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Investments (Tables) | 9 Months Ended
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Sep. 30, 2017
Investments Debt And Equity Securities [Abstract] |
Securities and Investments, Recorded at Either Fair Value or Cost | At September 30, 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 |  | $ | 15,898 |  |  | $ | 3,230 |  |  | $ | (15 | ) |  | $ | 19,113 |
Corporate bonds |  |  | 45,223 |  |  |  | 75 |  |  |  | (79 | ) |  |  | 45,219 |
Municipal fixed-rate bonds |  |  | 4,887 |  |  |  | 4 |  |  |  | (17 | ) |  |  | 4,874 |
Asset-backed bonds |  |  | 7,791 |  |  |  | 5 |  |  |  | (11 | ) |  |  | 7,785 |
Mortgage/Agency-backed bonds |  |  | 7,364 |  |  |  | 7 |  |  |  | (41 | ) |  |  | 7,330 |
U.S. government bonds |  |  | 21,000 |  |  |  | 3 |  |  |  | (109 | ) |  |  | 20,894 |
Foreign government bonds |  |  | 725 |  |  |  | 3 |  |  | — |  |  |  | 728 |
Marketable equity securities |  |  | 32,394 |  |  |  | 2,649 |  |  |  | (961 | ) |  |  | 34,082 |
Available-for-sale securities held at fair value |  | $ | 135,282 |  |  | $ | 5,976 |  |  | $ | (1,233 | ) |  | $ | 140,025 |
Restricted investment held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,800 |
Other investments held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 547 |
Total carrying value of available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 168,372 |
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 and Foreign Government Bonds | As of September 30, 2017, our corporate bonds, municipal fixed-rate bonds, asset-backed bonds, mortgage/agency-backed bonds, U.S. government bonds and foreign government bonds 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 |
Less than one year |  | $ | 20,232 |  |  | $ | 2,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,903 |  |  | $ | — |
One to two years |  |  | 11,678 |  |  |  | 724 |  |  | $ | 2,638 |  |  |  | — |  |  |  | — |  |  |  | — |
Two to three years |  |  | 10,029 |  |  |  | 730 |  |  |  | 2,235 |  |  |  | — |  |  |  | 10,413 |  |  |  | 728 |
Three to five years |  |  | 3,280 |  |  |  | 1,170 |  |  |  | 1,550 |  |  |  | 917 |  |  |  | 1,578 |  |  |  | — |
Five to ten years |  |  | — |  |  |  | — |  |  |  | 450 |  |  |  | 1,348 |  |  |  | — |  |  |  | — |
More than ten years |  |  | — |  |  |  | — |  |  |  | 912 |  |  |  | 5,065 |  |  |  | — |  |  |  | — |
Total |  | $ | 45,219 |  |  | $ | 4,874 |  |  | $ | 7,785 |  |  | $ | 7,330 |  |  | $ | 20,894 |  |  | $ | 728 |
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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Gross realized gains |  | $ | 1,094 |  |  | $ | 1,346 |  |  | $ | 3,324 |  |  | $ | 5,226 |
Gross realized losses |  | $ | (85 | ) |  | $ | (30 | ) |  | $ | (455 | ) |  | $ | (1,072 | )
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 September 30, 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 |  | $ | 8,115 |  |  | $ | 8,115 |  |  | $ | — |  |  | $ | — |
Commercial Paper |  |  | 35,436 |  |  |  | — |  |  |  | 35,436 |  |  |  | — |
Cash equivalents |  |  | 43,551 |  |  |  | 8,115 |  |  |  | 35,436 |  |  |  | — |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  |  | 19,113 |  |  |  | 19,113 |  |  |  | — |  |  |  | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 45,219 |  |  |  | — |  |  |  | 45,219 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 4,874 |  |  |  | — |  |  |  | 4,874 |  |  |  | — |
Asset-backed bonds |  |  | 7,785 |  |  |  | — |  |  |  | 7,785 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 7,330 |  |  |  | — |  |  |  | 7,330 |  |  |  | — |
U.S. government bonds |  |  | 20,894 |  |  |  | 20,894 |  |  |  | — |  |  |  | — |
Foreign government bonds |  |  | 728 |  |  |  | — |  |  |  | 728 |  |  |  | — |
Available-for-sale marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 34,082 |  |  |  | 34,082 |  |  |  | — |  |  |  | — |
Available-for-sale securities |  |  | 140,025 |  |  |  | 74,089 |  |  |  | 65,936 |  |  |  | — |
Total |  | $ | 183,576 |  |  | $ | 82,204 |  |  | $ | 101,372 |  |  | $ | — |
|  | 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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