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Investments (Tables)

3 Months Ended

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			$	—

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=117815213&loc=d3e19207-110258

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-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

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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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
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