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Investments (Tables) | 12 Months Ended
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Dec. 31, 2017
Investments Debt And Equity Securities [Abstract] |
Securities and Investments, Recorded at Either Fair Value or Cost | At December 31, 2017, we held the following securities and investments, recorded at either fair value or cost:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value / |
|  | Amortized |  |  | Gross Unrealized |  |  | Carrying |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Deferred compensation plan assets |  | $ | 17,804 |  |  | $ | 2,175 |  |  | $ | (96 | ) |  | $ | 19,883 |
Corporate bonds |  |  | 32,654 |  |  |  | 44 |  |  |  | (155 | ) |  |  | 32,543 |
Municipal fixed-rate bonds |  |  | 2,902 |  |  |  | 2 |  |  |  | (22 | ) |  |  | 2,882 |
Asset-backed bonds |  |  | 6,545 |  |  |  | 1 |  |  |  | (20 | ) |  |  | 6,526 |
Mortgage/Agency-backed bonds |  |  | 5,554 |  |  |  | 1 |  |  |  | (46 | ) |  |  | 5,509 |
U.S. government bonds |  |  | 14,477 |  |  |  | — |  |  |  | (174 | ) |  |  | 14,303 |
Foreign government bonds |  |  | 725 |  |  |  | 5 |  |  |  | — |  |  |  | 730 |
Marketable equity securities |  |  | 33,478 |  |  |  | 3,034 |  |  |  | (850 | ) |  |  | 35,662 |
Available-for-sale securities held at fair value |  | $ | 114,139 |  |  | $ | 5,262 |  |  | $ | (1,363 | ) |  | $ | 118,038 |
Restricted investment held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,800 |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 547 |
Total carrying value of available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 146,385 |
At December 31, 2016, we held the following securities and investments, recorded at either fair value or cost:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair Value / |
|  | 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 December 31, 2017, 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 |  | $ | 12,021 |  |  | $ | 891 |  |  | $ | 143 |  |  | $ | — |  |  | $ | 3,073 |  |  | $ | — |
One to two years |  |  | 9,145 |  |  |  | 826 |  |  |  | 2,367 |  |  |  | — |  |  |  | 5,960 |  |  |  | — |
Two to three years |  |  | 7,345 |  |  |  | 212 |  |  |  | 2,245 |  |  |  | — |  |  |  | 3,568 |  |  |  | 730 |
Three to five years |  |  | 4,032 |  |  |  | 953 |  |  |  | 810 |  |  |  | 356 |  |  |  | 1,702 |  |  |  | — |
Five to ten years |  |  | — |  |  |  | — |  |  |  | 158 |  |  |  | 1,144 |  |  |  | — |  |  |  | — |
More than ten years |  |  | — |  |  |  | — |  |  |  | 803 |  |  |  | 4,009 |  |  |  | — |  |  |  | — |
Total |  | $ | 32,543 |  |  | $ | 2,882 |  |  | $ | 6,526 |  |  | $ | 5,509 |  |  | $ | 14,303 |  |  | $ | 730 |
Gross Realized Gains and Losses on Sale of Securities | The following table presents gross realized gains and losses related to our investments for the years ended December 31, 2017, 2016 and 2015:
Year Ended December 31, (In thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Gross realized gains |  | $ | 5,258 |  |  | $ | 7,530 |  |  | $ | 10,906 |
Gross realized losses |  | $ | (573 | ) |  | $ | (1,607 | ) |  | $ | (569 | )
Breakdown of Investments with Unrealized Losses | The following table presents the breakdown of investments with unrealized losses at December 31, 2017:
(In thousands) |  | Continuous Unrealized Loss Position for Less than 12 Months |  |  | Continuous Unrealized Loss Position for 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Deferred compensation plan assets |  | $ | 1,922 |  |  | $ | (81 | ) |  | $ | 262 |  |  | $ | (15 | ) |  | $ | 2,184 |  |  | $ | (96 | )
Corporate bonds |  |  | 16,015 |  |  |  | (58 | ) |  |  | 6,112 |  |  |  | (97 | ) |  |  | 22,127 |  |  |  | (155 | )
Municipal fixed-rate bonds |  |  | 230 |  |  |  | — |  |  |  | 1,165 |  |  |  | (22 | ) |  |  | 1,395 |  |  |  | (22 | )
