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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2015
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). We have not elected the fair value option for our available for sale marketable securities as we believe these assets are more representative of our investing activities and are viewed as non-operating in nature. These assets are available for future needs of the Company to support our current and projected growth, if required. In accordance with U.S. GAAP, our investments in marketable securities are classified within Level 2 of the fair value hierarchy. These investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. The Company’s financial instruments consist mainly of cash and cash equivalents, available for sale marketable securities, accounts and notes receivable, prepaid expenses and other, and accounts payable (including income taxes payable and accrued expenses). The carrying value of these financial instruments approximates their fair value because of their short-term nature. The fair value of financial instruments is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties. The following tables provide fair value measurement information for our marketable securities and deferred compensation fund investment assets as of June 30, 2015 and December 31, 2014:
| As of June 30, 2015
|  |  |  |  | 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 | $ | 11,799,000 |  |  | $ | 11,799,000 |  |  | $ | — |  |  | $ | 11,799,000 |  |  | $ | — |
Deferred compensation fund |  |  |  |  |  |  |  |  |
Money Market | $ | 4,053,000 |  |  | $ | 4,053,000 |  |  | $ | — |  |  | $ | 4,053,000 |  |  | $ | — |
Balanced and Lifestyle | 8,927,000 |  |  | 8,927,000 |  |  | 8,927,000 |  |  | — |  |  | — |
Large Cap Growth | 5,178,000 |  |  | 5,178,000 |  |  | 5,178,000 |  |  | — |  |  | — |
Small Cap Value | 2,343,000 |  |  | 2,343,000 |  |  | 2,343,000 |  |  | — |  |  | — |
Fixed Income | 2,104,000 |  |  | 2,104,000 |  |  | 2,104,000 |  |  | — |  |  | — |
International | 1,172,000 |  |  | 1,172,000 |  |  | 1,172,000 |  |  | — |  |  | — |
Mid Cap Growth | 1,208,000 |  |  | 1,208,000 |  |  | 1,208,000 |  |  | — |  |  | — |
Deferred compensation fund | $ | 24,985,000 |  |  | $ | 24,985,000 |  |  | $ | 20,932,000 |  |  | $ | 4,053,000 |  |  | $ | — |
| As of December 31, 2014
|  |  |  |  | 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 | $ | 11,799,000 |  |  | $ | 11,799,000 |  |  | $ | — |  |  | $ | 11,799,000 |  |  | $ | — |
Deferred compensation fund |  |  |  |  |  |  |  |  |
Money Market | $ | 4,278,000 |  |  | $ | 4,278,000 |  |  | $ | — |  |  | $ | 4,278,000 |  |  | $ | — |
Balanced and Lifestyle | 8,885,000 |  |  | 8,885,000 |  |  | 8,885,000 |  |  | — |  |  | — |
Large Cap Growth | 4,856,000 |  |  | 4,856,000 |  |  | 4,856,000 |  |  | — |  |  | — |
Small Cap Value | 2,392,000 |  |  | 2,392,000 |  |  | 2,392,000 |  |  | — |  |  | — |
Fixed Income | 2,081,000 |  |  | 2,081,000 |  |  | 2,081,000 |  |  | — |  |  | — |
International | 1,097,000 |  |  | 1,097,000 |  |  | 1,097,000 |  |  | — |  |  | — |
Mid Cap Growth | 1,153,000 |  |  | 1,153,000 |  |  | 1,153,000 |  |  | — |  |  | — |
Deferred compensation fund | $ | 24,742,000 |  |  | $ | 24,742,000 |  |  | $ | 20,464,000 |  |  | $ | 4,278,000 |  |  | $ | — |
The fair value of the municipal bonds is measured using third party pricing service 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 are recorded in the other comprehensive income caption in our consolidated statements of comprehensive income. For the three months ended June 30, 2015 and 2014, we recorded unrealized losses from marketable securities of $20,000 and unrealized gains of $6,000, respectively. For the six months ended June 30, 2015 and 2014, we recorded unrealized losses from marketable securities of $17,000 and unrealized gains of $7,000, respectively.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Other-than-temporary Impairments
June 30, 2015 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — available for sale | 11,786,000 |  |  | 26,000 |  |  | (13,000 | ) |  | 11,799,000 |  |  | — |
Total debt securities | $ | 11,786,000 |  |  | $ | 26,000 |  |  | $ | (13,000 | ) |  | $ | 11,799,000 |  |  | $ | — |
December 31, 2014 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — available for sale | 11,758,000 |  |  | 48,000 |  |  | (7,000 | ) |  | 11,799,000 |  |  | — |
Total debt securities | $ | 11,758,000 |  |  | $ | 48,000 |  |  | $ | (7,000 | ) |  | $ | 11,799,000 |  |  | $ | — |
For the three months ended June 30, 2015 and 2014, we received total proceeds, less the amount of interest received, of $1,788,000 and $1,004,000, respectively, from sales of available for sale municipal bonds. For the three months ended June 30, 2015, there were no realized gains or losses. For the three months ended June 30, 2014, these sales resulted in realized gains of $3,000 and were recorded in other income – investment and interest caption on our consolidated statements of comprehensive income for the three months ended June 30, 2014. The basis for the sale of these securities was a specific identification of each bond sold during this period. For the six months ended June 30, 2015 and 2014, we received total proceeds, less the amount of interest received, of $2,546,000 and $1,875,000, respectively, from sales of available for sale municipal bonds. These sales resulted in realized gains of $3,000 and $4,000, respectively, and were recorded in other income – investment and interest caption on our consolidated statements of comprehensive income for the six months ended June 30, 2015 and 2014. 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 June 30, 2015 and December 31, 2014, which are classified as marketable securities in the consolidated Balance Sheet.
| Municipal Bonds — Available for Sale
Contractual maturity: | June 30, 2015 |  | December 31, 2014
Maturing in one year or less | $ | 2,290,000 |  |  | $ | 4,343,000 |
Maturing after one year through three years | 6,665,000 |  |  | 4,041,000 |
Maturing after three years | 2,844,000 |  |  | 3,415,000 |
Total debt securities | $ | 11,799,000 |  |  | $ | 11,799,000 |

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- 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=36462937&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 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: 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=36462937&loc=d3e19190-110258 + Details
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