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Investments (Tables)

12 Months Ended

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

Realized 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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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).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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