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Fair value measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Available-for-sale securities | Details of available-for-sale securities were as follows:
March 31, 2024 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
| (In thousands)
Mortgage-backed securities | $ | 8,072 |  | $ | 4 |  | $ | 507 |  | $ | 7,569 |
U.S. Treasury securities | 3,756 |  | 35 |  | 2 |  | 3,789 |
Total | $ | 11,828 |  | $ | 39 |  | $ | 509 |  | $ | 11,358 |
March 31, 2023 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
| (In thousands)
Mortgage-backed securities | $ | 8,557 |  | $ | 3 |  | $ | 561 |  | $ | 7,999 |
U.S. Treasury securities | 3,023 |  | 8 |  | 51 |  | 2,980 |
Total | $ | 11,580 |  | $ | 11 |  | $ | 612 |  | $ | 10,979 |
December 31, 2023 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
| (In thousands)
Mortgage-backed securities | $ | 8,234 |  | $ | 17 |  | $ | 470 |  | $ | 7,781 |
U.S. Treasury securities | 3,521 |  | 28 |  | 8 |  | 3,541 |
Total | $ | 11,755 |  | $ | 45 |  | $ | 478 |  | $ | 11,322 |
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 March 31, 2024, Using |
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at March 31, 2024
| (In thousands)
Assets: |  |  |  |
Money market funds | $ | — |  | $ | 6,985 |  | — |  | $ | 6,985 |
Insurance contracts* | — |  | 62,713 |  | — |  | 62,713 |
Available-for-sale securities: |  |  |  |
Mortgage-backed securities | — |  | 7,569 |  | — |  | 7,569 |
U.S. Treasury securities | — |  | 3,789 |  | — |  | 3,789 |
Total assets measured at fair value | $ | — |  | $ | 81,056 |  | $ | — |  | $ | 81,056 |
* The insurance contracts invest approximately 57 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 10 percent in target date investments, 8 percent in common stock of mid-cap companies, 4 percent in common stock of small-cap companies, 3 percent in cash equivalents, and 1 percent in international investments.
| Fair Value Measurements at March 31, 2023, Using |
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at March 31, 2023
| (In thousands)
Assets: |  |  |  |
Money market funds | $ | — |  | $ | 5,447 |  | $ | — |  | $ | 5,447 |
Insurance contracts* | — |  | 83,460 |  | — |  | 83,460 |
Available-for-sale securities: |  |  |  |
Mortgage-backed securities | — |  | 7,999 |  | — |  | 7,999 |
U.S. Treasury securities | — |  | 2,980 |  | — |  | 2,980 |
Total assets measured at fair value | $ | — |  | $ | 99,886 |  | $ | — |  | $ | 99,886 |
* The insurance contracts invest approximately 61 percent in fixed-income investments, 15 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 7 in target date investments, 6 percent in common stock of small-cap companies, 2 percent in cash equivalents and 1 percent in international investments.
| Fair Value Measurements at December 31, 2023, 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, 2023
| (In thousands)
Assets: |  |  |  |
Money market funds | $ | — |  | $ | 6,409 |  | $ | — |  | $ | 6,409 |
Insurance contracts* | — |  | 66,283 |  | — |  | 66,283 |
Available-for-sale securities: |  |  |  |
Mortgage-backed securities | — |  | 7,781 |  | — |  | 7,781 |
U.S. Treasury securities | — |  | 3,541 |  | — |  | 3,541 |
Total assets measured at fair value | $ | — |  | $ | 84,014 |  | $ | — |  | $ | 84,014 |
* The insurance contracts invest approximately 60 percent in fixed-income investments, 15 percent in common stock of large-cap companies, 8 percent in target date investments, 7 percent in common stock of mid-cap companies, 5 percent in common stock of small-cap companies, 3 percent in cash equivalents, 1 percent in high yield investments and 1 percent in international investments.
Fair value of long term debt outstanding | The estimated fair value of the Company's Level 2 long-term debt was as follows:
| March 31, 2024 | March 31, 2023 | December 31, 2023
| (In thousands)
Carrying amount | $ | 2,386,397 |  | $ | 2,239,718 |  | $ | 2,298,223 |
Fair value | $ | 2,098,002 |  | $ | 1,974,344 |  | $ | 2,046,039 |

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- 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 -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 + Details
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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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