Investments (Tables)

6 Months Ended

Jun. 30, 2015

Investments [Abstract]

Investments

Marketable securities at June 30, 2015, consisted of the following:

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	39,697		$	—	$	—		$	39,697
Mutual funds	11,835			4,526		—			16,361
Corporate securities	68,333			7,636		(2,532		)	73,437
Corporate obligations	35,205			659		(1,566		)	34,298
Total available-for-sale securities	155,070			12,821		(4,098		)	163,793
Amounts classified as cash equivalents	(39,697		)	—		—			(39,697		)
Amounts classified as marketable securities	$	115,373		$	12,821	$	(4,098	)	$	124,096

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 and six months ended June 30, 2015 and 2014, were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Gross realized gains	$	2,246		$	3,196		$	2,756		$	6,396
Gross realized losses	(418		)	(1,120		)	(793		)	(1,329		)
Realized gains (losses), net	$	1,828		$	2,076		$	1,963		$	5,067

Schedule of Unrealized Loss on Investments

The fair value of the Company’s marketable securities with unrealized losses at June 30, 2015, and the duration of time that such losses had been unrealized, were as follows:

	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	(in thousands)
Corporate securities	$	22,387	$	(2,532	)	$	—	$	—		$	22,387	$	(2,532	)
Corporate obligations	8,507		(1,412		)	4,692		(154		)	13,199		(1,566		)
Total	$	30,894	$	(3,944	)	$	4,692	$	(154	)	$	35,586	$	(4,098	)

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 June 30, 2015, by contractual maturity, were as follows:

	Cost		Estimated  Fair Value
	(in thousands)
Debt securities that mature in more than three years	$	35,205	$	34,298
Securities with no contractual maturities	119,865		129,495
Total	$	155,070	$	163,793

Financial Instrument Obligations

Financial instrument obligations consisted of the following:

	June 30, 2015				December 31, 2014
	Initial Obligation		Estimated Fair Value		Initial Obligation		Estimated Fair Value
	(in thousands)
Corporate securities	$	675	$	868	$	666	$	621
Market indices	18,685		20,482		18,685		20,451
Covered call options	39		35		7		4
Naked put options	—		—		109		235
Total	$	19,399	$	21,385	$	19,467	$	21,311

Equity Method Investments

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

	Ownership				Carrying Value				Income (Loss) Recognized
									Three Months Ended						Six Months Ended
	June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014		June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
					(in thousands)
Traditional equity method
Again Faster	40.0	%	40.0	%	$	2,549	$	3,105	$	(135	)	$	(164	)	$	(557	)	$	(293	)
iGo	46.9	%	46.9	%	2,870		2,600		(14		)	(501		)	271			(1,805		)
Fair value option
API	20.6	%	20.6	%	28,700		24,355		5,031			3,539			4,345			3,539
Aviat	12.9	%			10,134				563			—			(724		)	—
Total					$	44,253	$	30,060	$	5,445		$	2,874		$	3,335		$	1,441

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	$	53,169
Gross profit	$	10,410
Loss from continuing operations	$	(14,984	)
Net loss	$	(14,984	)
Net loss attributable to investees	$	(14,984	)