Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments [Abstract]

Investments

Marketable securities at March 31, 2015, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	41,704		$	—	$	—		$	41,704
Mutual funds	17,030			4,713		(272		)	21,471
Corporate securities	88,392			8,963		(25,277		)	72,078
Corporate obligations	32,396			481		(2,041		)	30,836
Total available-for-sale securities	179,522			14,157		(27,590		)	166,089
Amounts classified as cash equivalents	(41,704		)	—		—			(41,704		)
Amounts classified as marketable securities	$	137,818		$	14,157	$	(27,590	)	$	124,385

Marketable securities at December 31, 2014, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	42,681		$	—	$	—		$	42,681
Mutual funds	17,030			4,262		(322		)	20,970
Corporate securities	103,761			7,821		(23,732		)	87,850
Corporate obligations	32,486			592		(3,441		)	29,637
Total available-for-sale securities	195,958			12,675		(27,495		)	181,138
Amounts classified as cash equivalents	(42,681		)	—		—			(42,681		)
Amounts classified as marketable securities	$	153,277		$	12,675	$	(27,495	)	$	138,457

Available-for-sale Securities

Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of "Other income (expense), net" in the consolidated statements of operations for the three months ended March 31, 2015 and 2014, were as follows:

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Gross realized gains	$	510		$	3,200
Gross realized losses	(375		)	(209		)
Realized gains (losses), net	$	135		$	2,991

Schedule of Unrealized Loss on Investments

The fair value of the Company’s marketable securities with unrealized losses at March 31, 2015, all of which had unrealized losses for periods of less than twelve months, were as follows:

	Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	40,326	$	(25,277	)
Corporate obligations	14,741		(2,041		)
Mutual funds	4,922		(272		)
Total	$	59,989	$	(27,590	)

The fair value of the Company’s marketable securities with unrealized losses at December 31, 2014, all of which had unrealized losses for periods of less than twelve months, were as follows:

	Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	39,869	$	(23,732	)
Corporate obligations	13,530		(3,441		)
Mutual funds	4,873		(322		)
Total	$	58,272	$	(27,495	)

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of available-for-sale debt securities and marketable securities with no contractual maturities at March 31, 2015, by contractual maturity, were as follows:

	Cost		Estimated  Fair Value
	(in thousands)
Debt securities:
Mature in one year or less	$	202	$	207
Mature in more than three years	32,194		30,629
Total debt securities	32,396		30,836
Securities with no contractual maturities	147,126		135,253
Total	$	179,522	$	166,089

Financial Instrument Obligations

Financial instrument obligations consisted of the following:

	March 31, 2015				December 31, 2014
	Initial Obligation		Estimated Fair Value		Initial Obligation		Estimated Fair Value
	(in thousands)
Corporate securities	$	675	$	744	$	666	$	621
Market indices	18,685		20,540		18,685		20,451
Covered call options	55		24		7		4
Naked put options	—		—		109		235
Total	$	19,415	$	21,308	$	19,467	$	21,311

Equity Method Investments

The summarized income statement information is included for the periods during which such significant equity-method investments were accounted for as equity-method investments.

	Amount
	(in thousands)
Revenues	$	143,350
Gross profit	$	38,149
Loss from continuing operations	$	(5,379	)
Net loss	$	(5,479	)
Net loss attributable to investees	$	(5,479	)

The following table summarizes the Company's equity-method investments.

	Ownership				Carrying Value				Income (Loss) Recognized
									Three Months Ended
	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014		March 31, 2015			March 31, 2014
					(in thousands)
Traditional equity method
Again Faster	40.0	%	40.0	%	$	2,683	$	3,105	$	(422	)	$	(129	)
iGo	46.9	%	46.9	%	2,885		2,600		285			(1,304		)
Fair value option
API	20.6	%	20.6	%	23,669		24,355		(686		)	—
Aviat	12.9	%			9,571				(1,287		)	—
Total					$	38,808	$	30,060	$	(2,110	)	$	(1,433	)