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Investments | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | Note 4 – Investments Debt Securities and Other Investments The Company did no t have any debt securities and other investments as of December 31, 2024. 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, 2024, 2023 and 2022:
|  | For the year ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Gross realized gains on debt securities |  | $ | — |  |  | $ | 9 |  |  | $ | 17 |
Gross realized losses on debt securities |  |  | — |  |  |  | (355 | ) |  |  | (1,211 | )
Total (loss) gain recognized, net |  | $ | — |  |  | $ | (346 | ) |  | $ | (1,194 | )
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, 2024, 2023 and 2022. Marketable Equity Securities Marketable equity securities consist of publicly traded stock, funds and certain other investments measured at fair value or cost, where appropriate. Re alized and unrealized gains and losses for our marketable equity securities for the year ended December 31, 2024, 2023 and 2022 were as follows:
|  | For the year ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Realized gains (losses) on equity securities sold |  | $ | 277 |  |  | $ | 17 |  |  | $ | (1,675 | )
Unrealized gains (losses) on equity securities held |  |  | 3,310 |  |  |  | 3,083 |  |  |  | (8,470 | )
Total gain (loss) recognized, net |  | $ | 3,587 |  |  | $ | 3,100 |  |  | $ | (10,145 | )
As of December 31, 2024, 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, 2024 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 |  | $ | 5,538 |  |  | $ | 5,538 |  |  | $ | — |  |  | $ | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities - various industries |  |  | 1,068 |  |  |  | 1,068 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 30,991 |  |  |  | 30,991 |  |  |  | — |  |  |  | — |
Total |  | $ | 37,597 |  |  | $ | 37,597 |  |  | $ | — |  |  | $ | — |
|  | Fair Value Measurements as of December 31, 2023 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 |  | $ | 5,302 |  |  | $ | 5,302 |  |  | $ | — |  |  | $ | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities - various industries |  |  | 905 |  |  |  | 905 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 26,838 |  |  |  | 26,838 |  |  |  | — |  |  |  | — |
Total |  | $ | 33,045 |  |  | $ | 33,045 |  |  | $ | — |  |  | $ | — |
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.

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