Investments (Tables)

3 Months Ended

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	$	—