Investments

3 Months Ended

Mar. 31, 2020

Investments in privately-held companies [Abstract]

Investments

5.    Investments

Investments in Privately-Held Companies    

Our investments are in the equity of privately-held companies, which do not have readily determinable fair values. These non-marketable equity securities are initially recorded at cost, and subsequently remeasured to fair value on a non-recurring basis based on observable price changes in orderly transactions for similar investments of the same issuer, or for impairment. These investments are classified within Level III of the fair value hierarchy as we estimate the value based on valuation methods using the observable transaction price at the transaction date and other significant unobservable inputs, such as volatility, rights, and obligations related to those investments. In addition, the valuation requires management judgment due to the absence of market price and inherent lack of liquidity. The following table summarizes the activity related to our investments in privately-held companies held as of March 31, 2020 and December 31, 2019 (in thousands):

	March 31, 2020		December 31, 2019
Cost of investment	$	3,000	$	3,000
Cumulative impairment	—		—
Cumulative upward adjustment	1,150		1,150
Carrying amount of investment	$	4,150	$	4,150

During the current quarter, there were no realized or unrealized gains or losses recorded on our remaining investment. During the three months ended March 31, 2019, we recorded $1.2 million of unrealized gain. The unrealized gain was recorded on an investment that was remeasured to fair value as of the date an observable transaction occurred.