Investments (Tables)

9 Months Ended

Sep. 30, 2015

Investments [Abstract]

Investments

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

	Cost			Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term deposits	$	45,198		$	—	$	—		$	45,198
Mutual funds	11,835			1,665		—			13,500
Corporate securities	82,044			5,091		(3,844		)	83,291
Corporate obligations	34,034			228		(4,418		)	29,844
Total available-for-sale securities	173,111			6,984		(8,262		)	171,833
Amounts classified as cash equivalents	(45,198		)	—		—			(45,198		)
Amounts classified as marketable securities	$	127,913		$	6,984	$	(8,262	)	$	126,635

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 nine months ended September 30, 2015 and 2014, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(in thousands)
Gross realized gains	$	2,135		$	681		$	4,891		$	7,077
Gross realized losses	(5,528		)	(1,683		)	(6,321		)	(3,012		)
Realized gains (losses), net	$	(3,393	)	$	(1,002	)	$	(1,430	)	$	4,065

Schedule of Unrealized Loss on Investments

The fair value of the Company’s marketable securities with unrealized losses at September 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	$	54,093	$	(3,810	)	$	178	$	(34	)	$	54,271	$	(3,844	)
Corporate obligations	8,709		(3,312		)	3,705		(1,106		)	12,414		(4,418		)
Total	$	62,802	$	(7,122	)	$	3,883	$	(1,140	)	$	66,685	$	(8,262	)

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

	Cost		Estimated  Fair Value
	(in thousands)
Debt securities that mature in more than three years	$	34,034	$	29,844
Securities with no contractual maturities	139,077		141,989
Total	$	173,111	$	171,833

Financial Instrument Obligations

Financial instrument obligations consisted of the following:

	September 30, 2015				December 31, 2014
	Initial Obligation		Estimated Fair Value		Initial Obligation		Estimated Fair Value
	(in thousands)
Corporate securities	$	675	$	1,024	$	666	$	621
Market indices	18,685		19,067		18,685		20,451
Covered call options	113		80		7		4
Naked put options	—		—		109		235
Total	$	19,473	$	20,171	$	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						Nine Months Ended
	September 30, 2015		December 31, 2014		September 30, 2015		December 31, 2014		September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
					(in thousands)
Traditional equity method
Again Faster	40.0	%	40.0	%	$	—	$	3,105	$	(2,548	)	$	(263	)	$	(3,105	)	$	(556	)
iGo	45.7	%	46.9	%	2,923		2,600		52			(121		)	323			(1,926		)
Fair value option
API	20.6	%	20.6	%	24,812		24,355		(3,888		)	(4,459		)	457			(920		)
Aviat	12.9	%			8,365				(1,769		)	—			(2,493		)	—
Total					$	36,100	$	30,060	$	(8,153	)	$	(4,843	)	$	(4,818	)	$	(3,402	)