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Investments | 12 Months Ended
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Dec. 31, 2019
Investments Debt And Equity Securities [Abstract] |
Investments | Note 5 – Investments Debt Securities and Other Investments As of December 31, 2019, we held the following debt securities and other investments, recorded at fair value:
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Corporate bonds |  | $ | 9,304 |  |  | $ | 80 |  |  | $ | — |  |  | $ | 9,384 |
Municipal fixed-rate bonds |  |  | 930 |  |  |  | — |  |  |  | — |  |  |  | 930 |
Asset-backed bonds |  |  | 6,867 |  |  |  | 26 |  |  |  | (3 | ) |  |  | 6,890 |
Mortgage/Agency-backed bonds |  |  | 6,944 |  |  |  | 26 |  |  |  | (8 | ) |  |  | 6,962 |
U.S. government bonds |  |  | 12,311 |  |  |  | 21 |  |  |  | (9 | ) |  |  | 12,323 |
Foreign government bonds |  |  | 372 |  |  |  | — |  |  |  | (1 | ) |  |  | 371 |
Variable rate demand notes |  |  | 800 |  |  |  | — |  |  |  | — |  |  |  | 800 |
Available-for-sale debt securities held at fair value |  | $ | 37,528 |  |  | $ | 153 |  |  | $ | (21 | ) |  | $ | 37,660 |
As of December 31, 2018, we held the following debt securities and other investments, recorded at fair value:
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
(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 |
As of December 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 |  | $ | 4,005 |  |  | $ | — |  |  | $ | 396 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
One to two years |  |  | 4,120 |  |  |  | 930 |  |  |  | 760 |  |  |  | 213 |  |  |  | 1,347 |  |  |  | — |
Two to three years |  |  | 967 |  |  |  | — |  |  |  | 1,632 |  |  |  | 1,424 |  |  |  | 9,344 |  |  |  | — |
Three to five years |  |  | 292 |  |  |  | — |  |  |  | 2,092 |  |  |  | 494 |  |  |  | 1,632 |  |  |  | 371 |
Five to ten years |  |  | — |  |  |  | — |  |  |  | 1,719 |  |  |  | 792 |  |  |  | — |  |  |  | — |
More than ten years |  |  | — |  |  |  | — |  |  |  | 291 |  |  |  | 4,039 |  |  |  | — |  |  |  | — |
Total |  | $ | 9,384 |  |  | $ | 930 |  |  | $ | 6,890 |  |  | $ | 6,962 |  |  | $ | 12,323 |  |  | $ | 371 |
Actual maturities may differ from contractual maturities as some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Realized gains and losses on sales of securities are computed under the specific identification method. The following table presents gross realized gains and losses related to our debt securities for the years ended December 31, 2019, 2018 and 2017:
(In thousands) Year Ended December 31, |  | 2019 |  |  | 2018 |  |  | 2017 |
Gross realized gains on debt securities |  | $ | 108 |  |  | $ | 57 |  |  | $ | 169 |
Gross realized losses on debt securities |  |  | (50 | ) |  |  | (592 | ) |  |  | (226 | )
Total gain (loss) recognized, net |  | $ | 58 |  |  | $ | (535 | ) |  | $ | (57 | )
Our investment policy provides limitations for issuer concentration, which limits, at the time of purchase, the concentration in any one issuer to 5% of the market value of our total investment portfolio. The following table presents the breakdown of debt securities and other investments with unrealized losses as of December 31, 2019:
|  | 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 |  |  | 203 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 203 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 930 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 930 |  |  |  | — |
Asset-backed bonds |  |  | 797 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | 797 |  |  |  | (3 | )
Mortgage/Agency-backed bonds |  |  | 2,594 |  |  |  | (6 | ) |  |  | 136 |  |  |  | (2 | ) |  |  | 2,730 |  |  |  | (8 | )
U.S. government bonds |  |  | 4,070 |  |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | 4,070 |  |  |  | (9 | )
Marketable equity securities |  |  | 371 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 371 |  |  |  | (1 | )
Total |  | $ | 8,965 |  |  | $ | (19 | ) |  | $ | 136 |  |  | $ | (2 | ) |  | $ | 9,101 |  |  | $ | (21 | )
The following table presents the breakdown of debt securities and other investments with unrealized losses as of 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 decrease in unrealized losses during 2019, as reflected in the table above, results from changes in market positions associated with our fixed income portfolio. Marketable Equity Securities Our marketable equity securities consist of publicly traded stocks or funds measured at fair value. Prior to January 1, 2018, our marketable equity securities were classified as available-for-sale. Realized gains and losses on marketable equity securities were included in net investment gain (loss). Unrealized gains and losses were recognized in accumulated other comprehensive income (loss), net of deferred taxes, on the balance sheet. On January 1, 2018, we adopted ASU 2016-01, which requires us to measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value, with any changes in fair value recognized in net investment gain (loss). Upon adoption, we reclassified $3.2 million of net unrealized gains related to marketable equity securities from accumulated other comprehensive income (loss) to opening retained earnings. ASU 2016-01 also provides a measurement alternative for equity investments that do not have a readily determinable fair value in which investments can be recorded at cost less impairment, if any, adjusted for observable price changes for an identical or similar investment. We elected to record our equity investment that does not have a readily determinable fair value using the measurement alternative method. As of December 31, 2018, the Company had a note receivable of approximately $4.3 million, which was included in other receivables on the Consolidated Balance Sheets. During the three months ended March 31, 2019, this amount was repaid and reissued in the form of debt and equity. Approximately $3.4 million was issued as an equity investment, which represented a non-cash investing activity. The carrying value of this investment under the measurement alternative was $3.4 million as of December 31, 2019. The remaining amount, approximately $0.9 million, was converted into a new note receivable, which is included in other receivables on the Consolidated Balance Sheets and represents a non-cash operating activity. Realized and unrealized gains and losses for our marketable equity securities for the twelve months ended December 31, 2019 were as follows:
(In thousands) |  | 2019 |  |  | 2018 |
Realized gains (losses) on equity securities sold |  | $ | (96 | ) |  | $ | 1,306 |
Unrealized gains (losses) on equity securities held |  |  | 11,472 |  |  |  | (4,821 | )
Total gain (loss) recognized, net |  | $ | 11,376 |  |  | $ | (3,515 | )
As of December 31, 2019 and 2018, gross unrealized losses related to individual investments in a continuous loss position for twelve months or longer were not material. U.S. GAAP establishes a three-level valuation hierarchy based upon observable and unobservable inputs for fair value measurement of financial instruments:
| • | Level 1 – Observable outputs; values based on unadjusted quoted prices for identical assets or liabilities in an active market;
| • | Level 2 – Significant inputs that are observable; values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly;
| • | Level 3 – Significant unobservable inputs; 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.
We have categorized our cash equivalents and our investments held at fair value into this hierarchy as follows:
|  | Fair Value Measurements as of December 31, 2019 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 |  | $ | 1,309 |  |  | $ | 1,309 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 9,384 |  |  |  | — |  |  |  | 9,384 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 930 |  |  |  | — |  |  |  | 930 |  |  |  | — |
Asset-backed bonds |  |  | 6,890 |  |  |  | — |  |  |  | 6,890 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 6,962 |  |  |  | — |  |  |  | 6,962 |  |  |  | — |
U.S. government bonds |  |  | 12,323 |  |  |  | 12,323 |  |  |  | — |  |  |  | — |
Foreign government bonds |  |  | 371 |  |  |  | — |  |  |  | 371 |  |  |  | — |
Variable rate demand notes |  |  | 800 |  |  |  | — |  |  |  | 800 |  |  |  | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 35,501 |  |  |  | 35,501 |  |  |  | — |  |  |  | — |
Equity in escrow |  |  | 298 |  |  |  | 298 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 21,698 |  |  |  | 21,698 |  |  |  | — |  |  |  | — |
Other investments |  |  | 2,442 |  |  |  | 2,442 |  |  |  | — |  |  |  | — |
Total |  | $ | 98,908 |  |  | $ | 73,571 |  |  | $ | 25,337 |  |  | $ | — |
|  | Fair Value Measurements as of 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 |  |  | $ | — |  |  | $ | — |
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 |  | $ | 87,625 |  |  | $ | 56,032 |  |  | $ | 31,593 |  |  | $ | — |
The fair value of our Level 2 securities is calculated using a weighted average market price for each security. Market prices are obtained from a variety of industry standard data providers, security master files from large financial institutions and other third-party sources. These multiple market prices are used as inputs into a distribution-curve-based algorithm to determine the daily market value of each security. Our variable rate demand notes have a structure that implies a standard expected market price. The frequent interest rate resets make it reasonable to expect the price to stay at par. These securities are priced at the expected market price.

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