Investments in debt and equity securities

6 Months Ended

Jun. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Investments in debt and equity securities

Short-term and long-term investments

The Company’s short-term and long-term debt and equity investments consist of the following:

	June 30, 2019						December 31, 2018
	Debt securities		Equity securities		Total		Debt securities		Equity securities		Total
Certificates of deposit and other time deposits	$	3,113	$	—	$	3,113	$	2,235	$	—	$	2,235
Investments in mutual funds and common stock	—		37,151		37,151		—		36,124		36,124
	$	3,113	$	37,151	$	40,264	$	2,235	$	36,124	$	38,359
Short-term investments	$	3,113	$	2,100	$	5,213	$	2,235	$	700	$	2,935
Long-term investments	—		35,051		35,051		—		35,424		35,424
	$	3,113	$	37,151	$	40,264	$	2,235	$	36,124	$	38,359

Debt securities: The Company's short-term debt investments are principally bank certificates of deposit with contractual maturities longer than three months but shorter than one year. These debt securities are accounted for as held to maturity and recorded at amortized cost, which approximates their fair values at June 30, 2019 and December 31, 2018.

Equity securities: The Company's equity investments in mutual funds and common stock are held within a trust to fund existing obligations associated with several of the Company’s non-qualified deferred compensation plans. During the six months ended June 30, 2019, the Company recognized pre-tax net gains in the income statement of $2,634 associated with changes in the fair value of these equity securities, comprised of pre-tax realized gains of $308 and a net increase in unrealized gains of $2,326. During the six months ended June 30, 2018, the Company recognized pre-tax realized gains in the income statement of $619 associated with changes in the fair value of these equity securities, comprised of pre-tax realized gains of $3,904 and a net decrease in unrealized gains of $3,285.