MARKETABLE SECURITIES

ASC 320 “Investments – Debt and Equity Securities” requires that an enterprise classify all debt securities as either held-to-maturity, trading or available-for-sale. The Company has elected to classify its securities as available-for-sale and therefore is required to adjust securities to fair value at each reporting date. All costs and both realized and unrealized gains and losses on securities are determined on a specific identification basis. The following is a summary of available-for-sale securities at December 31:



($ in thousands)		2019				2018
Marketable Securities:	Fair Value Hierarchy	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Certificates of deposit
with unrecognized losses for less than 12 months		$	251	$	250	$	250	$	248
with unrecognized losses for more than 12 months		—		—		3,861		3,812
with unrecognized gains		1,799		1,806		—		—
Total Certificates of deposit	Level 1	2,050		2,056		4,111		4,060
U.S. Treasury and agency notes
with unrecognized losses for less than 12 months		6,485		6,479		3,112		3,105
with unrecognized losses for more than 12 months		—		—		23,564		23,415
with unrecognized gains		14,413		14,434		3		4
Total U.S. Treasury and agency notes	Level 2	20,898		20,913		26,679		26,524
Corporate notes
with unrecognized losses for less than 12 months		1,004		1,002		13,696		13,665
with unrecognized losses for more than 12 months		—		—		12,542		12,431
with unrecognized gains		13,082		13,106		—		—
Total Corporate notes	Level 2	14,086		14,108		26,238		26,096
Municipal notes
with unrecognized losses for less than 12 months		—		—		2,994		2,982
with unrecognized losses for more than 12 months		—		—		4,116		4,087
with unrecognized gains		1,999		2,007		—		—
Total Municipal notes	Level 2	1,999		2,007		7,110		7,069

		$	39,033	$	39,084	$	64,138	$	63,749

We evaluate our securities for other-than-temporary impairment based on the specific facts and circumstances surrounding each security valued below its cost. Factors considered include the length of time the securities have been valued below cost, the financial condition of the issuer, industry reports related to the issuer, the severity of any decline, our current intention not to sell the security, and our assessment as to whether it is more likely than not that we will be required to sell the security before a recovery of its amortized cost basis. We then segregate the loss between the amounts representing a decrease in cash flows expected to be collected, or the credit loss, which is recognized through earnings, and the balance of the loss which is recognized through other comprehensive income. At December 31, 2019, the fair market value of investment securities was $51,000 above the cost basis of securities. The Company’s gross unrealized holding gains equal $60,000 and gross unrealized holding losses equal $9,000. The Company has determined that any unrealized losses in the portfolio are temporary as of December 31, 2019.

As of December 31, 2019, the adjustment to accumulated other comprehensive loss in consolidated equity for the temporary change in the value of securities reflects an increase in the market value of available-for-sale securities of $440,000, which includes estimated taxes of $123,000.

The following tables summarize the maturities, at par, of marketable securities by year ($ in thousands):



December 31, 2019	2020		2021		2022		Total
Certificates of deposit	$	2,049	$	—	$	—	$	2,049
U.S. Treasury and agency notes	20,393		502		—		20,895
Corporate notes	13,685		400		—		14,085
Municipal notes	2,000		—		—		2,000
	$	38,127	$	902	$	—	$	39,029



December 31, 2018	2019		2020		2021		Total
Certificates of deposit	$	2,311	$	1,799	$	—	$	4,110
U.S. Treasury and agency notes	17,574		9,174		—		26,748
Corporate notes	18,671		7,150		400		26,221
Municipal notes	5,111		2,000		—		7,111
	$	43,667	$	20,123	$	400	$	64,190

The Company’s investments in corporate notes are with companies that have an investment grade rating from Standard & Poor’s.