Asset-backed bonds |  |  | 4,941 |  |  |  | (17 | ) |  |  | 179 |  |  |  | (3 | ) |  |  | 5,120 |  |  |  | (20 | )
Mortgage/Agency-backed bonds |  |  | 3,062 |  |  |  | (8 | ) |  |  | 1,673 |  |  |  | (38 | ) |  |  | 4,735 |  |  |  | (46 | )
U.S. government bonds |  |  | 2,754 |  |  |  | (26 | ) |  |  | 11,549 |  |  |  | (148 | ) |  |  | 14,303 |  |  |  | (174 | )
Marketable equity securities |  |  | 10,169 |  |  |  | (712 | ) |  |  | 544 |  |  |  | (138 | ) |  |  | 10,713 |  |  |  | (850 | )
Total |  | $ | 39,093 |  |  | $ | (902 | ) |  | $ | 21,484 |  |  | $ | (461 | ) |  | $ | 60,577 |  |  | $ | (1,363 | )
The following table presents the breakdown of investments with unrealized losses at December 31, 2016:
(In thousands) |  | Continuous Unrealized Loss Position for Less than 12 Months |  |  | Continuous Unrealized Loss Position for 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Deferred compensation plan assets |  | $ | 294 |  |  | $ | (12 | ) |  | $ | 245 |  |  | $ | (30 | ) |  | $ | 539 |  |  | $ | (42 | )
Corporate bonds |  |  | 32,562 |  |  |  | (166 | ) |  |  | 2,722 |  |  |  | (8 | ) |  |  | 35,284 |  |  |  | (174 | )
Municipal fixed-rate bonds |  |  | 8,936 |  |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | 8,936 |  |  |  | (37 | )
Asset-backed bonds |  |  | 2,986 |  |  |  | (14 | ) |  |  | — |  |  |  | — |  |  |  | 2,986 |  |  |  | (14 | )
Mortgage/Agency-backed bonds |  |  | 7,842 |  |  |  | (81 | ) |  |  | 1,239 |  |  |  | (10 | ) |  |  | 9,081 |  |  |  | (91 | )
U.S. government bonds |  |  | 26,449 |  |  |  | (270 | ) |  |  | — |  |  |  | — |  |  |  | 26,449 |  |  |  | (270 | )
Foreign government bonds |  |  | 924 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 924 |  |  |  | (1 | )
Marketable equity securities |  |  | 21,607 |  |  |  | (1,200 | ) |  |  | 1,495 |  |  |  | (303 | ) |  |  | 23,102 |  |  |  | (1,503 | )
Total |  | $ | 101,600 |  |  | $ | (1,781 | ) |  | $ | 5,701 |  |  | $ | (351 | ) |  | $ | 107,301 |  |  | $ | (2,132 | )
Fair Value Measurements of Cash Equivalents Held in Money Market Funds and Investments | We have categorized our cash equivalents 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 could include information supplied by investees.
|  | Fair Value Measurements at December 31, 2017 Using |
(In thousands) |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,851 |  |  | $ | 5,851 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 3,999 |  |  |  | — |  |  |  | 3,999 |  |  |  | — |
Cash equivalents |  |  | 9,850 |  |  |  | 5,851 |  |  |  | 3,999 |  |  |  | — |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  |  | 19,883 |  |  |  | 19,883 |  |  |  | — |  |  |  | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 32,543 |  |  |  | — |  |  |  | 32,543 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 2,882 |  |  |  | — |  |  |  | 2,882 |  |  |  | — |
Asset-backed bonds |  |  | 6,526 |  |  |  | — |  |  |  | 6,526 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 5,509 |  |  |  | — |  |  |  | 5,509 |  |  |  | — |
U.S. government bonds |  |  | 14,303 |  |  |  | 14,303 |  |  |  | — |  |  |  | — |
Foreign government bonds |  |  | 730 |  |  |  | — |  |  |  | 730 |  |  |  | — |
Available-for-sale marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 35,662 |  |  |  | 35,662 |  |  |  | — |  |  |  | — |
Available-for-sale securities |  |  | 118,038 |  |  |  | 69,848 |  |  |  | 48,190 |  |  |  | — |
Total |  | $ | 127,888 |  |  | $ | 75,699 |  |  | $ | 52,189 |  |  | $ | — |
|  | Fair Value Measurements at December 31, 2016 Using |
(In thousands) |  | Fair Value |  |  | Quoted Prices in Active Markets 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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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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