Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities at Fair Value

Investment securities consisted of the following:

	March 31, 2022		December 31, 2021
Debt securities available for sale	$	91,838	$	103,906
Equity securities at fair value:
Marketable equity securities	18,962		19,560
Mutual funds invested in debt securities	22,538		23,221
Long-term investment securities at fair value (1)	31,057		32,089
Total equity securities at fair value	72,557		74,870
Total investment securities at fair value	164,395		178,776
Less:
Long-term investment securities at fair value (1)	31,057		32,089
Current investment securities at fair value	$	133,338	$	146,687
Long-term investment securities at fair value (1)	$	31,057	$	32,089
Equity-method investments	18,742		20,984
Total long-term investments	$	49,799	$	53,073
Equity securities at cost (2)	$	6,200	$	5,200

(1) These assets are measured at net asset value (“NAV”) as a practical expedient under ASC 820.

(2) These assets are without readily determinable fair values that do not qualify for the NAV practical expedient and are included in Other assets on the condensed consolidated balance sheets.

The components of debt securities available for sale at March 31, 2022 were as follows:    

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities	$	91,827	$	11	$	—	$	91,838

The components of debt securities available for sale at December 31, 2021 were as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable debt securities	$	103,838	$	68	$	—	$	103,906

Schedule of Net (Losses) Gains Recognized

Net (losses) gains recognized on investment securities were as follows:

	Three Months Ended
	March 31,
	2022		2021
Net (losses) gains recognized on equity securities	$	(1,874)	$	2,374
Net gains recognized on debt securities available for sale	—		55
Impairment expense	(1,165)		(14)
Net (losses) gains recognized on investment securities	$	(3,039)	$	2,415

Gross realized gains and losses on debt securities available for sale were as follows:

	Three Months Ended
	March 31,
	2022		2021
Gross realized gains on sales	$	1	$	56
Gross realized losses on sales	(1)		(1)
Net gains recognized on debt securities available for sale	$	—	$	55
Impairment expense	$	(1,165)	$	(14)

Schedule of Maturity Dates of Debt Securities

The table below summarizes the maturity dates of debt securities available for sale at March 31, 2022.

Investment Type:	Fair Value		Under 1 Year		1 Year up to 5 Years		More than 5 Years
U.S. Government securities	$	5,585	$	4,805	$	780	$	—
Corporate securities	55,324		30,317		25,007		—
U.S. mortgage-backed securities	19,173		1,793		17,380		—
Commercial paper	10,540		10,540		—		—
Foreign fixed-income securities	1,216		1,216		—		—
Total debt securities available for sale by maturity dates	$	91,838	$	48,671	$	43,167	$	—

Summary of Equity Securities Unrealized and Realized Net (Losses) and Gains

The following is a summary of unrealized and realized net losses and gains recognized in net income on equity securities at fair value during the three and three months ended March 31, 2022 and 2021, respectively:

	Three Months Ended
	March 31,
	2022		2021
Net (losses) gains recognized on equity securities	$	(1,874)	$	2,374
Less: Net gains recognized on equity securities sold	293		169
Net unrealized (losses) gains recognized on equity securities still held at the reporting date	$	(2,167)	$	2,205

Schedule of Equity Method Investments

Equity-method investments consisted of the following:

	March 31, 2022		December 31, 2021
Mutual fund and hedge funds	$	18,742	$	20,984

Equity in (losses) earnings from investments were:

	Three Months Ended
	March 31,
	2022		2021
Mutual fund and hedge funds	$	(2,242)	$	577