Investments (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019, 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	$	15,964	$	69	$	(24	)	$	16,009
Municipal fixed-rate bonds		951		—		(13	)		938
Asset-backed bonds		7,171		13		(9	)		7,175
Mortgage/Agency-backed bonds		4,561		6		(26	)		4,541
U.S. government bonds		4,238		—		(11	)		4,227
Foreign government bonds		2,159		—		(2	)		2,157
Available-for-sale debt securities held at fair value	$	35,044	$	88	$	(85	)	$	35,047
Restricted investment held at cost									25,600
Other investments held at cost									1,180
Total carrying value of available-for-sale investments								$	61,827

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

Contractual Maturities of Debt Securities

As of March 31, 2019, 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	$	3,127	$	—	$	872	$	—	$	1,691	$	—
One to two years		8,389		—		387		289		—		1,196
Two to three years		4,493		938		976		—		1,324		961
Three to five years		—		—		3,105		827		1,212		—
Five to ten years		—		—		1,038		303		—		—
More than ten years		—		—		797		3,122		—		—
Total	$	16,009	$	938	$	7,175	$	4,541	$	4,227	$	2,157

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)	2019			2018
Gross realized gains on debt securities	$	41		$	—
Gross realized losses on debt securities		(19	)		(73	)
Total gain (loss) recognized, net	$	22		$	(73	)

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, 2019 and 2018 were as follows:

	Three Months Ended
	March 31,
(In thousands)	2019			2018
Realized gains (losses) on equity securities sold	$	(14	)	$	398
Unrealized gains (losses) on equity securities held		5,918			(422	)
Total gain (loss) recognized, net	$	5,904		$	(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, 2019 Using
(In thousands)	Cost or 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	$	1,279	$	1,279	$	—	$	—
Commercial paper		6,547		—		6,547		—
Cash equivalents		7,826		1,279		6,547		—
Available-for-sale debt securities
Corporate bonds		16,009		—		16,009		—
Municipal fixed-rate bonds		938		—		938		—
Asset-backed bonds		7,175		—		7,175		—
Mortgage/Agency-backed bonds		4,541		—		4,541		—
U.S. government bonds		4,227		4,227		—		—
Foreign government bonds		2,157		—		2,157		—
Marketable equity securities								—
Marketable equity securities – various industries		30,725		30,725		—		—
Equity in escrow		174		174		—		—
Deferred compensation plan assets		20,416		20,416		—		—
Total debt and equity securities at fair value		86,362		55,542		30,820		—
Other investments held at cost
Other investments		3,375		—		—		—
Total other investments held at cost		3,375		—		—		—
Total	$	97,563	$	56,821	$	37,367	$	—

			Fair Value Measurements at December 31, 2018 Using
(In thousands)	Cost or 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		—		—
Total debt and equity securities at fair value		86,071		54,478		31,593		—
Total	$	87,625	$	56,032	$	31,593	$	—