XML 33 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2013
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements We, in accordance with U.S. GAAP, define 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 at the measurement date (exit price). Effective January 1, 2008, we elected the fair value option for certain of our marketable securities purchased since such adoption. Management initially elected the fair value option for certain of our marketable securities because it views such investment securities as highly liquid and available to be drawn upon for working capital purposes making them similar to cash and cash equivalents. Accordingly, we recorded the net unrealized gain or loss in the other income, investment and interest caption in our consolidated income statements. We have not elected the fair value option for marketable securities acquired after December 31, 2009. Although these assets continue to be highly liquid and available, we believe these assets are more representative of our investing activities, and they will be available for future needs of the Company to support its projected growth. The carrying value of certain assets and liabilities is considered to be representative of their fair value, due to the short term nature of these instruments. Such assets and liabilities include cash and cash equivalents, marketable securities, accounts and notes receivable, prepaid expenses and other, and accounts payable (including income taxes payable and accrued expenses). The following tables provide fair value measurement information for our marketable securities and deferred compensation fund investment assets as of September 30, 2013 and December 31, 2012:
| As of September 30, 2013
|  |  |  |  | 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 | $ | 11,562,000 |  |  | $ | 11,562,000 |  |  | $ | — |  |  | $ | 11,562,000 |  |  | $ | — |
Deferred compensation fund |  |  |  |  |  |  |  |  |
Money Market | $ | 4,338,000 |  |  | $ | 4,338,000 |  |  | $ | — |  |  | $ | 4,338,000 |  |  | $ | — |
Balanced and Lifestyle | 7,387,000 |  |  | 7,387,000 |  |  | 7,387,000 |  |  | — |  |  | — |
Large Cap Growth | 3,699,000 |  |  | 3,699,000 |  |  | 3,699,000 |  |  | — |  |  | — |
Small Cap Value | 1,853,000 |  |  | 1,853,000 |  |  | 1,853,000 |  |  | — |  |  | — |
Fixed Income | 2,200,000 |  |  | 2,200,000 |  |  | 2,200,000 |  |  | — |  |  | — |
International | 970,000 |  |  | 970,000 |  |  | 970,000 |  |  | — |  |  | — |
Mid Cap Growth | 792,000 |  |  | 792,000 |  |  | 792,000 |  |  | — |  |  | — |
Deferred compensation fund | $ | 21,239,000 |  |  | $ | 21,239,000 |  |  | $ | 16,901,000 |  |  | $ | 4,338,000 |  |  | $ | — |
| As of December 31, 2012
|  |  |  |  | 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 | $ | 21,322,000 |  |  | $ | 21,322,000 |  |  | $ | — |  |  | $ | 21,322,000 |  |  | $ | — |
Deferred compensation fund |  |  |  |  |  |  |  |  |
Money Market | $ | 4,114,000 |  |  | $ | 4,114,000 |  |  | $ | — |  |  | $ | 4,114,000 |  |  | $ | — |
Balanced and Lifestyle | 6,311,000 |  |  | 6,311,000 |  |  | 6,311,000 |  |  | — |  |  | — |
Large Cap Growth | 2,724,000 |  |  | 2,724,000 |  |  | 2,724,000 |  |  | — |  |  | — |
Small Cap Value | 1,936,000 |  |  | 1,936,000 |  |  | 1,936,000 |  |  | — |  |  | — |
Fixed Income | 1,461,000 |  |  | 1,461,000 |  |  | 1,461,000 |  |  | — |  |  | — |
International | 785,000 |  |  | 785,000 |  |  | 785,000 |  |  | — |  |  | — |
Mid Cap Growth | 500,000 |  |  | 500,000 |  |  | 500,000 |  |  | — |  |  | — |
Deferred compensation fund | $ | 17,831,000 |  |  | $ | 17,831,000 |  |  | $ | 13,717,000 |  |  | $ | 4,114,000 |  |  | $ | — |
The fair value of the municipal bonds is measured using pricing service data using third party pricing data. The fair value of equity investments in the funded deferred compensation plan are valued (Level 1) based on quoted market prices. The money market fund in the funded deferred compensation plan is valued (Level 2) at the net asset value (“NAV”) of the shares held by the plan at the end of the period. As a practical expedient, fair value of our money market fund is valued at the NAV as determined by the custodian of the fund. The money market fund includes short-term United States dollar denominated money-market instruments. The money market fund can be redeemed at its NAV at its measurement date as there are no significant restrictions on the ability of participants to sell this investment. These assets will be redeemed by the plan participants on an as needed basis. Unrealized gains and losses from marketable securities for investments recorded under the fair value option are recorded in the other income – investment and interest caption on our consolidated statements of comprehensive income. For the three and nine months ended September 30, 2013, there were no unrealized gains or losses recorded. There were no gains or losses for the three months ended September 30, 2012 as there were no investments recorded under the fair value option. For the nine months ended September 30, 2012, we recorded unrealized losses from marketable securities of $82,000.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Other-than-temporary Impairments
September 30, 2013 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — available for sale | 11,491,000 |  |  | 77,000 |  |  | (6,000 | ) |  | 11,562,000 |  |  | — |
Total debt securities | $ | 11,491,000 |  |  | $ | 77,000 |  |  | $ | (6,000 | ) |  | $ | 11,562,000 |  |  | $ | — |
December 31, 2012 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — available for sale | 21,111,000 |  |  | 220,000 |  |  | (9,000 | ) |  | 21,322,000 |  |  | — |
Total debt securities | $ | 21,111,000 |  |  | $ | 220,000 |  |  | $ | (9,000 | ) |  | $ | 21,322,000 |  |  | $ | — |
For the three and nine months ended September 30, 2013, we received total proceeds of $10,321,000 and $13,321,000 respectively, from sales of available for sale municipal bonds. These sales resulted in realized gains of $31,000 and $47,000 recorded in other income – investment and interest caption on our statement of comprehensive income for the three and nine months ended September 30, 2013, respectively. The basis for the sale of these securities was a specific identification of each bond sold during this period. For the three and nine months ended September 30, 2012, we received total proceeds of $1,100,000 and $15,971,000 respectively, from sales of available for sale municipal bonds. There were no realized gains from the sale of available for sale municipal bonds for the three months ended September 30, 2012. The sales of available for sale municipal bonds for the nine months ended September 30, 2012 resulted in realized gains of $224,000 recorded in other income – investment and interest caption on our statement of comprehensive income. The basis for the sale of these securities was a specific identification of each bond sold during this period. The following tables include contractual maturities of debt securities held at September 30, 2013 and December 31, 2012, which are classified as marketable securities in the consolidated Balance Sheet.
| Municipal Bonds — Available for Sale
Contractual maturity: | September 30, 2013 |  | December 31, 2012
Maturing in one year or less | $ | 3,223,000 |  |  | $ | 5,164,000 |
Maturing after one year through three years | 6,102,000 |  |  | 12,134,000 |
Maturing after three years | 2,237,000 |  |  | 4,024,000 |
Total debt securities | $ | 11,562,000 |  |  | $ | 21,322,000 |

X
- Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration