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Investments (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments Debt And Equity Securities [Abstract] |
Debt Securities and Other Investments, Recorded at Fair Value | 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 |
Contractual Maturities of Debt Securities | 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 |
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, 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 | )
Breakdown of Investments with Unrealized Losses | 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 | )
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, 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 | )
Fair Value Measurements of Cash Equivalents and Investments | 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 |  |  | $ | — |

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