XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Investments | 12 Months Ended
--- | ---
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Investments | Note 6 – Investments Debt Securities and Other Investments As of December 31, 2021, the following debt securities and other investments were included in short-term investments and long-term investments on the Consolidated Balance Sheet and recorded at fair value:
|  | Amortized |  |  | Gross Unrealized |  |  | Fair |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Corporate bonds |  | $ | 10,776 |  |  | $ | 6 |  |  | $ | (35 | ) |  | $ | 10,747 |
Municipal fixed-rate bonds |  |  | 1,553 |  |  |  | 2 |  |  |  | (4 | ) |  |  | 1,551 |
Asset-backed bonds |  |  | 322 |  |  |  | 3 |  |  |  | (3 | ) |  |  | 322 |
Mortgage/Agency-backed bonds |  |  | 4,754 |  |  |  | 15 |  |  |  | (33 | ) |  |  | 4,736 |
U.S. government bonds |  |  | 12,251 |  |  |  | 12 |  |  |  | (92 | ) |  |  | 12,171 |
Foreign government bonds |  |  | 543 |  |  |  | — |  |  |  | (4 | ) |  |  | 539 |
Available-for-sale debt securities held at fair value |  | $ | 30,199 |  |  | $ | 38 |  |  | $ | (171 | ) |  | $ | 30,066 |
As of December 31, 2020, the following debt securities and other investments were included in short-term investments and long-term investments on the Consolidated Balance Sheet and recorded at fair value:
|  | 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 |
As of December 31, 2021, 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 |  | $ | 681 |  |  | $ | 150 |  |  | $ | — |  |  | $ | 801 |  |  | $ | 1,884 |  |  | $ | — |
One to two years |  |  | 4,902 |  |  |  | 1,018 |  |  |  | — |  |  |  | 868 |  |  |  | 5,320 |  |  |  | 245 |
Two to three years |  |  | 4,333 |  |  |  | 265 |  |  |  | 29 |  |  |  | — |  |  |  | 4,421 |  |  |  | 294 |
Three to five years |  |  | 831 |  |  |  | 118 |  |  |  | — |  |  |  | 324 |  |  |  | 546 |  |  |  | — |
Five to ten years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,125 |  |  |  | — |  |  |  | — |
More than ten years |  |  | — |  |  |  | — |  |  |  | 293 |  |  |  | 1,618 |  |  |  | — |  |  |  | — |
Total |  | $ | 10,747 |  |  | $ | 1,551 |  |  | $ | 322 |  |  | $ | 4,736 |  |  | $ | 12,171 |  |  | $ | 539 |
Actual maturities may differ from contractual maturities as some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Realized gains and losses on sales of securities are computed under the specific identification method. The following table presents gross realized gains and losses related to our debt securities for the years ended December 31, 2021, 2020 and 2019:
|  | For the year ended December 31, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Gross realized gains on debt securities |  | $ | 241 |  |  | $ | 459 |  |  | $ | 108 |
Gross realized losses on debt securities |  |  | (159 | ) |  |  | (58 | ) |  |  | (50 | )
Total gain recognized, net |  | $ | 82 |  |  | $ | 401 |  |  | $ | 58 |
The Company’s investment policy provides limitations for issuer concentration, which limits, at the time of purchase, the concentration in any one issuer to 5% of the market value of the total investment portfolio. The Company did no t purchase any available-for-sale debt with credit deterioration during the years ended December 31, 2021, 2020 and 2019. The following table presents the breakdown of debt securities and other investments with unrealized losses as of December 31, 2021:
|  | 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 |  | $ | 6,795 |  |  | $ | (35 | ) |  | $ | — |  |  | $ | — |  |  | $ | 6,795 |  |  | $ | (35 | )
Municipal fixed-rate bonds |  |  | 1,129 |  |  |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | 1,129 |  |  |  | (4 | )
Asset-backed bonds |  |  | 198 |  |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | 198 |  |  |  | (3 | )
Mortgage/Agency-backed bonds |  |  | 3,006 |  |  |  | (33 | ) |  |  | — |  |  |  | — |  |  |  | 3,006 |  |  |  | (33 | )
U.S. government bonds |  |  | 10,552 |  |  |  | (92 | ) |  |  | — |  |  |  | — |  |  |  | 10,552 |  |  |  | (92 | )
Foreign government bonds |  |  | 294 |  |  |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | 294 |  |  |  | (4 | )
Total |  | $ | 21,974 |  |  | $ | (171 | ) |  | $ | — |  |  | $ | — |  |  | $ | 21,974 |  |  | $ | (171 | )
The following table presents the breakdown of debt securities and other investments with unrealized losses as of December 31, 2020:
|  | 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 |  | $ | 336 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 336 |  |  | $ | — |
Municipal fixed-rate bonds |  |  | 310 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 310 |  |  |  | — |
Asset-backed bonds |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 2,078 |  |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | 2,078 |  |  |  | (6 | )
U.S. government bonds |  |  | 350 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 350 |  |  |  | — |
Foreign government bonds |  |  | 302 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 302 |  |  |  | (1 | )
Total |  | $ | 3,378 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,378 |  |  | $ | (7 | )
