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Investments (Tables) | 12 Months Ended
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Dec. 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 December 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 |  | $ | 20,777 |  |  | $ | 19 |  |  | $ | (112 | ) |  | $ | 20,684 |
Municipal fixed-rate bonds |  |  | 1,339 |  |  |  | — |  |  |  | (26 | ) |  |  | 1,313 |
Asset-backed bonds |  |  | 5,230 |  |  |  | 5 |  |  |  | (14 | ) |  |  | 5,221 |
Mortgage/Agency-backed bonds |  |  | 3,833 |  |  |  | 2 |  |  |  | (44 | ) |  |  | 3,791 |
U.S. government bonds |  |  | 9,271 |  |  |  | 1 |  |  |  | (66 | ) |  |  | 9,206 |
Foreign government bonds |  |  | 592 |  |  |  | — |  |  |  | (8 | ) |  |  | 584 |
Available-for-sale debt securities held at fair value |  | $ | 41,042 |  |  | $ | 27 |  |  | $ | (270 | ) |  | $ | 40,799 |
Restricted investment held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,600 |
Other investments held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 397 |
Total carrying value of available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 66,796 |
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 December 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 |  | $ | 2,127 |  |  | $ | 176 |  |  | $ | 943 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
One to two years |  |  | 11,557 |  |  |  | 208 |  |  |  | 401 |  |  |  | — |  |  |  | 6,714 |  |  |  | 285 |
Two to three years |  |  | 6,831 |  |  |  | 929 |  |  |  | 193 |  |  |  | 425 |  |  |  | — |  |  |  | 299 |
Three to five years |  |  | 169 |  |  |  | — |  |  |  | 2,433 |  |  |  | 853 |  |  |  | 2,492 |  |  |  | — |
Five to ten years |  |  | — |  |  |  | — |  |  |  | 260 |  |  |  | 6 |  |  |  | — |  |  |  | — |
More than ten years |  |  | — |  |  |  | — |  |  |  | 991 |  |  |  | 2,507 |  |  |  | — |  |  |  | — |
Total |  | $ | 20,684 |  |  | $ | 1,313 |  |  | $ | 5,221 |  |  | $ | 3,791 |  |  | $ | 9,206 |  |  | $ | 584 |
Gross Realized Gains and Losses on Sale of Debt Securities | The following table presents gross realized gains and losses related to our debt securities for the years ended December 31, 2018, 2017 and 2016:
Year Ended December 31, (In thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Gross realized gains on debt securities |  | $ | 57 |  |  | $ | 169 |  |  | $ | 341 |
Gross realized losses on debt securities |  |  | (592 | ) |  |  | (226 | ) |  |  | (222 | )
Total gain (loss) recognized, net |  | $ | (535 | ) |  | $ | (57 | ) |  | $ | 119 |
Breakdown of Investments with Unrealized Losses | The following table presents the breakdown of debt securities and other investments with unrealized losses at December 31, 2018:
|  | Continuous Unrealized Loss Position for Less than 12 Months |  |  | Continuous Unrealized Loss Position for 12 Months or Greater |  |  | Total |
(In thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Corporate bonds |  |  | 11,129 |  |  |  | (60 | ) |  |  | 3,608 |  |  |  | (52 | ) |  |  | 14,737 |  |  |  | (112 | )
Municipal fixed-rate bonds |  |  | — |  |  |  | — |  |  |  | 1,136 |  |  |  | (26 | ) |  |  | 1,136 |  |  |  | (26 | )
Asset-backed bonds |  |  | 1,874 |  |  |  | (2 | ) |  |  | 1,257 |  |  |  | (12 | ) |  |  | 3,131 |  |  |  | (14 | )
Mortgage/Agency-backed bonds |  |  | 1,021 |  |  |  | (5 | ) |  |  | 1,918 |  |  |  | (39 | ) |  |  | 2,939 |  |  |  | (44 | )
U.S. government bonds |  |  | 6,527 |  |  |  | (48 | ) |  |  | 537 |  |  |  | (18 | ) |  |  | 7,064 |  |  |  | (66 | )
Foreign government bonds |  |  | 584 |  |  |  | (8 | ) |  |  | — |  |  |  | — |  |  |  | 584 |  |  |  | (8 | )
Total |  | $ | 21,135 |  |  | $ | (123 | ) |  | $ | 8,456 |  |  | $ | (147 | ) |  | $ | 29,591 |  |  | $ | (270 | )
The following table presents the breakdown of debt securities and other investments with unrealized losses at December 31, 2017:
|  | Continuous Unrealized Loss Position for Less than 12 Months |  |  | Continuous Unrealized Loss Position for 12 Months or Greater |  |  | Total |
(In thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
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 | )
Total |  | $ | 27,002 |  |  | $ | (109 | ) |  | $ | 20,678 |  |  | $ | (308 | ) |  | $ | 47,680 |  |  | $ | (417 | )
Realized and Unrealized Gains and Losses for Marketable Equity Securities | Realized and unrealized gains and losses for our marketable equity securities for the twelve months ended December 31, 2018 were as follows:
(In thousands) |  | 2018 |
Realized gains on equity securities sold |  | $ | 1,306 |
Unrealized losses on equity securities held |  |  | (4,821 | )
Total loss recognized, net |  | $ | (3,515 | )
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 could include information supplied by investees.
|  | Fair Value Measurements at December 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 |  | $ | 1,554 |  |  | $ | 1,554 |  |  | $ | — |  |  | $ | — |
Cash equivalents |  |  | 1,554 |  |  |  | 1,554 |  |  |  | — |  |  |  | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 20,684 |  |  |  | — |  |  |  | 20,684 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 1,313 |  |  |  | — |  |  |  | 1,313 |  |  |  | — |
Asset-backed bonds |  |  | 5,221 |  |  |  | — |  |  |  | 5,221 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 3,791 |  |  |  | — |  |  |  | 3,791 |  |  |  | — |
U.S. government bonds |  |  | 9,206 |  |  |  | 9,206 |  |  |  | — |  |  |  | — |
Foreign government bonds |  |  | 584 |  |  |  | — |  |  |  | 584 |  |  |  | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Marketable equity securities – various industries |  |  | 26,763 |  |  |  | 26,763 |  |  |  | — |  |  |  | — |
Equity in escrow |  |  | 253 |  |  |  | 253 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 18,256 |  |  |  | 18,256 |  |  |  | — |  |  |  | — |
Available-for-sale securities |  |  | 86,071 |  |  |  | 54,478 |  |  |  | 31,593 |  |  |  | — |
Total |  | $ | 87,625 |  |  | $ | 56,032 |  |  | $ | 31,593 |  |  | $ | — |
|  | 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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