Investments and other assets

9 Months Ended

Sep. 30, 2020

Investments, All Other Investments [Abstract]

Our investments and other assets consisted of the following as of September 30, 2020, and December 31, 2019 (in thousands):


	Sept. 30, 2020		Dec. 31, 2019

Cash value life insurance	$	52,050	$	52,462
Equity method investments	30,257		27,650
Other equity investments	28,124		32,383
Deferred debt issuance costs	10,279		10,921
Other long-term assets	22,496		21,853
Total	$	143,206	$	145,269

Cash value life insurance: We are the beneficiary of life insurance policies on the lives of certain employees/retirees, which are recorded at their cash surrender value as determined by the insurance carrier. These policies are utilized as a partial funding source for deferred compensation and other non-qualified employee retirement plans. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statement of Income and were not material for all periods presented.

Equity method investments: We hold equity method investments. Our largest equity method investment is our ownership in CareerBuilder, of which we own approximately 17% (or approximately 10% on a fully-diluted basis). In the first quarter of 2020, CareerBuilder sold its employment screening business; our portion on the pre-tax gain of the sale was $18.6 million, and is recorded within “Equity (loss) income in unconsolidated investments, net” on our Consolidated Statement of Income. Our investment balance was $11.1 million and $7.9 million as of September 30, 2020 and December 31, 2019, respectively.

Other equity investments: Represents investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence. These investments are recorded at cost less impairments, if any, plus or minus changes in observable prices for those investments. In the second quarter of 2020, we sold one of these investments for $4.3 million. This investment had previously been recorded at estimated fair value. No gains or losses were recorded on these investments in the first nine months of 2020.

Deferred debt issuance costs: These costs consist of amounts paid to lenders related to our revolving credit facility. Debt issuance costs paid for our term debt and unsecured notes are accounted for as a reduction in the debt obligation.