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Investments (Tables)

9 Months Ended

Sep. 30, 2021

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

The following debt securities and other investments were included on the Condensed Consolidated Balance Sheet and recorded at fair value:

		As of September 30, 2021
		Amortized				Gross Unrealized								Fair
(In thousands)		Cost				Gains				Losses				Value
Corporate bonds		$	13,381			$	39			$	(6	)		$	13,414
Municipal fixed-rate bonds			2,236				13				(1	)			2,248
Asset-backed bonds			3,497				17				(1	)			3,513
Mortgage/Agency-backed bonds			9,194				35				(17	)			9,212
U.S. government bonds			16,031				34				(13	)			16,052
Foreign government bonds			544				1				(2	)			543
Other			533				—				—				533
Available-for-sale debt securities held at fair value		$	45,416			$	139			$	(40	)		$	45,515

		As of December 31, 2020
		Amortized				Gross Unrealized								Fair
(In thousands)		Cost				Gains				Losses				Value
Corporate bonds		$	11,762			$	123			$	—			$	11,885
Municipal fixed-rate bonds			2,854				30				—				2,884
Asset-backed bonds			6,634				74				—				6,708
Mortgage/Agency-backed bonds			11,536				114				(6	)			11,644
U.S. government bonds			9,763				112				—				9,875
Foreign government bonds			1,334				4				(1	)			1,337
Commercial Paper			250				—				—				250
Other			533				—				—				533
Available-for-sale debt securities held at fair value		$	44,666			$	457			$	(7	)		$	45,116

Contractual Maturities of Debt Securities and Other Investments

The contractual maturities related to debt securities and other investments were as follows:

		As of September 30, 2021
(In thousands)		Corporate bonds				Municipal fixed-rate bonds				Asset- backed bonds				Mortgage/ Agency- backed bonds				U.S. government bonds				Foreign government bonds				Other
Less than one year		$	275			$	652			$	—			$	638			$	2,593			$	—			$	533
One to two years			4,494				534				—				1,005				4,021				246				—
Two to three years			6,616				761				93				1,102				5,810				297				—
Three to five years			2,029				301				1,573				235				3,628				—				—
Five to ten years			—				—				785				1,322				—				—				—
More than ten years			—				—				1,062				4,910				—				—				—
Total		$	13,414			$	2,248			$	3,513			$	9,212			$	16,052			$	543			$	533

Gross Realized Gains and Losses on Sale of Debt Securities

The following table presents the gross realized gains and losses related to our debt securities:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(In thousands)		2021				2020				2021				2020
Gross realized gain on debt securities		$	22			$	70			$	206			$	303
Gross realized loss on debt securities			(17	)			(6	)			(53	)			(45	)
Total gain recognized, net		$	5			$	64			$	153			$	258

Realized and Unrealized Gains and Losses related to Marketable Equity Securities

Realized and unrealized gains and losses related to marketable equity securities were as follows:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(In thousands)		2021				2020				2021				2020
Realized gain (loss) on equity securities sold		$	—			$	623			$	(55	)		$	(1,485	)
Unrealized (loss) gain on equity securities held			(68	)			2,157				2,844				3,046
Total gain (loss) recognized, net		$	(68	)		$	2,780			$	2,789			$	1,561

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 September 30, 2021 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		$	532			$	532			$	—			$	—
Commercial paper			400				—				400				—
Available-for-sale debt securities
Corporate bonds			13,414				—				13,414				—
Municipal fixed-rate bonds			2,248				—				2,248				—
Asset-backed bonds			3,513				—				3,513				—
Mortgage/Agency-backed bonds			9,212				—				9,212				—
U.S. government bonds			16,052				16,052				—				—
Foreign government securities			543				—				543				—
Other			533				—				—				533
Marketable equity securities
Marketable equity securities – various industries			12,144				12,144				—				—
Deferred compensation plan assets			25,733				25,733				—				—
Other investments			1,400				1,400				—				—
Total		$	85,724			$	55,861			$	29,330			$	533

						Fair Value Measurements as of December 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		$	497			$	497			$	—			$	—
U.S. government bonds			350				350				—				—
Available-for-sale debt securities
Corporate bonds			11,885				—				11,885				—
Municipal fixed-rate bonds			2,884				—				2,884				—
Asset-backed bonds			6,708				—				6,708				—
Mortgage/Agency-backed bonds			11,644				—				11,644				—
U.S. government bonds			9,875				9,875				—				—
Foreign government bonds			1,337				—				1,337				—
Commercial paper			250				—				250				—
Other			533				—				—				533
Marketable equity securities
Marketable equity securities – various industries			10,963				10,963				—				—
Deferred compensation plan assets			23,891				23,891				—				—
Other investments			1,400				1,400				—				—
Total		$	82,217			$	46,976			$	34,708			$	533

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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

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-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
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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

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-Publisher FASB
-Name Accounting Standards Codification
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