Short-term and long-term investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Equity Securities

Short-term and long-term investments

The Company’s short-term and long-term investments, consisting of debt instruments classified as held-to-maturity and equity investments with readily determinable fair values or redemption values, were as follows:

	December 31, 2021						December 31, 2020
	Debt securities		Equity securities		Total		Debt securities		Equity securities		Total
Certificates of deposit and other time deposits	$	23,226	$	—	$	23,226	$	8,217	$	—	$	8,217
Investments in mutual funds and common stock	—		48,598		48,598		—		44,077		44,077
	$	23,226	$	48,598	$	71,824	$	8,217	$	44,077	$	52,294
Short-term investments	$	8,227	$	14,083	$	22,310	$	8,217	$	11,884	$	20,101
Long-term investments	14,999		34,515		49,514		—		32,193		32,193
	$	23,226	$	48,598	$	71,824	$	8,217	$	44,077	$	52,294

Debt securities: The Company's short-term debt investments are principally bank certificates of deposit with contractual maturities longer than three months but shorter than one year. The Company's long-term debt investments are bank time deposits with contractual maturities longer than one year. These debt securities are accounted for as held-to-maturity and recorded at amortized cost, which approximated their fair values at December 31, 2021 and 2020.

Equity securities: During the year ended December 31, 2021 certain of the Company’s equity investments previously accounted for under the adjusted cost method now have readily determinable fair values from public markets. As a result, these investments were reclassified from equity method and other investments to short-term investments during that period. The Company's remaining short-term and long-term equity investments are held within a trust to fund existing obligations associated with the Company’s non-qualified deferred compensation plans. During 2021, the Company recognized pre-tax net losses of $3,768 in other income associated with changes in the fair value of these equity securities, comprised of pre-tax realized gains of $1,762 and a net increase in unrealized losses of $5,530. During 2020, the Company recognized pre-tax net gains of $3,818 in other income associated with changes in the fair value of these equity securities, comprised of pre-tax realized gains of $1,941 and a net increase in unrealized gains of $1,877.