Investments in Equity Securities

9 Months Ended

Sep. 30, 2018

Equity securities

Schedule of Available-for-sale Securities [Line Items]

Investments in Equity Securities

Investments in Equity Securities

At September 30, 2018 and December 31, 2017, investments in equity securities were as follows:

(In thousands)	Cost		Gross Unrealized (1)					Fair Value		Carrying Value
			Gains		Losses
September 30, 2018
Common stocks	$	117,880	$	56,869	$	(7,811	)	$	166,938	$	166,938
Preferred stocks	117,101		44,262		(3,047		)	158,316		158,316
Total	$	234,981	$	101,131	$	(10,858	)	$	325,254	$	325,254
December 31, 2017
Common stocks	$	81,855	$	272,309	$	(1,960	)	$	352,204	$	352,204
Preferred stocks	124,150		102,890		(2,597		)	224,443		224,443
Total	$	206,005	$	375,199	$	(4,557	)	$	576,647	$	576,647

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(1) Effective January 1, 2018, the Company adopted new accounting guidance that requires all equity investments with readily determinable fair values (subject to certain exceptions) to be measured at fair value with changes in the fair value recognized through net income. Refer to Note 3 for additional information.