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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Summary of Investments

Investments consist of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands):

 

 

 

March 31, 2020

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

1,224

 

 

$

4

 

 

$

(1

)

 

$

1,227

 

Non-governmental debt securities

 

 

206,184

 

 

 

351

 

 

 

(889

)

 

 

205,646

 

Treasury and federal agencies

 

 

36,687

 

 

 

92

 

 

 

(1

)

 

 

36,778

 

Total short-term investments (available for sale)

 

$

244,095

 

 

$

447

 

 

$

(891

)

 

$

243,651

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

1,361

 

 

$

3

 

 

$

-

 

 

$

1,364

 

Non-governmental debt securities

 

 

165,423

 

 

 

433

 

 

 

(37

)

 

 

165,819

 

Treasury and federal agencies

 

 

18,307

 

 

 

7

 

 

 

(9

)

 

 

18,305

 

Total short-term investments (available for sale)

 

$

185,091

 

 

$

443

 

 

$

(46

)

 

$

185,488

 
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 March 31, 2020 and December 31, 2019 were as follows (dollars in thousands):

 

 

 

As of  March 31, 2020

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Municipal bonds

 

$

-

 

 

$

1,227

 

 

$

-

 

 

$

1,227

 

Non-governmental debt securities

 

 

-

 

 

 

205,646

 

 

 

-

 

 

 

205,646

 

Treasury and federal agencies

 

 

-

 

 

 

36,778

 

 

 

-

 

 

 

36,778

 

Totals

 

$

-

 

 

$

243,651

 

 

$

-

 

 

$

243,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of  December 31, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Municipal bonds

 

$

-

 

 

$

1,364

 

 

$

-

 

 

$

1,364

 

Non-governmental debt securities

 

 

-

 

 

 

165,819

 

 

 

-

 

 

 

165,819

 

Treasury and federal agencies

 

 

-

 

 

 

18,305

 

 

 

-

 

 

 

18,305

 

Totals

 

$

-

 

 

$

185,488

 

 

$

-

 

 

$

185,488

 
Schedule of Maintenance Fee Payment to CCKF

We make periodic operating maintenance payments related to proprietary rights that we use in our intellipath® personalized learning technology. The total fees paid during the quarters ended March 31, 2020 and 2019 were as follows (dollars in thousands):

 

Maintenance Fee Payments

 

For the quarter ended March 31, 2020 (1)

$

1,443

 

For the quarter ended March 31, 2019

$

348

 

________________________

(1)During the first quarter of 2020, the Company prepaid approximately $1.4 million of maintenance payments, of which approximately $0.4 million was recognized as expense during the current quarter.