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Marketable Securities | 3 Months Ended
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Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | MARKETABLE SECURITIES ASC 320, “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at:
($ in thousands) |  | March 31, 2019 |  | December 31, 2018
Marketable Securities: | Fair Value Hierarchy | Cost |  | Fair Value |  | Cost |  | Fair Value
Certificates of deposit |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  | $ | — |  |  | $ | — |  |  | $ | 250 |  |  | $ | 248 |
with unrecognized losses for more than 12 months |  | 4,012 |  |  | 3,991 |  |  | 3,861 |  |  | 3,812 |
with unrecognized gains |  | — |  |  | — |  |  | — |  |  | — |
Total Certificates of deposit | Level 1 | 4,012 |  |  | 3,991 |  |  | 4,111 |  |  | 4,060 |
U.S. Treasury and agency notes |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  | 4,064 |  |  | 4,058 |  |  | 3,112 |  |  | 3,105 |
with unrecognized losses for more than 12 months |  | 19,472 |  |  | 19,391 |  |  | 23,564 |  |  | 23,415 |
with unrecognized gains |  | 2 |  |  | 3 |  |  | 3 |  |  | 4 |
Total U.S. Treasury and agency notes | Level 2 | 23,538 |  |  | 23,452 |  |  | 26,679 |  |  | 26,524 |
Corporate notes |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  | 14,780 |  |  | 14,760 |  |  | 13,696 |  |  | 13,665 |
with unrecognized losses for more than 12 months |  | 9,383 |  |  | 9,334 |  |  | 12,542 |  |  | 12,431 |
with unrecognized gains |  | 1,795 |  |  | 1,797 |  |  | — |  |  | — |
Total Corporate notes | Level 2 | 25,958 |  |  | 25,891 |  |  | 26,238 |  |  | 26,096 |
Municipal notes |  |  |  |  |  |  |  |
with unrecognized losses for less than 12 months |  | — |  |  | — |  |  | 2,994 |  |  | 2,982 |
with unrecognized losses for more than 12 months |  | 6,949 |  |  | 6,936 |  |  | 4,116 |  |  | 4,087 |
with unrecognized gains |  | — |  |  | — |  |  | — |  |  | — |
Total Municipal notes | Level 2 | 6,949 |  |  | 6,936 |  |  | 7,110 |  |  | 7,069 |
|  | $ | 60,457 |  |  | $ | 60,270 |  |  | $ | 64,138 |  |  | $ | 63,749 |
We evaluate our securities for other-than-temporary impairment based on the specific facts and circumstances surrounding each security valued below its cost. Factors considered include the length of time the securities have been valued below cost, the financial condition of the issuer, industry reports related to the issuer, the severity of any decline, our intention not to sell the security, and our assessment as to whether it is not more likely than not that we will be required to sell the security before a recovery of its amortized cost basis. We then segregate the loss between the amounts representing a decrease in cash flows expected to be collected, or the credit loss, which is recognized through earnings, and the balance of the loss, which is recognized through other comprehensive income. At March 31, 2019, the fair market value of investment securities was $187,000 below their cost basis. The Company’s gross unrealized holding gains equaled $3,000 and gross unrealized holding losses equaled $190,000. The Company has determined that any unrealized losses in the portfolio were temporary as of March 31, 2019. As of March 31, 2019, the adjustment to accumulated other comprehensive loss reflected an improvement in market value of $202,000, including estimated taxes of $42,000. The following tables summarize the maturities, at par, of marketable securities as of:
| March 31, 2019
($ in thousands) | 2019 |  | 2020 |  | 2021 |  | Total
Certificates of deposit | $ | 2,212 |  |  | $ | 1,799 |  |  | $ | — |  |  | $ | 4,011 |
U.S. Treasury and agency notes | 13,414 |  |  | 10,173 |  |  | — |  |  | 23,587 |
Corporate notes | 11,871 |  |  | 13,700 |  |  | 400 |  |  | 25,971 |
Municipal notes | 4,951 |  |  | 2,000 |  |  | — |  |  | 6,951 |
| $ | 32,448 |  |  | $ | 27,672 |  |  | $ | 400 |  |  | $ | 60,520 |
| December 31, 2018
($ in thousands) | 2019 |  | 2020 |  | 2021 |  | Total
Certificates of deposit | $ | 2,311 |  |  | $ | 1,799 |  |  | $ | — |  |  | $ | 4,110 |
U.S. Treasury and agency notes | 17,574 |  |  | 9,174 |  |  | — |  |  | 26,748 |
Corporate notes | 18,671 |  |  | 7,150 |  |  | 400 |  |  | 26,221 |
Municipal notes | 5,111 |  |  | 2,000 |  |  | — |  |  | 7,111 |
| $ | 43,667 |  |  | $ | 20,123 |  |  | $ | 400 |  |  | $ | 64,190 |
The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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