Quarterly report pursuant to Section 13 or 15(d)

Investments

v2.4.0.8
Investments
 9 Months Ended
Sep. 30, 2014
Investments  
Investments

(4)Investments

 

The amortized cost and estimated fair values of available-for-sale securities by balance sheet classification are as follows:

 

As of September 30, 2014

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair
Value

 

Municipal obligations

 

$
201

 

$
1

 

$

—

 

$
202

 

U.S. government securities funds

 
1,000

 

—

 
(12

)
988

 

Equity securities

 
227

 
412

 
(9

)
630

 

Total short-term investment securities

 

$
1,428

 

$
413

 

$
(21

)

$
1,820

 

 

As of December 31, 2013

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair
Value

 

Municipal obligations

 

$
403

 

$
12

 

$

—

 

$
415

 

U.S. government securities funds

 
997

 

—

 
(14

)
983

 

Equity securities

 
227

 
386

 
(5

)
608

 

Total short-term investment securities

 

$
1,627

 

$
398

 

$
(19

)

$
2,006

 

 

The municipal obligations held at a fair value of $202 at September 30, 2014, all mature in less than one year.

 

During the nine-month periods ended September 30, 2014, and 2013, the proceeds from the sales of available-for-sale securities were $247 and $100, respectively. There were no gross realized gains (losses) on sales of available-for-sale securities (net of tax) for the nine-month periods ended September 30, 2014 and 2013, respectively.

 

The Company’s trading securities portfolio totaled $1,012 at September 30, 2014, and $971 at December 31, 2013, and generated gains of $33 and $45 for the nine months ended September 30, 2014 and 2013.

 

As of September 30, 2014, and December 31, 2013, the Company had unrealized losses of $12 and $14, respectively, in its U.S. government securities funds. These losses are due to the interest rate sensitivity of the municipal obligations and the performance of the overall stock market for the equity securities.