Equity and Debt Securities

9 Months Ended

Sep. 30, 2021

Investments Debt And Equity Securities [Abstract]

Equity and Debt Securities

Note 3. Equity and Debt Securities

The Company’s equity and debt securities consisted of the following:

	September 30, 2021
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Short-term
Bond funds	$	129,343		$	—	$	(356	)	$	128,987
Exchange traded funds		35,098			—		(8	)		35,090
Total equity securities		164,441			—		(364	)		164,077
Available-for-sale debt securities
Short-term
Corporate debt securities		74,093			95		(26	)		74,162
Money market accounts		50,425			—		—			50,425
U.S. government debt securities		9,297			—		(1	)		9,296
Municipal bonds		3,955			—		(4	)		3,951
Yankee debt securities		3,620			—		(2	)		3,618
Less: Cash equivalents		(50,425	)		—		—			(50,425	)
Total debt securities due within 1 year		90,965			95		(33	)		91,027
After 1 year through 5 years
Corporate debt securities		284,018			89		(507	)		283,600
U.S. Government debt securities		54,854			4		(19	)		54,839
U.S. agency debt securities		39,703			—		(10	)		39,693
Municipal bonds		12,283			14		(16	)		12,281
Yankee debt securities		8,734			1		(23	)		8,712
Total debt securities due after 1 year through 5 years		399,592			108		(575	)		399,125
After 5 years through 10 years
Municipal bonds		8,213			—		(56	)		8,157
Redeemable preferred stock investment		20,000			—		—			20,000
Total debt securities due after 5 years through 10 years		28,213			—		(56	)		28,157
Total available-for-sale debt securities		518,770			203		(664	)		518,309
Total equity and debt securities	$	683,211		$	203	$	(1,028	)	$	682,386

	December 31, 2020
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities:
Short-term
Bond funds	$	153,269		$	67	$	(151	)	$	153,185
Exchange traded funds		17,614			—		(5	)		17,609
Total equity securities		170,883			67		(156	)		170,794
Available-for-sale debt securities
Short-term
Money market accounts		47,461			—		—			47,461
Corporate debt securities		41,061			101		(15	)		41,147
Less: Cash equivalents		(47,461	)		—		—			(47,461	)
Total debt securities due within 1 year		41,061			101		(15	)		41,147
After 1 year through 5 years
Corporate debt securities		124,989			580		(117	)		125,452
U.S. agency debt securities		1,000			2		—			1,002
Yankee debt securities		6,054			4		(10	)		6,048
Total debt securities due after 1 year through 5 years		132,043			586		(127	)		132,502
Total available-for-sale debt securities		173,104			687		(142	)		173,649
Total equity and debt securities	$	343,987		$	754	$	(298	)	$	344,443

Gross unrealized losses on the Company’s marketable securities were $1.0 million as of September 30, 2021. Gross unrealized losses on the Company’s marketable securities were $298,000 as of December 31, 2020. During the three and nine months ended September 30, 2021, the Company did not recognize credit losses.

The Company’s securities of $421.2 million are used as collateral for an outstanding margin account borrowing. As of September 30, 2021, the Company had an outstanding borrowing of $15.1 million under its margin account. Margin account borrowings were used for the purchase of real property located in El Monte, California in 2020.