4. Investments

3 Months Ended

Mar. 31, 2019

Investments Schedule [Abstract]

Investments

As of March 31, 2019, we held investments in commercial paper, bonds and equity securities that are required to be measured for disclosure purposes at fair value on a recurring basis. The 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 March 31, 2019:
Money Market		1		7,811	$	--	$	--		$	7,811
Commercial paper		2		22,717	$	2	$	--		$	22,719
Bonds		2		36,886	$	--	$	(179	)	$	36,707
Mutual funds		1		924	$	--	$	(16	)	$	908
Equity investments		2		5,675	$	--	$	(2,706	)	$	2,969
As of December 31, 2018:
Money Market		1		12,319	$	--	$	--		$	12,319
Commercial paper		2		4,393	$	--	$	--		$	4,393
Bonds		2		25,921	$	--	$	(321	)	$	25,600
Mutual funds		1		795	$	--	$	(121	)	$	674
Equity investments		2		5,675	$	--	$	(2,814	)	$	2,861

The above long-term bonds represent investments in various issuers at March 31, 2019. The unrealized losses in these investments relate to a rise in interest rates which resulted in a lower market price for these securities.

The commercial paper has maturities from less than a month to 5.5 months. The bonds have maturities from less than a month to 26.5 months.