Note 3. Investments

The Company has three classifications of investments: investments carried at fair value, investments carried at cost, and equity method investments. See Note 1 for definitions of each classification of investment.

At December 31, 2013 and 2012, investments carried at fair value consisted of:

	2013		2012
	(in thousands)

Taxable bond funds	$	10	$	728
Domestic equity funds		2,419		1,265
International equity funds		99		71
	$	2,528	$	2,064

Investments carried at fair value were acquired under a rabbi trust arrangement related to the Company’s SERP. The Company purchases investments in the trust to mirror the investment elections of participants in the SERP; gains and losses on the investments in the trust are reflected as increases or decreases in the liability owed to the participants. The Company recorded unrealized gains of $391 thousand and $191 thousand during 2013 and 2012, respectively. During 2011, the Company recorded unrealized losses of $132 thousand. Sales of investments resulted in the recognition of $1 thousand of realized losses in 2013, $66 thousand of realized gains in 2012 and $27 thousand of realized losses in 2011. Fair values for these investments are determined by quoted market prices (“level 1 fair values”) for the underlying mutual funds, which may be based upon net asset value.

At December 31, 2013 and 2012, other investments, comprised of equity securities which do not have readily determinable fair values, consist of the following:

	2013		2012
Cost method:	(in thousands)
CoBank	$	3,343	$	2,968
Other		766		756
		4,109		3,724
Equity method:
Burton Partnership		2,365		2,086
Other		330		340
		2,695		2,426
Total other investments	$	6,804	$	6,150

The Company’s investment in CoBank increased $375 thousand and $221 thousand in the years ended December 31, 2013 and 2012, respectively, due to the ongoing patronage earned from the outstanding investment and loan balances the Company has with CoBank.

In the year ended December 31, 2013, the Company received distributions from its equity investments totaling $121 thousand in cash. Equity method investments had a net gain of $364 thousand in the year ended December 31, 2013, including $279 thousand from the Burton Partnership, a private equity fund.

The Company’s ownership interests in equity method investees were unchanged during 2013, except for a $36 thousand disposal of an investment included in Other.