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 |
|
|
$ |
— |
|
|