Investments

12 Months Ended

Dec. 31, 2019

Our investments are classified as held-to-maturity as we have both the intent and ability to hold the investments until their individual maturities. The amortized cost, gross unrealized gains and losses, and fair value of our investments as measured using Level 2 inputs as of December 31, 2019 and 2018 (in thousands) were as follows:



	As of December 31, 2019									As of December 31, 2018
	Amortized Cost		Gross Unrealized					Fair Value		Amortized Cost		Gross Unrealized				Fair Value
	Amortized Cost		Gains		Losses			Fair Value		Amortized Cost		Gains		Losses		Fair Value
U.S. Treasury bills	$	10,784	$	270	$	—		$	11,054	$	7,982	$	120	$	—	$	8,102
Corporate bonds	1,705		70		—			1,775		887		17		—		904
Collateralized mortgage obligations	5,472		56		(5		)	5,523		545		6		—		551
Yankees	597		30		—			627		596		11		—		607
Total investments	$	18,558	$	426	$	(5	)	$	18,979	$	10,010	$	154	$	—	$	10,164

The amortized cost and fair value of our investments by contractual maturities as of December 31, 2019 and 2018 (in thousands) were as follows:



	As of December 31, 2019				As of December 31, 2018
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	1,807	$	1,810	$	—	$	—
Due after one year through five years	16,121		16,542		9,666		9,813
Due after five years through ten years	630		627		344		351
Total investments	$	18,558	$	18,979	$	10,010	$	10,164

When a held-to-maturity investment is in an unrealized loss position, we assess whether or not we expect to recover the entire cost basis of the security, based on our best estimate of the present value of cash flows expected to be collected from the debt security. Factors considered in our analysis include the reasons for the unrealized loss position, the severity and duration of the unrealized loss position, credit worthiness and forecasted performance of the investee. In cases where the estimated present value of future cash flows is less than our cost basis, we recognize an other than temporary impairment and write the investment down to its fair value. The new cost basis would not be changed for subsequent recoveries in fair value.

There were no securities held in an unrealized loss position for more than twelve months as of December 31, 2019. There were no securities held in an unrealized loss position as of December 31, 2018. The Company held the following securities (in thousands) in an unrealized loss position for less than twelve months as of December 31, 2019, and expects to recover the entire cost basis of the security:



	Number of Securities	Fair Value		Unrealized Losses
Collateralized mortgage obligations	4	$	2,075	$	5