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Investments (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Debt Securities and Other Investments, Included on Consolidated Balance Sheet and Recorded at Fair Value | Debt Securities and Other Investments As of December 31, 2022, 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 |  | $ | 2,538 |  |  | $ | 5 |  |  | $ | (81 | ) |  | $ | 2,462 |
Municipal fixed-rate bonds |  |  | 185 |  |  |  |  |  |  | (5 | ) |  |  | 180 |
Asset-backed bonds |  |  | 818 |  |  |  | 1 |  |  |  | (24 | ) |  |  | 795 |
Mortgage/Agency-backed bonds |  |  | 1,853 |  |  |  |  |  |  | (105 | ) |  |  | 1,748 |
U.S. government bonds |  |  | 3,870 |  |  |  | 3 |  |  |  | (188 | ) |  |  | 3,685 |
Foreign government bonds |  |  | 407 |  |  |  |  |  |  | (24 | ) |  |  | 383 |
Available-for-sale debt securities held at fair value |  | $ | 9,671 |  |  | $ | 9 |  |  | $ | (427 | ) |  | $ | 9,253 |
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 |
Contractual Maturities of Debt Securities | As of December 31, 2022, 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 |  | $ | — |  |  | $ | 180 |  |  | $ | — |  |  | $ | — |  |  | $ | 160 |  |  | $ | — |
One to two years |  |  | 1,450 |  |  |  | — |  |  |  | 96 |  |  |  | 162 |  |  |  | 2,787 |  |  |  | 276 |
Two to three years |  |  | 1,012 |  |  |  | — |  |  |  | 186 |  |  |  | 598 |  |  |  | 617 |  |  |  | 107 |
Three to five years |  |  | — |  |  |  | — |  |  |  | 335 |  |  |  | 253 |  |  |  | 121 |  |  |  | — |
Five to ten years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 317 |  |  |  | — |  |  |  | — |
More than ten years |  |  | — |  |  |  | — |  |  |  | 178 |  |  |  | 418 |  |  |  | — |  |  |  | — |
Total |  | $ | 2,462 |  |  | $ | 180 |  |  | $ | 795 |  |  | $ | 1,748 |  |  | $ | 3,685 |  |  | $ | 383 |
Gross Realized Gains and Losses on Sale of Debt Securities | The following table presents gross realized gains and losses related to our debt securities for the years ended December 31, 2022, 2021 and 2020:
|  | For the year ended December 31, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Gross realized gains on debt securities |  | $ | 17 |  |  | $ | 241 |  |  | $ | 459 |
Gross realized losses on debt securities |  |  | (1,211 | ) |  |  | (159 | ) |  |  | (58 | )
Total (loss) gain recognized, net |  | $ | (1,194 | ) |  | $ | 82 |  |  | $ | 401 |
Breakdown of Investments with Unrealized Losses | The following table presents the breakdown of debt securities and other investments with unrealized losses as of December 31, 2022:
|  | 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 |  | $ | 1,367 |  |  | $ | (39 | ) |  | $ | 583 |  |  | $ | (42 | ) |  | $ | 1,950 |  |  | $ | (81 | )
Municipal fixed-rate bonds |  |  | — |  |  |  | — |  |  |  | 178 |  |  |  | (5 | ) |  |  | 180 |  |  |  | (5 | )
Asset-backed bonds |  |  | 524 |  |  |  | (14 | ) |  |  | 117 |  |  |  | (10 | ) |  |  | 641 |  |  |  | (24 | )
Mortgage/Agency-backed bonds |  |  | 825 |  |  |  | (23 | ) |  |  | 844 |  |  |  | (82 | ) |  |  | 1,668 |  |  |  | (105 | )
U.S. government bonds |  |  | 2,215 |  |  |  | (106 | ) |  |  | 1,063 |  |  |  | (82 | ) |  |  | 3,278 |  |  |  | (188 | )
Foreign government bonds |  |  | — |  |  |  | — |  |  |  | 383 |  |  |  | (24 | ) |  |  | 383 |  |  |  | (24 | )
Total |  | $ | 4,931 |  |  | $ | (182 | ) |  | $ | 3,168 |  |  | $ | (245 | ) |  | $ | 8,100 |  |  | $ | (427 | )
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 | )
Realized and Unrealized Gains and Losses for Marketable Equity Securities | Re alized and unrealized gains and losses for our marketable equity securities for the year ended December 31, 2022, 2021 and 2020 were as follows:
|  | For the year ended December 31, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2019 |
Realized losses on equity securities sold |  | $ | (1,675 | ) |  | $ | (992 | ) |  | $ | (2,382 | )
Unrealized (losses) gains on equity securities held |  |  | (8,470 | ) |  |  | 2,671 |  |  |  | 6,831 |
Total (loss) gain recognized, net |  | $ | (10,145 | ) |  | $ | 1,679 |  |  | $ | 4,449 |
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 December 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 |  | $ | 228 |  |  | $ | 228 |  |  |  |  |  | $ | — |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | 2,462 |  |  |  |  |  |  | 2,462 |  |  |  | — |
Municipal fixed-rate bonds |  |  | 180 |  |  |  |  |  |  | 180 |  |  |  | — |
Asset-backed bonds |  |  | 795 |  |  |  |  |  |  | 795 |  |  |  | — |
Mortgage/Agency-backed bonds |  |  | 1,748 |  |  |  |  |  |  | 1,748 |  |  |  | — |
U.S. government bonds |  |  | 3,685 |  |  |  | 3,685 |  |  |  |  |  |  | — |
Foreign government bonds |  |  | 383 |  |  |  |  |  |  | 383 |  |  |  | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities - various industries |  |  | 804 |  |  |  | 804 |  |  |  |  |  |  | — |
Deferred compensation plan assets |  |  | 22,942 |  |  |  | 22,942 |  |  |  |  |  |  | — |
Total |  | $ | 33,227 |  |  | $ | 27,659 |  |  | $ | 5,568 |  |  | $ | — |
|  | 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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