Investment Securities

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]


7.			Investment Securities

The Company’s investment securities as of December 31, 2020 and 2019, are presented below:


(In thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(a)
2020
Fixed income securities:
Mortgage-backed securities	$	133	$	5	$	—	$	138
Asset-backed securities	211		—		1		210
Municipal bonds	195		2		—		197
Mutual fund	27,680		48		—		27,728
Pooled investment fund	9,000		—		—		9,000
Total investment securities(b)(c)	$	37,219	$	55	$	1	$	37,273
2019
Fixed income securities:
Mortgage-backed securities	$	164	$	10	$	—	$	174
Asset-backed securities	248		—		1		247
Municipal bonds	306		—		4		302
Mutual fund	25,221		—		484		24,737
Pooled investment fund	5,000		—		—		5,000
Total investment securities(b)(c)	$	30,939	$	10	$	489	$	30,460

(a) The Company’s techniques used to measure the fair value of its investments are discussed in Note 19, Fair Value.

(b) The Company’s investment securities are not deemed available for current operations and have been classified as non-current on the consolidated balance sheets.

(c)Excludes $9.6 million and $8.0 million in equity securities designated as trading as of December 31, 2020 and 2019, respectively, included in prepaid expenses and other current assets and other assets on the consolidated balance sheets. See Note 18, Employee Benefit Plans, for additional information.

The Company reviews its investments to identify and evaluate indications of possible impairment. Factors considered in determining whether a loss is temporary include the length of time and extent to which the fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Substantially all of the Company’s fixed income securities are rated investment grade or better. The Company’s fixed-income mutual fund and certain other insignificant fixed income security positions have been in an unrealized loss position for greater than 12 months as of December 31, 2020 and 2019. The amount by which these investment securities have been in a continuous unrealized loss position is insignificant. The Company’s management has determined that these gross unrealized losses at December 31, 2020 and 2019 are temporary in nature.

The Company had insignificant maturities of investment securities during the years ended December 31, 2020, 2019 and 2018, respectively.

The contractual maturity dates of the Company’s investment securities are as follows:


	December 31,
	2020				2019
(In thousands)	Cost		Fair Value		Cost		Fair Value

Due after 5 years through year 10	$	236	$	236	$	278	$	277
Due after 10 years	170		171		276		272
Mortgage-backed securities with original maturities of 30 years	133		138		164		174
Investment securities with no maturity dates	36,680		36,728		30,221		29,737
Total	$	37,219	$	37,273	$	30,939	$	30,460