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Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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		$	25,758			$	13			$	(209	)		$	25,562
Municipal fixed-rate bonds			1,451				—				(36	)			1,415
Asset-backed bonds			8,384				—				(29	)			8,355
Mortgage/Agency-backed bonds			5,450				—				(87	)			5,363
U.S. government bonds			19,957				—				(184	)			19,773
Foreign government bonds			593				2				—				595
Available-for-sale debt securities held at fair value		$	61,593			$	15			$	(545	)		$	61,063
Restricted investment held at cost															26,700
Other investments held at cost															520
Total carrying value of available-for-sale investments														$	88,283

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 September 30, 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		$	2,800			$	—			$	3,112			$	—			$	—			$	—
One to two years			10,122				287				657				—				11,716				285
Two to three years			9,898				1,128				714				425				5,565				310
Three to five years			2,742				—				2,244				1,561				2,492				—
Five to ten years			—				—				445				525				—				—
More than ten years			—				—				1,183				2,852				—				—
Total		$	25,562			$	1,415			$	8,355			$	5,363			$	19,773			$	595

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								Nine Months Ended
		September 30,								September 30,
(In thousands)		2018				2017				2018				2017
Gross realized gains on debt securities		$	24			$	91			$	49			$	148
Gross realized losses on debt securities			(50	)			(28	)			(365	)			(179	)
Total gain (loss) recognized, net		$	(26	)		$	63			$	(316	)		$	(31	)

Realized and Unrealized Gains and Losses for Marketable Equity Securities

Realized and unrealized gains and losses for our marketable equity securities for the three and nine months ended September 30, 2018 were as follows:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(In thousands)		2018				2018
Realized gains (losses) on equity securities sold		$	1,240			$	1,587
Unrealized gains (losses) on equity securities held			3,293				4,129
Total gain (loss) recognized, net		$	4,533			$	5,716

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 September 30, 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		$	1,423			$	1,423			$	—			$	—
Foreign government securities			600				—				600				—
Cash equivalents			2,023				1,423				600				—
Available-for-sale debt securities
Corporate bonds			25,562				—				25,562				—
Municipal fixed-rate bonds			1,415				—				1,415				—
Asset-backed bonds			8,355				—				8,355				—
Mortgage/Agency-backed bonds			5,363				—				5,363				—
U.S. government bonds			19,773				19,773				—				—
Foreign government bonds			595				—				595				—
Marketable equity securities															—
Marketable equity securities – various industries			40,645				40,645				—				—
Equity in escrow			277				277				—				—
Deferred compensation plan assets			20,948				20,948				—				—
Available-for-sale securities			122,933				81,643				41,290				—
Total		$	124,956			$	83,066			$	41,890			$	—

		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			$	—

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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).

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