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Investments (Tables)

12 Months Ended

Dec. 31, 2019

Debt Securities and Other Investments

As of December 31, 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	$	9,304	$	80	$	—		$	9,384
Municipal fixed-rate bonds		930		—		—			930
Asset-backed bonds		6,867		26		(3	)		6,890
Mortgage/Agency-backed bonds		6,944		26		(8	)		6,962
U.S. government bonds		12,311		21		(9	)		12,323
Foreign government bonds		372		—		(1	)		371
Variable rate demand notes		800		—		—			800
Available-for-sale debt securities held at fair value	$	37,528	$	153	$	(21	)	$	37,660

As of 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

As of December 31, 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	$	4,005	$	—	$	396	$	—	$	—	$	—
One to two years		4,120		930		760		213		1,347		—
Two to three years		967		—		1,632		1,424		9,344		—
Three to five years		292		—		2,092		494		1,632		371
Five to ten years		—		—		1,719		792		—		—
More than ten years		—		—		291		4,039		—		—
Total	$	9,384	$	930	$	6,890	$	6,962	$	12,323	$	371

The following table presents gross realized gains and losses related to our debt securities for the years ended December 31, 2019, 2018 and 2017:

(In thousands) Year Ended December 31,	2019			2018			2017
Gross realized gains on debt securities	$	108		$	57		$	169
Gross realized losses on debt securities		(50	)		(592	)		(226	)
Total gain (loss) recognized, net	$	58		$	(535	)	$	(57	)

The following table presents the breakdown of debt securities and other investments with unrealized losses as of December 31, 2019:

	Continuous Unrealized Loss Position for Less than 12 Months					Continuous Unrealized Loss Position for 12 Months or Greater					Total
(In thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate bonds		203		—			—		—			203		—
Municipal fixed-rate bonds		930		—			—		—			930		—
Asset-backed bonds		797		(3	)		—		—			797		(3	)
Mortgage/Agency-backed bonds		2,594		(6	)		136		(2	)		2,730		(8	)
U.S. government bonds		4,070		(9	)		—		—			4,070		(9	)
Marketable equity securities		371		(1	)		—		—			371		(1	)
Total	$	8,965	$	(19	)	$	136	$	(2	)	$	9,101	$	(21	)

The following table presents the breakdown of debt securities and other investments with unrealized losses as of December 31, 2018:

	Continuous Unrealized Loss Position for Less than 12 Months					Continuous Unrealized Loss Position for 12 Months or Greater					Total
(In thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Corporate bonds	$	11,129	$	(60	)	$	3,608	$	(52	)	$	14,737	$	(112	)
Municipal fixed-rate bonds		—		—			1,136		(26	)		1,136		(26	)
Asset-backed bonds		1,874		(2	)		1,257		(12	)		3,131		(14	)
Mortgage/Agency-backed bonds		1,021		(5	)		1,918		(39	)		2,939		(44	)
U.S. government bonds		6,527		(48	)		537		(18	)		7,064		(66	)
Foreign government bonds		584		(8	)		—		—			584		(8	)
Total	$	21,135	$	(123	)	$	8,456	$	(147	)	$	29,591	$	(270	)

Realized and unrealized gains and losses for our marketable equity securities for the twelve months ended December 31, 2019 were as follows:

(In thousands)	2019			2018
Realized gains (losses) on equity securities sold	$	(96	)	$	1,306
Unrealized gains (losses) on equity securities held		11,472			(4,821	)
Total gain (loss) recognized, net	$	11,376		$	(3,515	)

We have categorized our cash equivalents and our investments held at fair value into this hierarchy as follows:

	Fair Value Measurements as of December 31, 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	$	1,309	$	1,309	$	—	$	—
Available-for-sale debt securities
Corporate bonds		9,384		—		9,384		—
Municipal fixed-rate bonds		930		—		930		—
Asset-backed bonds		6,890		—		6,890		—
Mortgage/Agency-backed bonds		6,962		—		6,962		—
U.S. government bonds		12,323		12,323		—		—
Foreign government bonds		371		—		371		—
Variable rate demand notes		800		—		800		—
Marketable equity securities
Marketable equity securities – various industries		35,501		35,501		—		—
Equity in escrow		298		298		—		—
Deferred compensation plan assets		21,698		21,698		—		—
Other investments		2,442		2,442		—		—
Total	$	98,908	$	73,571	$	25,337	$	—

	Fair Value Measurements as of 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	$	—	$	—
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	$	87,625	$	56,032	$	31,593	$	—