Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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 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	$	114,396	$	114,396	$	—	$	114,396	$	—

Deferred compensation fund
Money Market 1	$	2,882	$	2,882	$	—	$	2,882	$	—

Balanced and Lifestyle	12,578		12,578		12,578		—		—
Large Cap Growth	20,358		20,358		20,358		—		—
Small Cap Growth	6,561		6,561		6,561		—		—
Fixed Income	4,826		4,826		4,826		—		—
International	2,299		2,299		2,299		—		—
Mid Cap Growth	4,179		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 Lifestyle	10,815		10,815		10,815		—		—
Large Cap Growth	17,223		17,223		17,223		—		—
Small Cap Growth	5,337		5,337		5,337		—		—
Fixed Income	4,850		4,850		4,850		—		—
International	2,250		2,250		2,250		—		—
Mid Cap Growth	3,344		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.

Schedule of Marketable Debt Securities


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Other-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	$	—

Schedule of Contractual Maturities of Available for Sale Investments

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, 2021		December 31, 2020
	(in thousands)
Maturing in one year or less	$	5,606	$	2,927
Maturing in second year through fifth year	23,054		26,324
Maturing in sixth year through tenth year	52,180		55,366
Maturing after ten years	33,556		40,395
Total debt securities	$	114,396	$	125,012