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Investments (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments Debt And Equity Securities [Abstract] |
Debt Securities and Other Investments, Included on Condensed Consolidated Balance Sheet and Recorded at Fair Value | Debt Securities and Other Investments As of March 31, 2020, the following debt securities and other investments were included on the Condensed Consolidated Balance Sheet and recorded at fair value:
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Corporate bonds |  | $ | 8,967 |  |  | $ | 43 |  |  | $ | (87 | ) |  | $ | 8,923 |
Municipal fixed-rate bonds |  |  | 931 |  |  |  | 3 |  |  |  | — |  |  |  | 934 |
Asset-backed bonds |  |  | 6,052 |  |  |  | 17 |  |  |  | (76 | ) |  |  | 5,993 |
Mortgage/Agency-backed bonds |  |  | 8,389 |  |  |  | 140 |  |  |  | (62 | ) |  |  | 8,467 |
U.S. government bonds |  |  | 12,788 |  |  |  | 319 |  |  |  | (6 | ) |  |  | 13,101 |
Other |  |  | 442 |  |  |  | — |  |  |  | — |  |  |  | 442 |
Available-for-sale debt securities held at fair value |  | $ | 37,569 |  |  | $ | 522 |  |  | $ | (231 | ) |  | $ | 37,860 |
As of December 31, 2019, the following debt securities and other investments were included on the Condensed Consolidated Balance sheet and 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 |
Contractual Maturities of Debt Securities and Other Investments | As of March 31, 2020, contractual maturities related to debt securities and other investments were as follows:
(In thousands) |  | Corporate bonds |  |  | Municipal fixed-rate bonds |  |  | Asset- backed bonds |  |  | Mortgage / Agency- backed bonds |  |  | U.S. government bonds |  |  | Other |
Less than one year |  | $ | 3,274 |  |  | $ | — |  |  | $ | 101 |  |  | $ | — |  |  | $ | 61 |  |  | $ | 442 |
One to two years |  |  | 3,702 |  |  |  | 934 |  |  |  | 389 |  |  |  | 584 |  |  |  | 5,376 |  |  |  | — |
Two to three years |  |  | 1,947 |  |  |  | — |  |  |  | 1,559 |  |  |  | 1,769 |  |  |  | 7,285 |  |  |  | — |
Three to five years |  |  | — |  |  |  | — |  |  |  | 2,174 |  |  |  | 107 |  |  |  | 379 |  |  |  | — |
Five to ten years |  |  | — |  |  |  | — |  |  |  | 1,505 |  |  |  | 1,655 |  |  |  | — |  |  |  | — |
More than ten years |  |  | — |  |  |  | — |  |  |  | 265 |  |  |  | 4,352 |  |  |  | — |  |  |  | — |
Total |  | $ | 8,923 |  |  | $ | 934 |  |  | $ | 5,993 |  |  | $ | 8,467 |  |  | $ | 13,101 |  |  | $ | 442 |
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) |  | 2020 |  |  | 2019 |
Gross realized gains on debt securities |  | $ | 43 |  |  | $ | 41 |
Gross realized losses on debt securities |  |  | (20 | ) |  |  | (19 | )
Total gain recognized, net |  | $ | 23 |  |  | $ | 22 |
Realized and Unrealized Gains and Losses related to Marketable Equity Securities | Realized and unrealized gains and losses related to marketable equity securities for the three months ended March 31, 2020 and 2019 were as follows:
|  | Three Months Ended |
|  | March 31, |
(In thousands) |  | 2020 |  |  | 2019 |
Realized losses on equity securities sold |  | $ | (2,436 | ) |  | $ | (14 | )
Unrealized gains (losses) on equity securities held |  |  | (8,464 | ) |  |  | 5,918 |
Total gain (loss) recognized, net |  | $ | (10,900 | ) |  | $ | 5,904 |
Cash Equivalents and Investments held at Fair Value | The Company’s cash equivalents and investments held at fair value are categorized into this hierarchy as follows:
|  |  |  |  |  | Fair Value Measurements as of March 31, 2020 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 |  | $ | 4,826 |  |  | $ | 4,826 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 500 |  |  |  | — |  |  |  | 500 |  |  |  | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 8,923 |  |  |  | — |  |  |  | 8,923 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 934 |  |  |  | — |  |  |  | 934 |  |  |  | — |
Asset-backed bonds |  |  | 5,993 |  |  |  | — |  |  |  | 5,993 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 8,467 |  |  |  | — |  |  |  | 8,467 |  |  |  | — |
U.S. government bonds |  |  | 13,101 |  |  |  | 13,101 |  |  |  | — |  |  |  | — |
Other |  |  | 442 |  |  |  | — |  |  |  | — |  |  |  | 442 |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 24,823 |  |  |  | 24,823 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 17,349 |  |  |  | 17,349 |  |  |  | — |  |  |  | — |
Other investments |  |  | 2,106 |  |  |  | 2,106 |  |  |  | — |  |  |  | — |
Total |  | $ | 87,464 |  |  | $ | 62,205 |  |  | $ | 24,817 |  |  | $ | 442 |
|  |  |  |  |  | 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 |  |  | $ | — |

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- 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=117815213&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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- 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
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