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Investments (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022
		Amortized				Gross Unrealized								Fair
(In thousands)		Cost				Gains				Losses				Value
Corporate bonds		$	9,299			$	1			$	(206	)		$	9,094
Municipal fixed-rate bonds			1,684				—				(37	)			1,647
Asset-backed bonds			318				—				(11	)			307
Mortgage/Agency-backed bonds			4,703				1				(142	)			4,562
U.S. government bonds			14,000				—				(446	)			13,554
Foreign government bonds			411				—				(17	)			394
Available-for-sale debt securities held at fair value		$	30,415			$	2			$	(859	)		$	29,558

		As of December 31, 2021
		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

Contractual Maturities of Debt Securities and Other Investments

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

		As of March 31, 2022
(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		$	295			$	269			$	—			$	1,050			$	979			$	—
One to two years			5,965				1,265				—				479				4,800				—
Two to three years			2,596				113				—				289				7,106				394
Three to five years			238				—				49				371				669				—
Five to ten years			—				—				—				915				—				—
More than ten years			—				—				258				1,458				—				—
Total		$	9,094			$	1,647			$	307			$	4,562			$	13,554			$	394

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
		March 31,
(In thousands)		2022				2021
Gross realized gain on debt securities		$	12			$	87
Gross realized loss on debt securities			(40	)			(16	)
Total (loss) gain recognized, net		$	(28	)		$	71

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
		March 31,
(In thousands)		2022				2021
Realized (loss) gain on equity securities sold		$	(25	)		$	24
Unrealized (loss) gain on equity securities held			(3,362	)			901
Total (loss) gain recognized, net		$	(3,387	)		$	925

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, 2022 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		$	457			$	457			$	—			$	—
Available-for-sale debt securities
Corporate bonds			9,094				—				9,094				—
Municipal fixed-rate bonds			1,647				—				1,647				—
Asset-backed bonds			307				—				307				—
Mortgage/Agency-backed bonds			4,562				—				4,562				—
U.S. government bonds			13,554				13,554								—
Foreign government securities			394				—				394				—
Marketable equity securities
Marketable equity securities – various industries			11,143				11,143				—				—
Deferred compensation plan assets			26,081				26,081				—				—
Total		$	67,239			$	51,235			$	16,004			$	—

						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			$	—

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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=123874694&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=123874694&loc=d3e19207-110258

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+ References

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-Publisher FASB
-Name Accounting Standards Codification
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