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Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Available-for-sale securities

Details of available-for-sale securities were as follows:

September 30, 2021			Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
			(In thousands)
Mortgage-backed securities			$	8,597		$	93		$	11		$	8,679
U.S. Treasury securities			2,681			—			28			2,653
Total			$	11,278		$	93		$	39		$	11,332

September 30, 2020			Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
			(In thousands)
Mortgage-backed securities			$	9,813		$	213		$	4		$	10,022
U.S. Treasury securities			1,166			3			—			1,169
Total			$	10,979		$	216		$	4		$	11,191

December 31, 2020			Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
			(In thousands)
Mortgage-backed securities			$	9,799		$	156		$	9		$	9,946
U.S. Treasury securities			1,386			—			5			1,381
Total			$	11,185		$	156		$	14		$	11,327

Assets and liabilities measured at fair value on a recurring basis

The Company's assets measured at fair value on a recurring basis were as follows:

			Fair Value Measurements at September 30, 2021, Using
			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Balance at September 30, 2021
			(In thousands)
Assets:
Money market funds			$	—		$	9,907		$	—		$	9,907
Insurance contracts*			—			106,371			—			106,371
Available-for-sale securities:
Mortgage-backed securities			—			8,679			—			8,679
U.S. Treasury securities			—			2,653			—			2,653
Total assets measured at fair value			$	—		$	127,610		$	—		$	127,610

*    The insurance contracts invest approximately 63 percent in fixed-income investments, 16 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 7 percent in common stock of small-cap companies, 5 percent in target date investments and 1 percent in cash equivalents.

			Fair Value Measurements at September 30, 2020, Using
			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Balance at September 30, 2020
			(In thousands)
Assets:
Money market funds			$	—		$	8,478		$	—		$	8,478
Insurance contract*			—			95,687			—			95,687
Available-for-sale securities:
Mortgage-backed securities			—			10,022			—			10,022
U.S. Treasury securities			—			1,169			—			1,169
Total assets measured at fair value			$	—		$	115,356		$	—		$	115,356

*    The insurance contract invests approximately 68 percent in fixed-income investments, 15 percent in common stock of large-cap companies, 6 percent in common stock of mid-cap companies, 6 percent in common stock of small-cap companies, 4 percent in target date investments and 1 percent in cash equivalents.

			Fair Value Measurements at December 31, 2020, Using
			Quoted Prices in Active Markets for Identical Assets  (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs  (Level 3)			Balance at December 31, 2020
			(In thousands)
Assets:
Money market funds			$	—		$	8,917		$	—		$	8,917
Insurance contract*			—			100,104			—			100,104
Available-for-sale securities:
Mortgage-backed securities			—			9,946			—			9,946
U.S. Treasury securities			—			1,381			—			1,381
Total assets measured at fair value			$	—		$	120,348		$	—		$	120,348

*    The insurance contract invests approximately 57 percent in fixed-income investments, 18 percent in common stock of large-cap companies, 9 percent in common stock of mid-cap companies, 9 percent in common stock of small-cap companies, 5 percent in target date investments and 2 percent in cash equivalents.

Fair value of long term debt outstanding

The estimated fair value of the Company's Level 2 long-term debt was as follows:

			September 30, 2021			September 30, 2020			December 31, 2020
			(In thousands)
Carrying amount			$	2,328,266		$	2,270,290		$	2,213,130
Fair value			$	2,599,907		$	2,593,743		$	2,537,289

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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