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Investments (Tables) | 3 Months Ended
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Mar. 31, 2017
Investments Debt And Equity Securities [Abstract] |
Securities and Investments, Recorded at Either Fair Value or Cost | At March 31, 2017, we held the following securities and investments, recorded at either fair value or cost:
|  | Amortized |  |  | Gross Unrealized |  |  | Carrying |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Deferred compensation plan assets |  | $ | 15,084 |  |  | $ | 2,314 |  |  | $ | (26 | ) |  | $ | 17,372 |
Corporate bonds |  |  | 72,324 |  |  |  | 99 |  |  |  | (150 | ) |  |  | 72,273 |
Municipal fixed-rate bonds |  |  | 10,970 |  |  |  | 14 |  |  |  | (25 | ) |  |  | 10,959 |
Asset-backed bonds |  |  | 11,832 |  |  |  | 10 |  |  |  | (14 | ) |  |  | 11,828 |
Mortgage/Agency-backed bonds |  |  | 12,370 |  |  |  | 23 |  |  |  | (80 | ) |  |  | 12,313 |
U.S. government bonds |  |  | 28,251 |  |  |  | 27 |  |  |  | (231 | ) |  |  | 28,047 |
Foreign government bonds |  |  | 3,279 |  |  |  | — |  |  |  | — |  |  |  | 3,279 |
Variable rate demand notes |  |  | 10,505 |  |  |  | — |  |  |  | — |  |  |  | 10,505 |
Marketable equity securities |  |  | 30,934 |  |  |  | 1,669 |  |  |  | (842 | ) |  |  | 31,761 |
Available-for-sale securities held at fair value |  | $ | 195,549 |  |  | $ | 4,156 |  |  | $ | (1,368 | ) |  | $ | 198,337 |
Restricted investment held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,800 |
Other investments held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 734 |
Total carrying value of available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 226,871 |
At December 31, 2016, we held the following securities and investments, recorded at either fair value or cost:
|  | Amortized |  |  | Gross Unrealized |  |  | Carrying |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Deferred compensation plan assets |  | $ | 12,367 |  |  | $ | 2,271 |  |  | $ | (42 | ) |  | $ | 14,596 |
Corporate bonds |  |  | 66,522 |  |  |  | 64 |  |  |  | (174 | ) |  |  | 66,412 |
Municipal fixed-rate bonds |  |  | 11,799 |  |  |  | 12 |  |  |  | (37 | ) |  |  | 11,774 |
Asset-backed bonds |  |  | 10,201 |  |  |  | 19 |  |  |  | (14 | ) |  |  | 10,206 |
Mortgage/Agency-backed bonds |  |  | 13,080 |  |  |  | 15 |  |  |  | (91 | ) |  |  | 13,004 |
U.S. government bonds |  |  | 30,022 |  |  |  | 15 |  |  |  | (270 | ) |  |  | 29,767 |
Foreign government bonds |  |  | 3,729 |  |  |  | 2 |  |  |  | (1 | ) |  |  | 3,730 |
Variable rate demand notes |  |  | 11,855 |  |  |  | — |  |  |  | — |  |  |  | 11,855 |
Marketable equity securities |  |  | 30,571 |  |  |  | 311 |  |  |  | (1,503 | ) |  |  | 29,379 |
Available-for-sale securities held at fair value |  | $ | 190,146 |  |  | $ | 2,709 |  |  | $ | (2,132 | ) |  | $ | 190,723 |
Restricted investment held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,800 |
Other investments held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 767 |
Total carrying value of available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 219,290 |
Contractual Maturities of Corporate Bonds, Municipal Fixed-Rate Bonds, Asset-Backed Bonds, Mortgage/Agency-Backed Bonds, U.S. Government Bonds, Foreign Government Bonds and Variable Rate Demand Notes | As of March 31, 2017, our corporate bonds, municipal fixed-rate bonds, asset-backed bonds, mortgage/agency-backed bonds, U.S. government bonds, foreign government bonds and variable rate demand notes had the following contractual maturities:
(In thousands) |  | Corporate bonds |  |  | Municipal fixed-rate bonds |  |  | Asset- backed bonds |  |  | Mortgage / Agency- backed bonds |  |  | U.S. government bonds |  |  | Foreign government bonds |  |  | Variable rate demand notes |
Less than one year |  | $ | 31,566 |  |  | $ | 8,237 |  |  | $ | — |  |  | $ | — |  |  | $ | 750 |  |  | $ | 1,400 |  |  | $ | — |
One to two years |  |  | 20,265 |  |  |  | 1,540 |  |  |  | 1,017 |  |  |  | 976 |  |  |  | 6,365 |  |  |  | 1,329 |  |  |  | — |
Two to three years |  |  | 19,036 |  |  |  | — |  |  |  | 2,078 |  |  |  | 726 |  |  |  | 8,569 |  |  |  | 550 |  |  |  | — |
Three to five years |  |  | 1,406 |  |  |  | 1,182 |  |  |  | 7,416 |  |  |  | — |  |  |  | 12,363 |  |  |  | — |  |  |  | 1,790 |
Five to ten years |  |  | — |  |  |  | — |  |  |  | 1,173 |  |  |  | 1,896 |  |  |  | — |  |  |  | — |  |  |  | 2,000 |
More than ten years |  |  | — |  |  |  | — |  |  |  | 144 |  |  |  | 8,715 |  |  |  | — |  |  |  | — |  |  |  | 6,715 |
Total |  | $ | 72,273 |  |  | $ | 10,959 |  |  | $ | 11,828 |  |  | $ | 12,313 |  |  | $ | 28,047 |  |  | $ | 3,279 |  |  | $ | 10,505 |
Gross Realized Gains and Losses on Sale of Securities | The following table presents gross realized gains and losses related to our investments.
