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Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 6 — Fair Value Measurements

The Company’s current assets and current liabilities are financial instruments and most of these items (other than marketable securities and inventories) are recorded at cost in the Consolidated Balance Sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. The carrying value of the Company’s line of credit represents the outstanding amount of the borrowings, which approximates fair value. The Company’s financial assets that are measured at fair value on a recurring basis are its marketable securities and deferred compensation funding. The recorded values of all of the financial instruments approximate their current fair values because of their nature, stated interest rates and respective maturity dates or durations.

The Company’s marketable securities primarily consist of tax-exempt municipal bonds, which are classified as available-for-sale and are reported at fair value. Unrealized gains and losses associated with these investments are included in other comprehensive income (net of tax) within the Consolidated Statements of Comprehensive Income. The fair value of these marketable securities is classified within Level 2 of the fair value hierarchy, as these securities are measured using quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable. Such valuations are determined by a third-party pricing service. For the year ended December 31, 2021, the Company recorded unrealized losses, net of taxes of $1.6 million on marketable securities. For the years ended December 31, 2020 and 2019, the Company recorded unrealized gains, net of taxes of $2.6 million and $2.8 million on marketable securities, respectively.

For the years ended December 31, 2021, 2020 and 2019, the Company received total proceeds, less the amount of interest received of $26.7 million, $6.3 million and $21.3 million, respectively, from sales of available-for-sale municipal bonds. For both years ended December 31, 2021 and 2019, these sales each resulted in realized gains of $0.1 million, and realized losses of $0.1 million for the year ended December 31, 2020. Such gains and losses were recorded in “Investment and other income, net” in the Consolidated Statements of Comprehensive Income. The basis for the sale of these securities was the specific identification of each bond sold during the period.

The investments under the funded deferred compensation plan are accounted for as trading securities and unrealized gains or losses are included in earnings. The fair value of these investments are determined based on quoted market prices (Level 1). For the years ended December 31, 2021, 2020 and 2019, the Company recognized unrealized gains of $6.5 million, $9.5 million and $7.4 million, respectively, related to equity securities still held at the respective reporting dates.
The following tables provide fair value measurement information for the Company’s marketable securities and deferred compensation fund investments as of December 31, 2021 and December 31, 2020:

As of December 31, 2021
Fair Value Measurement Using:
Carrying AmountTotal Fair ValueQuoted 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$114,396 $114,396 $— $114,396 $— 
Deferred compensation fund
Money Market 1
$2,882 $2,882 $— $2,882 $— 
Balanced and Lifestyle12,578 12,578 12,578 — — 
Large Cap Growth20,358 20,358 20,358 — — 
Small Cap Growth6,561 6,561 6,561 — — 
Fixed Income4,826 4,826 4,826 — — 
International2,299 2,299 2,299 — — 
Mid Cap Growth4,179 4,179 4,179 — — 
Deferred compensation fund2
$53,683 $53,683 $50,801 $2,882 $— 

As of December 31, 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$125,012 $125,012 $— $125,012 $— 
Deferred compensation fund
Money Market 1
$3,006 $3,006 $— $3,006 $— 
Balanced and Lifestyle10,815 10,815 10,815 — — 
Large Cap Growth17,223 17,223 17,223 — — 
Small Cap Growth5,337 5,337 5,337 — — 
Fixed Income4,850 4,850 4,850 — — 
International2,250 2,250 2,250 — — 
Mid Cap Growth3,344 3,344 3,344 — — 
Deferred compensation fund$46,825 $46,825 $43,819 $3,006 $— 
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.
2.The deferred compensation fund carrying amount and total fair value amount as of December 31, 2021 is inclusive of $7.0 million of holdings expected to be paid to former employees within the next twelve months and were recorded under “Prepaid expenses and other assets” in the Consolidated Balance Sheets.
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueOther-than-temporary Impairments
(in thousands)
December 31, 2021
Type of security:
Municipal bonds — available-for-sale$109,331 $5,219 $(154)$114,396 $— 
Total debt securities$109,331 $5,219 $(154)$114,396 $— 
December 31, 2020
Type of security:
Municipal bonds — available-for-sale$117,970 $7,043 $(1)$125,012 $— 
Total debt securities$117,970 $7,043 $(1)$125,012 $— 
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 $— 

The following table summarizes the contractual maturities of debt securities held at December 31, 2021 and December 31, 2020, which are classified as marketable securities in the Consolidated Balance Sheets:
Municipal Bonds — Available-for-Sale
Contractual maturity:December 31, 2021December 31, 2020
(in thousands)
Maturing in one year or less$5,606 $2,927 
Maturing in second year through fifth year23,054 26,324 
Maturing in sixth year through tenth year52,180 55,366 
Maturing after ten years33,556 40,395 
Total debt securities$114,396 $125,012