Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

The following tables provide fair value measurement information for the Company’s marketable securities and deferred compensation fund investments as of December 31, 2022 and December 31, 2021:


	As of December 31, 2022
					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	$	95,200	$	95,200	$	—	$	95,200	$	—

Deferred compensation fund
Money Market 1	$	2,420	$	2,420	$	—	$	2,420	$	—
Commodities	170		170		170		—		—
Fixed Income	3,571		3,571		3,571		—		—
International	4,093		4,093		4,093		—		—
Large Cap Blend	1,210		1,210		1,210		—		—
Large Cap Growth	11,064		11,064		11,064		—		—
Large Cap Value	6,133		6,133		6,133		—		—
Mid Cap Blend	2,667		2,667		2,667		—		—
Real Estate	359		359		359		—		—
Small Cap Blend	3,424		3,424		3,424		—		—
Deferred compensation fund2	$	35,111	$	35,111	$	32,691	$	2,420	$	—


	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 fund	$	53,683	$	53,683	$	50,801	$	2,882	$	—

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 amounts and total fair value amounts as of December 31, 2022 and 2021 are inclusive of $1.6 million and $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 Company’s 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, 2022
Type of security:
Municipal bonds — available-for-sale	$	99,601	$	229	$	(4,630)	$	95,200	$	—
Total debt securities	$	99,601	$	229	$	(4,630)	$	95,200	$	—

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	$	—

Schedule of Contractual Maturities of Available for Sale Investments

The following table summarizes the contractual maturities of debt securities held at December 31, 2022 and December 31, 2021, which are classified as marketable securities in the Company’s Consolidated Balance Sheets:


	Municipal Bonds — Available-for-Sale
Contractual maturity:	December 31, 2022		December 31, 2021
	(in thousands)
Maturing in one year or less	$	2,798	$	5,606
Maturing in second year through fifth year	35,068		23,054
Maturing in sixth year through tenth year	38,575		52,180
Maturing after ten years	18,759		33,556
Total debt securities	$	95,200	$	114,396