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Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments [Abstract]  
Investments in marketable equity securities Investments in marketable equity securities consist of the following:
As of December 31
(in thousands)
20212020
Total cost
$273,201 $232,847 
Gross unrealized gains
537,915 340,255 
Gross unrealized losses(1,119)— 
Total Fair Value
$809,997 $573,102 
Gain on marketable equity securities
The net gain (loss) on marketable equity securities comprised the following:
Year ended December 31
(in thousands)
202120202019
Gain on marketable equity securities, net
$243,088 $60,787 

$98,668 
Less: Net (gains) losses in earnings from marketable equity securities sold and donated
(17,830)13,382 (2,810)
Net unrealized gains in earnings from marketable equity securities still held at the end of the year
$225,258 

$74,169 

$95,858 
Summarized Financial Data of Nonconsolidated Affiliates
The summarized balance sheet data of the private equity fund investments consists of the following:
As of December 31
(in thousands)
20212020
Investments in securities, at estimated fair value
$2,039,368 $1,500,192 
Other currents assets
28,590 24,111 
Total assets
$2,067,958 $1,524,303 
Total liabilities
4,790 7,488 
Total partners’ capital
2,063,168 1,516,815 
Total liabilities and partners’ capital
$2,067,958 $1,524,303 
The summarized operating data of the private equity fund investments was as follows:
Year ended December 31
(in thousands)
202120202019
Net investment loss
$(13,324)$(15,301)$(13,691)
Net realized gain on investments
190,368 440 79,443 
Net change in unrealized appreciation on investments
1,043,627 525,588 150,641 
Increase in net assets from operations
$1,220,671 $510,727 $216,393 
The summarized balance sheet data of the operating entity investments consists of the following:
As of December 31
(in thousands)
20212020
Current assets
$203,274 $164,526 
Noncurrent assets
569,505 566,053 
Total assets
$772,779 $730,579 
Current liabilities
219,220 428,735 
Noncurrent liabilities
329,965 264,807 
Total liabilities
$549,185 $693,542 
Noncontrolling interests
$(80,604)$(103,829)
The summarized operating data of the operating entity investments was as follows:
Year ended December 31
(in thousands)
202120202019
Net sales
$358,928 $312,194 $438,168 
Gross profit
146,312 11,217 103,510 
Net income (loss)
135,241 (206,504)(125,146)
Net income (loss) attributable to the entity
102,829 (148,394)(81,268)