XML 19 R32.htm IDEA: XBRL DOCUMENT
v3.19.2

Investments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 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 |  | $ | 14,132 |  |  | $ | 111 |  |  | $ | (4 | ) |  | $ | 14,239 |
Municipal fixed-rate bonds |  |  | 930 |  |  |  | — |  |  |  | (3 | ) |  |  | 927 |
Asset-backed bonds |  |  | 6,580 |  |  |  | 32 |  |  |  | (3 | ) |  |  | 6,609 |
Mortgage/Agency-backed bonds |  |  | 5,362 |  |  |  | 23 |  |  |  | (6 | ) |  |  | 5,379 |
U.S. government bonds |  |  | 5,027 |  |  |  | 6 |  |  |  | (6 | ) |  |  | 5,027 |
Foreign government bonds |  |  | 1,852 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 1,852 |
Available-for-sale debt securities held at fair value |  | $ | 33,883 |  |  | $ | 173 |  |  | $ | (23 | ) |  | $ | 34,033 |
Restricted investment held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,600 |
Other investments held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,199 |
Total carrying value of available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 60,832 |
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 June 30, 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 |  | $ | 2,749 |  |  | $ | — |  |  | $ | 96 |  |  | $ | — |  |  | $ | 2,443 |  |  | $ | — |
One to two years |  |  | 8,460 |  |  |  | 927 |  |  |  | 430 |  |  |  | 264 |  |  |  | — |  |  |  | 891 |
Two to three years |  |  | 3,030 |  |  |  | — |  |  |  | 1,667 |  |  |  | 588 |  |  |  | 1,346 |  |  |  | 961 |
Three to five years |  |  | — |  |  |  | — |  |  |  | 2,018 |  |  |  | 510 |  |  |  | 1,238 |  |  |  | — |
Five to ten years |  |  | — |  |  |  | — |  |  |  | 1,772 |  |  |  | 425 |  |  |  | — |  |  |  | — |
More than ten years |  |  | — |  |  |  | — |  |  |  | 626 |  |  |  | 3,592 |  |  |  | — |  |  |  | — |
Total |  | $ | 14,239 |  |  | $ | 927 |  |  | $ | 6,609 |  |  | $ | 5,379 |  |  | $ | 5,027 |  |  | $ | 1,852 |
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 |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Gross realized gains on debt securities |  | $ | 8 |  |  | $ | 25 |  |  | $ | 49 |  |  | $ | 25 |
Gross realized losses on debt securities |  |  | (14 | ) |  |  | (241 | ) |  |  | (33 | ) |  |  | (315 | )
Total gain (loss) recognized, net |  | $ | (6 | ) |  | $ | (216 | ) |  | $ | 16 |  |  | $ | (290 | )
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 six months ended June 30, 2019 and 2018 were as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Realized gains (losses) on equity securities sold |  | $ | (49 | ) |  | $ | (52 | ) |  | $ | (63 | ) |  | $ | 347 |
Unrealized gains on equity securities held |  |  | 2,540 |  |  |  | 1,258 |  |  |  | 8,458 |  |  |  | 836 |
Total gain recognized, net |  | $ | 2,491 |  |  | $ | 1,206 |  |  | $ | 8,395 |  |  | $ | 1,183 |
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 June 30, 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 |  | $ | 1,337 |  |  | $ | 1,337 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 2,973 |  |  |  | — |  |  |  | 2,973 |  |  |  | — |
Cash equivalents |  |  | 4,310 |  |  |  | 1,337 |  |  |  | 2,973 |  |  |  | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 14,239 |  |  |  | — |  |  |  | 14,239 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 927 |  |  |  | — |  |  |  | 927 |  |  |  | — |
Asset-backed bonds |  |  | 6,609 |  |  |  | — |  |  |  | 6,609 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 5,379 |  |  |  | — |  |  |  | 5,379 |  |  |  | — |
U.S. government bonds |  |  | 5,027 |  |  |  | 5,027 |  |  |  | — |  |  |  | — |
Foreign government bonds |  |  | 1,852 |  |  |  | — |  |  |  | 1,852 |  |  |  | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 32,548 |  |  |  | 32,548 |  |  |  | — |  |  |  | — |
Equity in escrow |  |  | 185 |  |  |  | 185 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 21,228 |  |  |  | 21,228 |  |  |  | — |  |  |  | — |
Total debt and equity securities at fair value |  |  | 87,994 |  |  |  | 58,988 |  |  |  | 29,006 |  |  |  | — |
Other investments held at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 3,375 |  |  |  | — |  |  |  | — |  |  |  | — |
Total other investments held at cost |  |  | 3,375 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 95,679 |  |  | $ | 60,325 |  |  | $ | 31,979 |  |  | $ | — |
|  |  |  |  |  | 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 |  |  | $ | — |

X
- 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References No definition available. + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27357-111563 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration