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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2016
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The following tables provide details of our financial assets measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 and the basis for those measurements:
| As of September 30, 2016
|  |  |  |  | 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 | $ | 80,623,000 |  |  | $ | 80,623,000 |  |  | $ | — |  |  | $ | 80,623,000 |  |  | $ | — |
Deferred compensation fund |  |  |  |  |  |  |  |  |
Money Market (1) | $ | 5,791,000 |  |  | $ | 5,791,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Balanced and Lifestyle | 6,821,000 |  |  | 6,821,000 |  |  | 6,821,000 |  |  | — |  |  | — |
Large Cap Growth | 5,636,000 |  |  | 5,636,000 |  |  | 5,636,000 |  |  | — |  |  | — |
Small Cap Growth | 2,723,000 |  |  | 2,723,000 |  |  | 2,723,000 |  |  | — |  |  | — |
Fixed Income | 2,780,000 |  |  | 2,780,000 |  |  | 2,780,000 |  |  | — |  |  | — |
International | 1,183,000 |  |  | 1,183,000 |  |  | 1,183,000 |  |  | — |  |  | — |
Mid Cap Growth | 1,398,000 |  |  | 1,398,000 |  |  | 1,398,000 |  |  | — |  |  | — |
Deferred compensation fund | $ | 26,332,000 |  |  | $ | 26,332,000 |  |  | $ | 20,541,000 |  |  | $ | — |  |  | $ | — |
| As of December 31, 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 | $ | 69,496,000 |  |  | $ | 69,496,000 |  |  | $ | — |  |  | $ | 69,496,000 |  |  | $ | — |
Deferred compensation fund |  |  |  |  |  |  |  |  |
Money Market (1) | $ | 3,896,000 |  |  | $ | 3,896,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Balanced and Lifestyle | 9,136,000 |  |  | 9,136,000 |  |  | 9,136,000 |  |  | — |  |  | — |
Large Cap Growth | 5,218,000 |  |  | 5,218,000 |  |  | 5,218,000 |  |  | — |  |  | — |
Small Cap Growth | 2,275,000 |  |  | 2,275,000 |  |  | 2,275,000 |  |  | — |  |  | — |
Fixed Income | 2,624,000 |  |  | 2,624,000 |  |  | 2,624,000 |  |  | — |  |  | — |
International | 1,025,000 |  |  | 1,025,000 |  |  | 1,025,000 |  |  | — |  |  | — |
Mid Cap Growth | 1,217,000 |  |  | 1,217,000 |  |  | 1,217,000 |  |  | — |  |  | — |
Deferred compensation fund | $ | 25,391,000 |  |  | $ | 25,391,000 |  |  | $ | 21,495,000 |  |  | $ | — |  |  | $ | — |
(1) | The fair value of the money market fund is based on the net asset value (“NAV”) of the shares held by the plan at the end of the period. The money market fund includes short-term United States dollar denominated money market instruments and the NAV is determined by the custodian of the fund. The money market fund can be redeemed at its NAV at the measurement date as there are no significant restrictions on the ability to sell this investment.
The Company’s marketable securities are classified as available-for-sale and unrealized gains or losses are included in accumulated other comprehensive income (net of tax), until realized. The fair value of these municipal bonds is classified within Level 2 of the fair value hierarchy as these securities are measured using third party pricing service data. The investments under the funded deferred compensation plan are accounted for as trading securities and unrealized gains or losses are included in earnings. The fair value of investments in the funded deferred compensation plan are valued based on quoted market prices (Level 1). The Company’s financial assets and liabilities not measured at fair value on a recurring basis include cash and cash equivalents, accounts and notes receivable, prepaid expenses 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. For the three months ended September 30, 2016, we recorded unrealized losses on marketable securities of $369,000 and for the three months ended September 30, 2015, we recorded unrealized gains on marketable securities of $198,000. For the nine months ended September 30, 2016, we recorded unrealized gains of $765,000 and for the nine months ended September 30, 2015, we recorded unrealized gains of $181,000.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Other-than-temporary Impairments
September 30, 2016 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — available for sale | $ | 78,482,000 |  |  | $ | 2,175,000 |  |  | $ | (34,000 | ) |  | $ | 80,623,000 |  |  | $ | — |
Total debt securities | $ | 78,482,000 |  |  | $ | 2,175,000 |  |  | $ | (34,000 | ) |  | $ | 80,623,000 |  |  | $ | — |
December 31, 2015 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — available for sale | $ | 68,640,000 |  |  | $ | 869,000 |  |  | $ | (13,000 | ) |  | $ | 69,496,000 |  |  | $ | — |
Total debt securities | $ | 68,640,000 |  |  | $ | 869,000 |  |  | $ | (13,000 | ) |  | $ | 69,496,000 |  |  | $ | — |
For the three months ended September 30, 2016 and 2015, we received total proceeds from sales of available-for-sale municipal bonds, less the amount of interest received, of $2,983,000 and $1,858,000, respectively. For the three months ended September 30, 2016, these sales resulted in realized losses of $17,000 which were recorded in other income – investment and interest in our consolidated statements of comprehensive income. The basis for the sale of these securities was the specific identification of each bond sold during the period. For the three months ended September 30, 2015, there were $2,000 in realized gains. For the nine months ended September 30, 2016 and 2015, we received total proceeds from sales of available-for-sale municipal bonds, less the amount of interest received, of $8,137,000 and $4,404,000, respectively. These sales resulted in realized gains of $226,000 and $5,000, respectively, and were recorded in other income – investment and interest in our consolidated statements of comprehensive income for the nine months ended September 30, 2016 and 2015. The basis for the sale of these securities was the specific identification of each bond sold during the period. The following table summarizes the contractual maturities of debt securities held at September 30, 2016 and December 31, 2015, which are classified as marketable securities in the Consolidated Balance Sheet.
| Municipal Bonds — Available for Sale
Contractual maturity: | September 30, 2016 |  | December 31, 2015
Maturing in one year or less | $ | 2,587,000 |  |  | $ | 774,000 |
Maturing in second year through fifth year | 18,411,000 |  |  | 13,852,000 |
Maturing in sixth year through tenth year | 40,748,000 |  |  | 36,273,000 |
Maturing after ten years | 18,877,000 |  |  | 18,597,000 |
Total debt securities | $ | 80,623,000 |  |  | $ | 69,496,000 |

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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=66048111&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=66048111&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=66048111&loc=d3e19190-110258 + Details
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