Fair Value Measurement

6 Months Ended

Jun. 30, 2017

Note 2 - Fair Value Measurement

The following table summarizes the Company’s investments at June 30, 2017 and December 31, 2016 (in thousands):

	June 30, 2017							December 31, 2016
			Gross							Gross
			Unrealized							Unrealized
			Gains			Recorded				Gains			Recorded
	Cost		(Losses)			Basis		Cost		(Losses)			Basis
Current:
Cash equivalents:
U.S. Government Agency Debt	$	500	$	—		$	500	$	—	$	—		$	—
Money Market Funds		24		—			24		1,943		—			1,943
Investments:
Corporate Bonds		644		—			644		225		(1	)		224
Municipal Bonds		320		1			321		713		1			714
Certificates of Deposit		—		—			—		4,737		—			4,737
Total current investments		1,488		1			1,489		7,618		—			7,618
Long term:
Investments:
Corporate Bonds		328		(1	)		327		567		(1	)		566
U.S. Treasuries		202		—			202		—		—			—
Municipal Bonds		61		—			61		76		—			76
Total long term investments		591		(1	)		590		643		(1	)		642
Restricted cash and investments ⁽¹⁾:
Corporate Bonds		144,321		138			144,459		2,886		2			2,888
Mortgage Backed Securities		72,218		42			72,260		—		—			—
Commercial Paper		54,554		—			54,554		—		—			—
U.S. Treasuries		38,510		(23	)		38,487		834		—			834
Money Market Funds		26,697		—			26,697		284,593		—			284,593
Municipal Bonds		5,558		28			5,586		2,069		(6	)		2,063
Certificates of Deposit		—		—			—		6,047		—			6,047
Total restricted cash and investments		341,858		185			342,043		296,429		(4	)		296,425
Total investments	$	343,937	$	185		$	344,122	$	304,690	$	(5	)	$	304,685

(1)

Included in restricted cash and investments within the condensed consolidated balance sheet as of June 30, 2017 is restricted cash and long term workers’ compensation deposits of $5.3 million, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheet based on the nature of the restriction.

The following table summarizes the Company’s investments at June 30, 2017 and December 31, 2016 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

	June 30, 2017										December 31, 2016
	Total										Total
	Recorded										Recorded
	Basis		Level 1		Level 2		Level 3		Other ⁽¹⁾		Basis		Level 1		Level 2		Level 3		Other ⁽¹⁾
Cash equivalents:
U.S. Government Agency Debt	$	500	$	-	$	500	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Money Market Funds		24		—		—		—		24		1,943		—		—		—		1,943
Investments:
Corporate Bonds		971		—		971		—		—		790		—		790		—		—
Municipal Bonds		382		—		382		—		—		790		—		790		—		—
U.S. Treasuries		202		—		202		—		—		—		—		—		—		—
Certificates of Deposit		—		—		—		—		—		4,737		—		4,737		—		—
Restricted cash and investments investments:
Corporate Bonds		144,459		—		144,459		—		—		2,888		—		2,888		—		—
Mortgage Backed Securities		72,260		—		72,260		—		—		—		—		—		—		—
Commercial Paper		54,554		—		54,554		—		—		—		—		—		—		—
U.S. Treasuries		38,487		—		38,487		—		—		834		—		834		—		—
Money Market Funds		26,697		—		—		—		26,697		284,593		—		—		—		284,593
Municipal Bonds		5,586		—		5,586		—		—		2,063		—		2,063		—		—
Certificates of Deposit		—		—		—		—		—		6,047		—		6,047		—		—
Total investments	$	344,122	$	-	$	317,401	$	-	$	26,721	$	304,685	$	-	$	18,149	$	-	$	286,536

(1)

Investments in money market funds measured at fair value using the NAV per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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