have maturities ranging from 0.4 months to 53.5 months.