Marketable Securities

12 Months Ended

Dec. 31, 2019

Marketable Securities

Marketable Securities

2. Marketable Securities

The Company has classified its marketable securities as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses included in accumulated other comprehensive income(loss) in shareholders’ equity until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned.

The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at December 31, 2019 and 2018 were as follows:

	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
December 31, 2019
Available-for-sale securities:
Corporate bonds and notes	$	1,814		21		(3	)		1,832
Municipal bonds		2,707		5		(1	)		2,711
Total available-for-sale securities	$	4,521		26		(4	)		4,543
December 31, 2018
Available-for-sale securities:
Corporate bonds and notes	$	2,911	$	1	$	(31	)	$	2,881
Municipal bonds		1,849		—		(15	)		1,834
Total available-for-sale securities	$	4,760	$	1	$	(46	)	$	4,715

Maturities of marketable securities classified as available-for-sale securities were as follows at December 31, 2019:

	Amortized		Estimated
	cost		fair value
Due within one year	$	3,021		3,026
Due after one year through five years		1,500		1,517
Total available-for-sale securities	$	4,521		4,543

Debt securities in an unrealized loss position as of December 31, 2019 were not deemed impaired at acquisition and subsequent declines in fair value are not deemed attributed to declines in credit quality. Management believes that it is more likely than not that the securities will receive a full recovery of par value. The available-for-sale marketable securities in a gross unrealized loss position as of December 31, 2019 are summarized as follows:

	Less than 12 months				More than 12 months				Total
	Estimated fair value		Gross unrealized holding losses		Estimated fair value		Gross unrealized holding losses		Estimated fair value		Gross unrealized holding losses
As of December 31, 2019
Corporate bonds and notes	$	194	$	3	$	—	$	—	$	194	$	3
Municipal bonds		2,003		1		—		—		2,003		1
	$	2,197	$	4	$	-	$	-	$	2,197	$	4