XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.23.1

Fair Value Measurements | 3 Months Ended
--- | ---
Mar. 31, 2023
Fair Value Measurements |
Fair Value Measurements | Note 7. Fair Value Measurements ​ GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability at the measurement date (an exit price). These standards also establish a hierarchy that prioritizes observable and unobservable inputs used in measuring fair value of an asset or liability, as described below: ​
| ● | Level 1 – Inputs to measure fair value are based on quoted prices (unadjusted) in active markets on identical assets or liabilities;
​
| ● | Level 2 – Inputs to measure fair value are based on the following: a) quoted prices in active markets on similar assets or liabilities, b) quoted prices for identical or similar instruments in inactive markets, or c) observable (other than quoted prices) or collaborated observable market data used in a pricing model from which the fair value is derived; and
​
| ● | Level 3 – Inputs to measure fair value are unobservable and the assets or liabilities have little, if any, market activity; these inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities based on best information available in the circumstances.
​ As of March 31, 2023, cash equivalents include money market accounts and corporate and municipal bonds with original maturities of less than three months. Investments consist of certificates of deposit as well as investment-grade corporate, agency and municipal bonds with original maturity dates between three and twelve months. The certificates of deposit are carried at amortized cost in the Company’s condensed consolidated balance sheets, which approximates their fair value determined based on Level 2 inputs. The corporate, agency and municipal bonds are classified as held-to-maturity and are carried at amortized cost net of allowance for credit losses, which approximates their fair value determined based on Level 2 inputs. The restrictions on restricted cash and investments have an immaterial effect on the fair value of these financial assets. ​ The fair value of the Company’s financial assets and liabilities measured on a recurring basis as of March 31, 2023 and December 31, 2022, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3) |
​ | ​ | (in thousands) |
Cash equivalents | ​ | $ | 123,064 | ​ | $ | 123,064 | ​ | $ | — | ​ | $ | — | ​
Restricted cash | ​ | ​ | 235 | ​ | ​ | 235 | ​ | ​ | — | ​ | ​ | — | ​
Short-term investments | ​ | ​ | 4,600 | ​ | ​ | — | ​ | ​ | 4,600 | ​ | ​ | — | ​
Restricted short-term investments | ​ |  | 2,200 | ​ |  | — | ​ |  | 2,200 | ​ |  | — | ​
Corporate, agency and municipal bonds | ​ | ​ | 11,603 | ​ | ​ | — | ​ | ​ | 11,603 | ​ | ​ | — | ​
Interest rate swaps related to variable rate loans | ​ | ​ | 5,084 | ​ | ​ | — | ​ | ​ | 5,084 | ​ | ​ | — | ​
Fair value measurement as of March 31, 2023 | ​ | $ | 146,786 | ​ | $ | 123,299 | ​ | $ | 23,487 | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | $ | 130,199 | ​ | $ | 130,199 | ​ | $ | — | ​ | $ | — | ​
Restricted cash | ​ | ​ | 235 | ​ | ​ | 235 | ​ | ​ | — | ​ | ​ | — | ​
Short-term investments | ​ | ​ | 4,600 | ​ | ​ | — | ​ | ​ | 4,600 | ​ | ​ | — | ​
Restricted short-term investments | ​ |  | 2,200 | ​ |  | — | ​ |  | 2,200 | ​ |  | — | ​
Corporate, agency and municipal bonds | ​ | ​ | 14,931 | ​ | ​ | — | ​ | ​ | 14,931 | ​ | ​ | — | ​
Interest rate swaps related to variable rate loans | ​ | ​ | 6,048 | ​ | ​ | — | ​ | ​ | 6,048 | ​ | ​ | — | ​
Fair value measurement as of December 31, 2022 | ​ | $ | 158,213 | ​ | $ | 130,434 | ​ | $ | 27,779 | ​ | $ | — | ​
​ The Company does not hold any Level 3 instruments that are measured at fair value on a recurring basis. ​ Nonfinancial assets and liabilities are not measured at fair value on a recurring basis but are subject to fair value adjustments in certain circumstances. These items primarily include investments in unconsolidated affiliates, long-lived assets, goodwill, and intangible assets for which the fair value is determined as part of the related impairment test. As of March 31, 2023 and December 31, 2022, there were no significant adjustments to fair value for nonfinancial assets or liabilities. ​ The deferred compensation plan assets are valued using the cash surrender value of the life insurance policies and are not included in the table above.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration