Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

All other investments are carried at fair value on a recurring basis and are accounted for as trading securities.

Investments carried at fair value are presented in the table below (in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2019:
U.S. Government and Government agency obligations	$	39,074	$	174	$	—	$	39,248
Money market funds	4,592		—		—		4,592
Equity funds	6,399		85				6,484
Total trading securities	$	50,065	$	259	$	—	$	50,324
Private investment fund	250		13		—		263
Private equity	3,420		555		—		3,975
Total investments carried at fair value	$	53,735	$	827	$	—	$	54,562

December 31, 2018:
U.S. Government and Government agency obligations	$	48,177	$	232	$	—	$	48,409
Money market funds	10,354		—		—		10,354
Equity funds	7,344		—		(326)		7,018
Total trading securities	$	65,875	$	232	$	(326)	$	65,781

Other Revenue

The following amounts, except for income tax amounts, are included in our Consolidated Statements of Comprehensive Income under the headings “Other revenues, net," "Unrealized gains on private investments," or "Investment Income" for 2019. For 2018 and 2017 the following amounts are included under the heading "Other revenues, net" (in thousands):


	2019		2018		2017
Realized gains	$	707	$	920	$	395
Realized losses	(122)		(121)		(96)
Net realized gains (losses)	$	585	$	799	$	299
Income tax expense from gains (losses)	$	123	$	168	$	105
Interest income – trading	$	894	$	620	$	334
Dividend income	$	283	$	290	$	302
Unrealized gains/(losses)	$	3,650	$	(737)	$	617