Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

The following tables provide fair value measurement information for the Company’s marketable securities and deferred compensation fund investments as of September 30, 2020 and December 31, 2019:


	As of September 30, 2020
					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	$	94,042	$	94,042	$	—	$	94,042	$	—

Deferred compensation fund
Money Market ¹	$	2,467	$	2,467	$	—	$	2,467	$	—
Balanced and Lifestyle	9,412		9,412		9,412		—		—
Large Cap Growth	15,471		15,471		15,471		—		—
Small Cap Growth	4,096		4,096		4,096		—		—
Fixed Income	4,737		4,737		4,737		—		—
International	1,878		1,878		1,878		—		—
Mid Cap Growth	2,908		2,908		2,908		—		—
Deferred compensation fund	$	40,969	$	40,969	$	38,502	$	2,467	$	—


	As of December 31, 2019
					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	$	90,711	$	90,711	$	—	$	90,711	$	—

Deferred compensation fund
Money Market ¹	$	2,625	$	2,625	$	—	$	2,625	$	—
Balanced and Lifestyle	10,294		10,294		10,294		—		—
Large Cap Growth	11,369		11,369		11,369		—		—
Small Cap Growth	4,120		4,120		4,120		—		—
Fixed Income	4,072		4,072		4,072		—		—
International	1,932		1,932		1,932		—		—
Mid Cap Growth	2,835		2,835		2,835		—		—
Deferred compensation fund	$	37,247	$	37,247	$	34,622	$	2,625	$	—

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)
September 30, 2020
Type of security:
Municipal bonds — available-for-sale	$	87,868	$	6,178	$	(4)	$	94,042	$	—
Total debt securities	$	87,868	$	6,178	$	(4)	$	94,042	$	—

December 31, 2019
Type of security:
Municipal bonds — available-for-sale	$	87,016	$	3,695	$	—	$	90,711	$	—
Total debt securities	$	87,016	$	3,695	$	—	$	90,711	$	—

Contractual Maturities of Available for Sale Investments

The following table summarizes the contractual maturities of debt securities held at September 30, 2020 and December 31, 2019, which are classified as marketable securities in the Consolidated Balance Sheets:


	Municipal Bonds — Available-for-Sale
Contractual maturity:	September 30, 2020		December 31, 2019
	(in thousands)
Maturing in one year or less	$	1,514	$	876
Maturing in second year through fifth year	21,998		16,071
Maturing in sixth year through tenth year	40,583		38,801
Maturing after ten years	29,947		34,963
Total debt securities	$	94,042	$	90,711