Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following tables provide fair value measurement information for the Company’s marketable securities and deferred compensation fund investments as of March 31, 2023 and December 31, 2022:

	As of March 31, 2023
					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)
Financial Assets:
Marketable securities
Municipal bonds — available-for-sale	$	95,985	$	95,985	$	—	$	95,985	$	—
Deferred compensation fund
Money Market1	$	2,077	$	2,077	$	—	$	2,077	$	—
Commodities	203		203		203		—		—
Fixed Income	3,923		3,923		3,923		—		—
International	3,982		3,982		3,982		—		—
Large Cap Blend	1,499		1,499		1,499		—		—
Large Cap Growth	11,195		11,195		11,195		—		—
Large Cap Value	6,084		6,084		6,084		—		—
Mid Cap Blend	2,680		2,680		2,680		—		—
Real Estate	339		339		339		—		—
Small Cap Blend	3,687		3,687		3,687		—		—
Deferred compensation fund2	$	35,669	$	35,669	$	33,592	$	2,077	$	—

	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)
Financial Assets:
Marketable securities
Municipal bonds — available-for-sale	$	95,200	$	95,200	$	—	$	95,200	$	—
Deferred compensation fund
Money Market1	$	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	$	—

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.As of March 31, 2023 and December 31, 2022, $1.4 million and $1.6 million of short-term deferred compensation funding is included in “Prepaid expenses and other assets” on the Company’s Consolidated Balance Sheets, respectively. Such amounts of short-term deferred compensation funding represent investments expected to be liquidated and paid within 12 months of March 31, 2023.

Schedule of Marketable Debt Securities

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Credit Impairment Losses1
	(in thousands)
March 31, 2023
Type of security:
Municipal bonds — available-for-sale	$	98,859	$	511	$	(3,385)	$	95,985	$	—
Total debt securities	$	98,859	$	511	$	(3,385)	$	95,985	$	—
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	$	—

1.The Company performs a credit impairment loss assessment quarterly on an individual security basis. As of March 31, 2023 and December 31, 2022, no allowance for credit loss impairment has been recognized as the issuers of these securities have not established a cause for default and various rating agencies have reaffirmed each security's investment grade status. The fair value of these securities have fluctuated since the purchase date as market interest rates fluctuate. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell before the recovery of the securities' amortized cost basis.

Schedule of Contractual Maturities of Available for Sale Investments

The following table summarizes the contractual maturities of debt securities held at March 31, 2023 and December 31, 2022, which are classified as “Marketable securities, at fair value” in the Consolidated Balance Sheets:

	Municipal Bonds — Available-for-Sale
Contractual maturity:	March 31, 2023		December 31, 2022
	(in thousands)
Maturing in one year or less	$	6,729	$	2,798
Maturing in second year through fifth year	33,048		35,068
Maturing in sixth year through tenth year	40,008		38,575
Maturing after ten years	16,200		18,759
Total debt securities	$	95,985	$	95,200