Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2017

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.

Summary of Assets Measured at Fair Value on Recurring Basis

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.