Investments
 12 Months Ended
Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Investments

NOTE 7. Investments

As of December 31, 2019 and 2018, the Company held both available‑for‑sale securities and trading securities. Available‑for‑sale investments consist entirely of seed capital investments in certain Victory Funds. Trading securities are held under a deferred compensation plan and include Victory Funds, USAA Funds and third party mutual funds.

Available‑For‑Sale Securities

The following table presents a summary of the cost and fair value of investments classified as available-for-sale:

 

 

 

 

 

 

 

 

Gross Unrealized

 

 

Fair

 

(in thousands)

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

As of December 31, 2019

 

$

 

696

 

 

$

 

85

 

 

$

 

(10

)

 

$

 

771

 

As of December 31, 2018

 

 

 

666

 

 

 

 

6

 

 

 

 

(71

)

 

 

 

601

 

 

Following the adoption of ASU 2016-01 on January 1, 2019, unrealized gains and losses on available-for-sale investments are recorded in net income in other income (expense) in the Consolidated Statements of Operations. In 2018 and 2017, unrealized gains and losses on available-for-sale investments were recorded, net of tax, in accumulated other comprehensive income (loss). Refer to Note 20, Accumulated Other Income (Loss), for further information on unrealized gains and losses on available-for-sale investments. Upon sale, accrued unrealized gains or losses were reclassed out of accumulated comprehensive income (loss). Realized gains and losses are recognized in the Consolidated Statements of Operations as other income (expense).

The following table presents proceeds and realized gains and losses recognized during the years ended December 31, 2019, 2018 and 2017:

 

 

 

Sale

 

 

Realized

 

(in thousands)

 

Proceeds

 

 

Gains

 

 

(Losses)

 

For the year ending December 31, 2019

 

$

 

158

 

 

$

 

6

 

 

$

 

—

 

For the year ending December 31, 2018

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

For the year ending December 31, 2017

 

 

 

79

 

 

 

 

15

 

 

 

 

—

 

 

Trading Securities

The following table presents a summary of the cost and fair value of investments classified as trading securities:

 

 

 

 

 

 

 

 

Gross Unrealized

 

 

Fair

 

(in thousands)

 

Cost

 

 

Gains

 

 

(Losses)

 

 

Value

 

As of December 31, 2019

 

$

 

18,670

 

 

$

 

733

 

 

$

 

(1,098

)

 

$

 

18,305

 

As of December 31, 2018

 

 

 

14,874

 

 

 

 

5

 

 

 

 

(2,160

)

 

 

 

12,719

 

 

Unrealized gains and losses on trading securities are recorded in earnings in other income (expense). Sales of trading investments throughout the year result in realized gains or losses that are recognized in the Consolidated Statements of Operations as other income (expense).

The following table presents proceeds and realized gains and losses recognized during the years ended December 31, 2019, 2018 and 2017:

 

 

 

Sale

 

 

Realized

 

 

 

Proceeds

 

 

Gains

 

 

(Losses)

 

For the year ending December 31, 2019

 

$

 

2,749

 

 

$

 

22

 

 

$

 

(71

)

For the year ending December 31, 2018

 

 

 

2,772

 

 

 

 

37

 

 

 

 

(73

)

For the year ending December 31, 2017

 

 

 

5,166

 

 

 

 

159

 

 

 

 

(34

)