Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	13,747	$	168	$	(1	)	$	13,914
Municipal fixed-rate bonds		2,379		21		—			2,400
Asset-backed bonds		7,600		86		(4	)		7,682
Mortgage/Agency-backed bonds		7,944		152		(12	)		8,084
U.S. government bonds		7,935		211		—			8,146
Foreign government bonds		540		—		—			540
Commercial paper		1,120		4		—			1,124
Variable-rate demand notes		300		—		—			300
Other		442		—		—			442
Available-for-sale debt securities held at fair value	$	42,007	$	642	$	(17	)	$	42,632

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 June 30, 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		Foreign government bonds		Commercial paper		Variable-rate demand notes		Other
Less than one year	$	5,441	$	738	$	465	$	146	$	—	$	—	$	1,124	$	—	$	442
One to two years		2,926		528		465		603		1,638		75		—		—		—
Two to three years		5,547		757		1,141		1,528		6,065		465		—		—		—
Three to five years		—		377		3,932		—		443		—		—		—		—
Five to ten years		—		—		982		1,890		—		—		—		—		—
More than ten years		—		—		697		3,917		—		—		—		300		—
Total	$	13,914	$	2,400	$	7,682	$	8,084	$	8,146	$	540	$	1,124	$	300	$	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						Six Months Ended
	June 30,						June 30,
(In thousands)	2020			2019			2020			2019
Gross realized gains on debt securities	$	190		$	8		$	233		$	49
Gross realized losses on debt securities		(19	)		(14	)		(39	)		(33	)
Total gain recognized, net	$	171		$	(6	)	$	194		$	16

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 and six months ended June 30, 2020 and 2019 were as follows:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In thousands)	2020		2019			2020			2019
Realized gains (losses) on equity securities sold	$	328	$	(49	)	$	(2,108	)	$	(63	)
Unrealized gains (losses) on equity securities held		9,353		2,540			889			8,458
Total gain (loss) recognized, net	$	9,681	$	2,491		$	(1,219	)	$	8,395

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 June 30, 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	$	1,697	$	1,697	$	—	$	—
U.S. government securities		1,250		1,250		—		—
Commercial paper		100		—		100		—
Available-for-sale debt securities
Corporate bonds		13,914		—		13,914		—
Municipal fixed-rate bonds		2,400		—		2,400		—
Asset-backed bonds		7,682		—		7,682		—
Mortgage/Agency-backed bonds		8,084		—		8,084		—
U.S. government bonds		8,146		8,146		—		—
Foreign government securities		540		—		540		—
Commercial paper		1,124		—		1,124		—
Variable-rate demand notes		300		—		300		—
Other		442		—		—		442
Marketable equity securities
Marketable equity securities – various industries		26,116		26,116		—		—
Deferred compensation plan assets		20,468		20,468		—		—
Other investments		1,223		1,223		—		—
Total	$	93,486	$	58,900	$	34,144	$	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	$	—