The increase in unrealized losses during 2021 resulted from changes in market positions associated with our fixed income portfolio. Marketable Equity Securities Marketable equity securities consist of publicly traded stock, funds and certain other investments measured at fair value or cost, where appropriate. The Company has an equity investment which does not have a readily determinable fair value, and is recorded using the measurement alternative. Under the measurement alternative, equity investments that do not have a readily determinable fair value can be recorded at cost less impairment, if any, adjusted for observable price changes for an identical or similar investment. The carrying value of the equity investment as of December 31, 2021 and 2020 was $1.0 million and $0.8 million, respectively. During the years ended December 31, 2021 and 2020, impairment charges totaling $0.4 million and $2.6 million, respectively, were recorded related to the equity investment and are included in net investment gain (loss) on the Consolidated Statement of (Loss) Income. There were no impairment charges during the year ended December 31, 2019. During the year ended December 31, 2021, an unsecured loan totaling $0.5 million was converted to equity which increased the Company's carrying value of the equity investment. The Company has a secured note receivable as of December 31, 2021 and 2020 which totaled $0.4 million and $0.9 million, respectively, and is included in long-term investments on the Consolidated Balance Sheets. During the year ended December 31, 2021, an impairment charge of $0.5 million was recognized against the secured note receivable is included in net investment gain (loss) on the Consolidated Statement of (Loss) Income. There were no impairment charges during the years ended December 31, 2020 and 2019. The Company had an unsecured loan as of December 31, 2020 totaling $0.5 million. Realized and unrealized gains and losses for our marketable equity securities for the year ended December 31, 2021, 2020 and 2019 were as follows:
|  | For the year ended December 31, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Realized losses on equity securities sold |  | $ | (992 | ) |  | $ | (2,382 | ) |  | $ | (96 | )
Unrealized gains on equity securities held |  |  | 2,671 |  |  |  | 6,831 |  |  |  | 11,472 |
Total gain (loss) recognized, net |  | $ | 1,679 |  |  | $ | 4,449 |  |  | $ | 11,376 |
As of December 31, 2021 and 2020, gross unrealized losses related to individual investments in a continuous loss position for twelve months or longer were not material. U.S. GAAP establishes a three-level valuation hierarchy based upon observable and unobservable inputs for fair value measurement of financial instruments: • Level 1 – Observable outputs; values based on unadjusted quoted prices for identical assets or liabilities in an active market; • Level 2 – Significant inputs that are observable; values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly; • Level 3 – Significant unobservable inputs; values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement; inputs could include information supplied by investees. The Company’s cash equivalents and investments held at fair value are categorized into this hierarchy as follows:
|  | Fair Value Measurements as of December 31, 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 |  | $ | 652 |  |  | $ | 652 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 10,747 |  |  |  | — |  |  |  | 10,747 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 1,551 |  |  |  | — |  |  |  | 1,551 |  |  |  | — |
Asset-backed bonds |  |  | 322 |  |  |  | — |  |  |  | 322 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 4,736 |  |  |  | — |  |  |  | 4,736 |  |  |  | — |
U.S. government bonds |  |  | 12,171 |  |  |  | 12,171 |  |  |  | — |  |  |  | — |
Foreign government bonds |  |  | 539 |  |  |  | — |  |  |  | 539 |  |  |  | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities - various industries |  |  | 12,606 |  |  |  | 12,606 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 26,935 |  |  |  | 26,935 |  |  |  | — |  |  |  | — |
Total |  | $ | 70,259 |  |  | $ | 52,364 |  |  | $ | 17,895 |  |  | $ | — |
|  | 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 investments |  |  | 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 |
The fair value of our Level 2 securities is calculated using a weighted average market price for each security. Market prices are obtained from a variety of industry standard data providers, large financial institutions and other third-party sources. These multiple market prices are used as inputs into a distribution-curve-based algorithm to determine the daily market value of each security. The fair value of Level 3 securities is calculated based on unobservable inputs. Quantitative information with respect to unobservable inputs consisted of third-party valuations performed in accordance with ASC 820 – Fair Value Measurement. Inputs used in preparing the third-party valuation included the following assumptions, among others: estimated discount rates and fair market yields. Our variable rate demand notes have a structure that implies a standard expected market price. The frequent interest rate resets make it reasonable to expect the price to stay at par. These securities are priced at the expected market price.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration