Investments in debt and equity securities

9 Months Ended

Sep. 30, 2020

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:

	September 30, 2020						December 31, 2019
	Debt securities		Equity securities		Total		Debt securities		Equity securities		Total
Certificates of deposit and other time deposits	$	8,212	$	—	$	8,212	$	8,140	$	—	$	8,140
Investments in mutual funds and common stock	—		41,015		41,015		—		39,951		39,951
	$	8,212	$	41,015	$	49,227	$	8,140	$	39,951	$	48,091
Short-term investments	$	8,212	$	11,148	$	19,360	$	8,140	$	3,432	$	11,572
Long-term investments	—		29,867		29,867		—		36,519		36,519
	$	8,212	$	41,015	$	49,227	$	8,140	$	39,951	$	48,091

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 approximated their fair values at September 30, 2020 and December 31, 2019.

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 nine months ended September 30, 2020, the Company recognized pre-tax net gains of $1,110 in other income associated with changes in the fair value of these equity securities, comprised of pre-tax realized gains of $1,639 and a net decrease in unrealized gains of $529. During the nine months ended September 30, 2019, the Company recognized pre-tax net gains of $2,776 in other income associated with changes in the fair value of these equity securities, comprised of pre-tax realized gains of $586 and a net increase in unrealized gains of $2,190.