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Investments (Tables)

12 Months Ended

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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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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