Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments Debt And Equity Securities [Abstract]

Debt Securities and Other Investments, Recorded at Fair Value

Debt Securities and Other Investments

At September 30, 2019, we held the following debt securities and other investments, recorded at fair value:

	Amortized		Gross Unrealized					Fair
(In thousands)	Cost		Gains		Losses			Value
Corporate bonds	$	10,733	$	95	$	—		$	10,828
Municipal fixed-rate bonds		931		—		(1	)		930
Asset-backed bonds		7,222		35		(2	)		7,255
Mortgage/Agency-backed bonds		7,366		29		(7	)		7,388
U.S. government bonds		9,160		4		(21	)		9,143
Foreign government bonds		372		—		(3	)		369
Available-for-sale debt securities held at fair value	$	35,784	$	163	$	(34	)	$	35,913

At December 31, 2018, we held the following debt securities and other investments, recorded at fair value:

	Amortized		Gross Unrealized					Fair
(In thousands)	Cost		Gains		Losses			Value
Corporate bonds	$	20,777	$	19	$	(112	)	$	20,684
Municipal fixed-rate bonds		1,339		—		(26	)		1,313
Asset-backed bonds		5,230		5		(14	)		5,221
Mortgage/Agency-backed bonds		3,833		2		(44	)		3,791
U.S. government bonds		9,271		1		(66	)		9,206
Foreign government bonds		592		—		(8	)		584
Available-for-sale debt securities held at fair value	$	41,042	$	27	$	(270	)	$	40,799

Contractual Maturities of Debt Securities

As of September 30, 2019, our debt securities had the following contractual maturities:

(In thousands)	Corporate bonds		Municipal fixed-rate bonds		Asset- backed bonds		Mortgage / Agency- backed bonds		U.S. government bonds		Foreign government bonds
Less than one year	$	3,154	$	—	$	—	$	—	$	—	$	—
One to two years		4,316		930		941		215		—		—
Two to three years		3,068		—		2,475		1,072		7,528		—
Three to five years		290		—		1,593		920		1,615		369
Five to ten years		—		—		1,666		680		—		—
More than ten years		—		—		580		4,501		—		—
Total	$	10,828	$	930	$	7,255	$	7,388	$	9,143	$	369

Gross Realized Gains and Losses on Sale of Debt Securities

The following table presents gross realized gains and losses related to our debt securities:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In thousands)	2019			2018			2019			2018
Gross realized gains on debt securities	$	36		$	24		$	85		$	49
Gross realized losses on debt securities		(7	)		(50	)		(40	)		(365	)
Total gain (loss) recognized, net	$	29		$	(26	)	$	45		$	(316	)

Realized and Unrealized Gains and Losses for Marketable Equity Securities

Realized and unrealized gains and losses for our marketable equity securities for the three and nine months ended September 30, 2019 and 2018 were as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In thousands)	2019			2018		2019			2018
Realized gains (losses) on equity securities sold	$	(20	)	$	1,240	$	(83	)	$	1,587
Unrealized gains (losses) on equity securities held		(225	)		3,293		8,233			4,129
Total gain (loss) recognized, net	$	(245	)	$	4,533	$	8,150		$	5,716

Fair Value Measurements of Cash Equivalents and Investments

We have categorized our cash equivalents and our investments held at fair value into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique for the cash equivalents and investments as follows: Level 1 - Values based on unadjusted quoted prices for identical assets or liabilities in an active market; Level 2 - Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly; Level 3 - Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs include information supplied by investees.

			Fair Value Measurements at September 30, 2019 Using
(In thousands)	Fair Value		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents
Money market funds	$	1,817	$	1,817	$	—	$	—
Commercial paper		1,295		—		1,295		—
Cash equivalents		3,112		1,817		1,295		—
Available-for-sale debt securities
Corporate bonds		10,828		—		10,828		—
Municipal fixed-rate bonds		930		—		930		—
Asset-backed bonds		7,255		—		7,255		—
Mortgage/Agency-backed bonds		7,388		—		7,388		—
U.S. government bonds		9,143		9,143		—		—
Foreign government bonds		369		—		369		—
Marketable equity securities
Marketable equity securities – various industries		32,543		32,543		—		—
Equity in escrow		165		165		—		—
Deferred compensation plan assets		20,580		20,580		—		—
Total debt and equity securities at fair value		89,201		62,431		26,770		—
Total	$	92,313	$	64,248	$	28,065	$	—

			Fair Value Measurements at December 31, 2018 Using
(In thousands)	Fair Value		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents
Money market funds	$	1,554	$	1,554	$	—	$	—
Cash equivalents		1,554		1,554		—		—
Available-for-sale debt securities
Corporate bonds		20,684		—		20,684		—
Municipal fixed-rate bonds		1,313		—		1,313		—
Asset-backed bonds		5,221		—		5,221		—
Mortgage/Agency-backed bonds		3,791		—		3,791		—
U.S. government bonds		9,206		9,206		—		—
Foreign government bonds		584		—		584		—
Marketable equity securities
Marketable equity securities – various industries		26,763		26,763		—		—
Equity in escrow		253		253		—		—
Deferred compensation plan assets		18,256		18,256		—		—
Total debt and equity securities at fair value		86,071		54,478		31,593		—
Total	$	87,625	$	56,032	$	31,593	$	—