INVESTMENTS

Equity Securities

The Company makes strategic investments in equity securities of silver and gold exploration and development companies. These investments are classified as available-for-sale and are measured at fair value in the financial statements with unrealized gains and losses recorded in Other comprehensive income (loss).



	At September 30, 2016
In thousands	Cost		Gross Unrealized Losses			Gross Unrealized Gains		Estimated Fair Value
Kootenay Silver, Inc.	$	3,366	$	—		$	1,295	$	4,661
Silver Bull Resources, Inc.	232		—			1,175		1,407
Other	191		(51		)	—		140
Equity securities	$	3,789	$	(51	)	$	2,470	$	6,208



	At December 31, 2015
In thousands	Cost		Gross Unrealized Losses			Gross Unrealized Gains		Estimated Fair Value
Paramount Gold Nevada Corp.	$	1,470	$	(1,036	)	$	—	$	434
Northair Silver Corp.	725		—			9		734
Agnico-Eagle Mines Ltd.	420		—			518		938
Silver Bull Resources, Inc.	305		—			—		305
Other	466		(143		)	32		355
Equity securities	$	3,386	$	(1,179	)	$	559	$	2,766

The Company performs a quarterly assessment on each of its equity securities with unrealized losses to determine if the security is other than temporarily impaired. The Company recorded pre-tax other-than-temporary impairment losses of $2.0 million in the nine months ended September 30, 2015, in Other, net. The following table summarizes the gross unrealized losses on equity securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2016:



	Less than twelve months					Twelve months or more				Total
In thousands	Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value
Equity securities	$	(51	)	$	7	$	—	$	—	$	(51	)	$	7

Restricted Assets

Various laws, permits, and covenants require that funds be in place for certain environmental and reclamation obligations and other potential liabilities. Our non-current restricted assets are used primarily for reclamation funding or for funding surety bonds, and were $17.7 million and $11.6 million at September 30, 2016 and December 31, 2015, respectively. Non-current restricted assets primarily represent investments in money market funds and certificates of deposit.