|  | Three Months Ended |
|  | March 31, |
(In thousands) |  | 2017 |  |  | 2016 |
Gross realized gains |  | $ | 719 |  |  | $ | 2,364 |
Gross realized losses |  | $ | (249 | ) |  | $ | (636 | )
Fair Value Measurements of Cash Equivalents Held in Money Market Funds and Investments | We have categorized our cash equivalents held in money market funds and our investments held at fair value into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique for the cash equivalents and investments as follows: Level 1 - Values based on unadjusted quoted prices for identical assets or liabilities in an active market; Level 2 - Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly; Level 3 - Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs include information supplied by investees.
|  | Fair Value Measurements at March 31, 2017 Using |
(In thousands) |  | Fair Value |  |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,915 |  |  | $ | 5,915 |  |  | $ | — |  |  | $ | — |
Commercial Paper |  |  | 3,499 |  |  |  | — |  |  |  | 3,499 |  |  |  | — |
Cash equivalents |  |  | 9,414 |  |  |  | 5,915 |  |  |  | 3,499 |  |  |  | — |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  |  | 17,372 |  |  |  | 17,372 |  |  |  | — |  |  |  | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 72,273 |  |  |  | — |  |  |  | 72,273 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 10,959 |  |  |  | — |  |  |  | 10,959 |  |  |  | — |
Asset-backed bonds |  |  | 11,828 |  |  |  | — |  |  |  | 11,828 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 12,313 |  |  |  | — |  |  |  | 12,313 |  |  |  | — |
U.S. government bonds |  |  | 28,047 |  |  |  | 28,047 |  |  |  | — |  |  |  | — |
Foreign government bonds |  |  | 3,279 |  |  |  | — |  |  |  | 3,279 |  |  |  | — |
Variable rate demand notes |  |  | 10,505 |  |  |  | — |  |  |  | 10,505 |  |  |  | — |
Available-for-sale marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 31,761 |  |  |  | 31,761 |  |  |  | — |  |  |  | — |
Available-for-sale securities |  |  | 198,337 |  |  |  | 77,180 |  |  |  | 121,157 |  |  |  | — |
Total |  | $ | 207,751 |  |  | $ | 83,095 |  |  | $ | 124,656 |  |  | $ | — |
|  | Fair Value Measurements at December 31, 2016 Using |
(In thousands) |  | Fair Value |  |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 6,878 |  |  | $ | 6,878 |  |  | $ | — |  |  | $ | — |
Commercial Paper |  |  | 17,222 |  |  |  | — |  |  |  | 17,222 |  |  |  | — |
Cash equivalents |  |  | 24,100 |  |  |  | 6,878 |  |  |  | 17,222 |  |  |  | — |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  |  | 14,596 |  |  |  | 14,596 |  |  |  | — |  |  |  | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 66,412 |  |  |  | — |  |  |  | 66,412 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 11,774 |  |  |  | — |  |  |  | 11,774 |  |  |  | — |
Asset-backed bonds |  |  | 10,206 |  |  |  | — |  |  |  | 10,206 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 13,004 |  |  |  | — |  |  |  | 13,004 |  |  |  | — |
U.S. government bonds |  |  | 29,767 |  |  |  | 29,767 |  |  |  | — |  |  |  | — |
Foreign government bonds |  |  | 3,730 |  |  |  | — |  |  |  | 3,730 |  |  |  | — |
Variable rate demand notes |  |  | 11,855 |  |  |  | — |  |  |  | 11,855 |  |  |  | — |
Available-for-sale marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 29,379 |  |  |  | 29,379 |  |  |  | — |  |  |  | — |
Available-for-sale securities |  |  | 190,723 |  |  |  | 73,742 |  |  |  | 116,981 |  |  |  | — |
Total |  | $ | 214,823 |  |  | $ | 80,620 |  |  | $ | 134,203 |  |  | $ | — |

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