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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Summary of Investments

Investments consist of the following as of September 30, 2018 and December 31, 2017 (dollars in thousands):

 

 

 

September 30, 2018

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

$

139,700

 

 

$

17

 

 

$

(241

)

 

$

139,476

 

Treasury and federal agencies

 

 

16,987

 

 

 

-

 

 

 

(127

)

 

 

16,860

 

Total short-term investments

 

 

156,687

 

 

 

17

 

 

 

(368

)

 

 

156,336

 

Restricted short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

 

4,320

 

 

 

-

 

 

 

-

 

 

 

4,320

 

Total investments (available for sale)

 

$

161,007

 

 

$

17

 

 

$

(368

)

 

$

160,656

 

 

 

 

December 31, 2017

 

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal bonds

 

$

830

 

 

$

-

 

 

$

-

 

 

$

830

 

Non-governmental debt securities

 

 

125,485

 

 

 

7

 

 

 

(222

)

 

 

125,270

 

Treasury and federal agencies

 

 

30,211

 

 

 

-

 

 

 

(133

)

 

 

30,078

 

Total short-term investments

 

 

156,526

 

 

 

7

 

 

 

(355

)

 

 

156,178

 

Restricted short-term investments (available for sale):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

 

5,070

 

 

 

-

 

 

 

-

 

 

 

5,070

 

Total investments (available for sale)

 

$

161,596

 

 

$

7

 

 

$

(355

)

 

$

161,248

 

 
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, 2018 and December 31, 2017 were as follows (dollars in thousands):

 

 

 

As of  September 30, 2018

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Non-governmental debt securities

 

$

15,000

 

 

$

128,796

 

 

$

-

 

 

$

143,796

 

Treasury and federal agencies

 

 

-

 

 

 

16,860

 

 

 

-

 

 

 

16,860

 

Totals

 

$

15,000

 

 

$

145,656

 

 

$

-

 

 

$

160,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of  December 31, 2017

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Municipal bonds

 

$

-

 

 

$

830

 

 

$

-

 

 

$

830

 

Non-governmental debt securities

 

 

31,500

 

 

 

98,840

 

 

 

-

 

 

 

130,340

 

Treasury and federal agencies

 

 

-

 

 

 

30,078

 

 

 

-

 

 

 

30,078

 

Totals

 

$

31,500

 

 

$

129,748

 

 

$

-

 

 

$

161,248

 

 
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 to CCKF for the quarters and years to date ended September 30, 2018 and 2017 were as follows (dollars in thousands):

 

Maintenance Fee Payments

 

For the quarter ended September 30, 2018

$

355

 

For the quarter ended September 30, 2017

$

356

 

For the year to date ended September 30, 2018

$

1,108

 

For the year to date ended September 30, 2017

$

1,013