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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Summary of Investments

Investments consist of the following as of September 30, 2017 and December 31, 2016 (dollars in thousands):

 

 

 

September 30, 2017

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

1,350

 

 

$

-

 

 

$

-

 

 

$

1,350

 

Non-governmental debt securities

 

 

118,111

 

 

 

11

 

 

 

(74

)

 

 

118,048

 

Treasury and federal agencies

 

 

32,462

 

 

 

4

 

 

 

(61

)

 

 

32,405

 

Total short-term investments

 

 

151,923

 

 

 

15

 

 

 

(135

)

 

 

151,803

 

Restricted short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

 

7,070

 

 

 

-

 

 

 

-

 

 

 

7,070

 

Total investments (available for sale)

 

$

158,993

 

 

$

15

 

 

$

(135

)

 

$

158,873

 

 

 

 

December 31, 2016

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

4,050

 

 

$

-

 

 

$

-

 

 

$

4,050

 

Non-governmental debt securities

 

 

107,305

 

 

 

22

 

 

 

(113

)

 

 

107,214

 

Treasury and federal agencies

 

 

36,480

 

 

 

10

 

 

 

(73

)

 

 

36,417

 

Total short-term investments

 

 

147,835

 

 

 

32

 

 

 

(186

)

 

 

147,681

 

Restricted short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

 

8,597

 

 

 

-

 

 

 

-

 

 

 

8,597

 

Total investments (available for sale)

 

$

156,432

 

 

$

32

 

 

$

(186

)

 

$

156,278

 

 
Investments Measured at Fair Value on Recurring Basis

Investments measured at fair value on a recurring basis subject to the disclosure requirements of FASB ASC Topic 820 – Fair Value Measurements at September 30, 2017 and December 31, 2016 were as follows (dollars in thousands):

 

 

 

As of  September 30, 2017

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Municipal bonds

 

$

-

 

 

$

1,350

 

 

$

-

 

 

$

1,350

 

Non-governmental debt securities

 

 

42,097

 

 

 

83,021

 

 

 

-

 

 

 

125,118

 

Treasury and federal agencies

 

 

-

 

 

 

32,405

 

 

 

-

 

 

 

32,405

 

Totals

 

$

42,097

 

 

$

116,776

 

 

$

-

 

 

$

158,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of  December 31, 2016

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Municipal bonds

 

$

-

 

 

$

4,050

 

 

$

-

 

 

$

4,050

 

Non-governmental debt securities

 

 

33,597

 

 

 

82,214

 

 

 

-

 

 

 

115,811

 

Treasury and federal agencies

 

 

-

 

 

 

36,417

 

 

 

-

 

 

 

36,417

 

Totals

 

$

33,597

 

 

$

122,681

 

 

$

-

 

 

$

156,278

 

 
Schedule of Maintenance Fee Payment to CCKF

We make periodic operating maintenance payments related to proprietary rights that we use in our intellipathTM adaptive learning technology. The total fees paid to CCKF for the quarters and years to date ended September 30, 2017 and 2016 were as follows (dollars in thousands):

 

Maintenance Fee Payments

 

For the quarter ended September 30, 2017

$

356

 

For the quarter ended September 30, 2016

$

340

 

For the year to date ended September 30, 2017

$

1,013

 

For the year to date ended September 30, 2016

$

1,027