| Fair Value Measurements |
The following tables provide fair value measurement information for the Company’s marketable securities and deferred compensation fund investment assets as of December 31, 2017 and 2016: | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2017 | | | | | | Fair Value Measurement Using: | | Carrying
Amount | | Total Fair
Value | | Quoted
Prices
in Active
Markets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | (in thousands) | Financial Assets: | | | | | | | | | | Marketable securities | | | | | | | | | | Municipal bonds — available-for-sale | $ | 73,221 |
| | $ | 73,221 |
| | $ | — |
| | $ | 73,221 |
| | $ | — |
| Deferred compensation fund | | | | | | | | | | Money Market (1) | $ | 2,720 |
| | $ | 2,720 |
| | $ | — |
| | $ | 2,720 |
| | $ | — |
| Balanced and Lifestyle | 8,523 |
| | 8,523 |
| | 8,523 |
| | — |
| | — |
| Large Cap Growth | 7,802 |
| | 7,802 |
| | 7,802 |
| | — |
| | — |
| Small Cap Growth | 3,442 |
| | 3,442 |
| | 3,442 |
| | — |
| | — |
| Fixed Income | 3,050 |
| | 3,050 |
| | 3,050 |
| | — |
| | — |
| International | 1,531 |
| | 1,531 |
| | 1,531 |
| | — |
| | — |
| Mid Cap Growth | 1,817 |
| | 1,817 |
| | 1,817 |
| | — |
| | — |
| Deferred compensation fund | $ | 28,885 |
| | $ | 28,885 |
| | $ | 26,165 |
| | $ | 2,720 |
| | $ | — |
|
| | | | | | | | | | | | | | | | | | | | | | As of December 31, 2016 | | | | | | Fair Value Measurement Using: | | Carrying
Amount | | Total Fair
Value | | Quoted
Prices
in Active
Markets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | (in thousands) | Financial Assets: | | | | | | | | | | Marketable securities | | | | | | | | | | Municipal bonds — available-for-sale | $ | 67,730 |
| | $ | 67,730 |
| | $ | — |
| | $ | 67,730 |
| | $ | — |
| Deferred compensation fund | | | | | | | | | | Money Market (1) | $ | 3,147 |
| | $ | 3,147 |
| | $ | — |
| | $ | 3,147 |
| | $ | — |
| Balanced and Lifestyle | 7,162 |
| | 7,162 |
| | 7,162 |
| | — |
| | — |
| Large Cap Growth | 5,583 |
| | 5,583 |
| | 5,583 |
| | — |
| | — |
| Small Cap Value | 2,933 |
| | 2,933 |
| | 2,933 |
| | — |
| | — |
| Fixed Income | 2,752 |
| | 2,752 |
| | 2,752 |
| | — |
| | — |
| International | 1,132 |
| | 1,132 |
| | 1,132 |
| | — |
| | — |
| Mid Cap Growth | 1,410 |
| | 1,410 |
| | 1,410 |
| | — |
| | — |
| Deferred compensation fund | $ | 24,119 |
| | $ | 24,119 |
| | $ | 20,972 |
| | $ | 3,147 |
| | $ | — |
|
(1) The fair value of the money market fund is based on the net asset value (“NAV”) of the shares held by the plan at the end of the period. The money market fund includes short-term United States dollar denominated money-market instruments and the NAV is determined by the custodian of the fund. The money market fund can be redeemed at its NAV at the measurement date, as there are no significant restrictions on the ability to sell this investment.
|
| Marketable Debt Securities |
| | | | | | | | | | | | | | | | | | | | |
| Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | Other-Than-Temporary Impairments | | (in thousands) | December 31, 2017 | | | | | | | | | | Marketable securities | | | | | | | | | | Municipal bonds — available-for-sale | $ | 72,249 |
| | $ | 1,169 |
| | $ | (197 | ) | | $ | 73,221 |
| | $ | — |
| Total debt securities | $ | 72,249 |
| | $ | 1,169 |
| | $ | (197 | ) | | $ | 73,221 |
| | $ | — |
| December 31, 2016 | | | | | | | | | | Marketable securities | | | | | | | | | | Municipal bonds — available-for-sale | $ | 68,220 |
| | $ | 178 |
| | $ | (668 | ) | | $ | 67,730 |
| | $ | — |
| Total debt securities | $ | 68,220 |
| | $ | 178 |
| | $ | (668 | ) | | $ | 67,730 |
| | $ | — |
| December 31, 2015 | | | | | | | | | | Marketable securities | | | | | | | | | | Municipal bonds — available-for-sale | $ | 68,640 |
| | $ | 869 |
| | $ | (13 | ) | | $ | 69,496 |
| | $ | — |
| Total debt securities | $ | 68,640 |
| | $ | 869 |
| | $ | (13 | ) | | $ | 69,496 |
| | $ | — |
|
|
| Contractual Maturities of Available For Sale Investments |
The following table summarizes the contractual maturities of debt securities held at December 31, 2017 and 2016, which are classified as marketable securities in the Consolidated Balance Sheets: | | | | | | | | | | Municipal Bonds — Available-for-Sale | | December 31, | | 2017 | | 2016 | | (in thousands) | Contractual maturity: | | | | Maturing in one year or less | $ | 916 |
| | $ | 973 |
| Maturing in second year through fifth year | 15,948 |
| | 28,671 |
| Maturing in sixth year through tenth year | 22,851 |
| | 21,651 |
| Maturing after ten years | 33,506 |
| | 16,435 |
| Total debt securities | $ | 73,221 |
| | $ | 67,730 |
|
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