Investments (Tables)

3 Months Ended

Mar. 31, 2018

Investments Debt And Equity Securities [Abstract]

Debt Securities and Other Investments, Recorded at Either Fair Value or Cost

Debt Securities and Other Investments

At March 31, 2018, we held the following debt securities and other investments, recorded at either fair value or cost:

	Amortized		Gross Unrealized					Carrying
(In thousands)	Cost		Gains		Losses			Value
Corporate bonds		49,109		43		(333	)		48,819
Municipal fixed-rate bonds		2,413		—		(30	)		2,383
Asset-backed bonds		13,334		—		(44	)		13,290
Mortgage/Agency-backed bonds		8,906		2		(72	)		8,836
U.S. government bonds		14,703		10		(204	)		14,509
Foreign government bonds		1,228		4		(1	)		1,231
Available-for-sale debt securities held at fair value	$	89,693	$	59	$	(684	)	$	89,068
Restricted investment held at cost									26,700
Other investments held at cost									520
Total carrying value of available-for-sale investments								$	116,288

At December 31, 2017, we held the following debt securities and other investments, recorded at either fair value or cost:

	Amortized		Gross Unrealized					Carrying
(In thousands)	Cost		Gains		Losses			Value
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
Available-for-sale debt securities held at fair value	$	62,857	$	53	$	(417	)	$	62,493
Restricted investment held at cost									27,800
Other investments held at cost									547
Total carrying value of available-for-sale investments								$	90,840

Contractual Maturities of Debt Securities

As of March 31, 2018, our debt securities 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	$	11,391	$	490	$	4,520	$	—	$	—	$	—
One to two years		18,406		737	$	2,459		—		6,149		—
Two to three years		10,639		210		2,669		—		2,491		1,231
Three to five years		8,383		946		1,631		2,046		5,869		—
Five to ten years		—		—		—		974		—		—
More than ten years		—		—		2,011		5,816		—		—
Total	$	48,819	$	2,383	$	13,290	$	8,836	$	14,509	$	1,231

Gross Realized Gains and Losses on Sale of Debt Securities

The following table presents gross realized gains and losses related to our debt securities:

	Three Months Ended
	March 31,
(In thousands)	2018			2017
Gross realized gains	$	—		$	—
Gross realized losses	$	(73	)	$	(15	)

Realized and Unrealized Gains and Losses for Marketable Equity Securities

Realized and unrealized gains and losses for our marketable equity securities for the three months ended March 31, 2018 were as follows:

	Three Months Ended
	March 31,
(In thousands)	2018
Realized gains (losses) on equity securities sold	$	(1	)
Unrealized gains (losses) on equity securities held		(23	)
Total gain (loss) recognized, net	$	(24	)

Fair Value Measurements of Cash Equivalents 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 include information supplied by investees.

	Fair Value Measurements at March 31, 2018 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	$	6,770	$	6,770	$	—	$	—
Asset-backed securities		1,000		—		1,000		—
Cash equivalents		7,770		6,770		1,000		—
Available-for-sale debt securities
Corporate bonds		48,819		—		48,819		—
Municipal fixed-rate bonds		2,383		—		2,383		—
Asset-backed bonds		13,290		—		13,290		—
Mortgage/Agency-backed bonds		8,836		—		8,836		—
U.S. government bonds		14,509		14,509		—		—
Foreign government bonds		1,231		—		1,231		—
Marketable equity securities
Marketable equity securities – various industries		36,519		36,519		—		—
Deferred compensation plan assets		20,067		20,067		—		—
Available-for-sale securities		145,654		71,095		74,559		—
Total	$	153,424	$	77,865	$	75,559	$	—

	Fair Value Measurements at December 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	$	5,851	$	5,851	$	—	$	—
Commercial Paper		3,999		—		3,999		—
Cash equivalents		9,850		5,851		3,999		—
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		—
Marketable equity securities
Marketable equity securities – various industries		35,662		35,662		—		—
Deferred compensation plan assets		19,883		19,883		—		—
Available-for-sale securities		118,038		69,848		48,190		—
Total	$	127,888	$	75,699	$	52,189	$	—

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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