Investments in debt and equity securities

3 Months Ended

Mar. 31, 2022

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 debt and equity investments, consisting of debt instruments classified as held-to-maturity and equity investments with readily determinable fair values or redemption values, were as follows:

	March 31, 2022						December 31, 2021
	Debt securities		Equity securities		Total		Debt securities		Equity securities		Total
Certificates of deposit and other time deposits	$	23,230	$	—	$	23,230	$	23,226	$	—	$	23,226
Investments in mutual funds and common stocks	—		44,043		44,043		—		48,598		48,598
	$	23,230	$	44,043	$	67,273	$	23,226	$	48,598	$	71,824
Short-term investments	$	8,228	$	11,179	$	19,407	$	8,227	$	14,083	$	22,310
Long-term investments	15,002		32,864		47,866		14,999		34,515		49,514
	$	23,230	$	44,043	$	67,273	$	23,226	$	48,598	$	71,824

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. These debt securities are accounted for as held-to-maturity and recorded at amortized cost, which approximated their fair values at March 31, 2022 and December 31, 2021.

Equity securities: The Company holds certain equity investments that have a readily determinable fair value from public markets. 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 the three months ended March 31, 2022, the Company recognized pre-tax net losses of $3,553 in other income associated with changes in the fair value of these equity securities, comprised of pre-tax realized gains of $435 and a net increase in unrealized losses of $3,988.