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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2018
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 8—Fair Value Measurements The Company’s current assets and current liabilities are financial instruments and most of these items (other than marketable securities and inventories) are recorded at cost in the Consolidated Balance Sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. The carrying value of the Company’s line of credit represents the outstanding amount of the borrowings, which approximates fair value. The Company’s financial assets that are measured at fair value on a recurring basis are its marketable securities and deferred compensation funding. The recorded values of all of the financial instruments approximate their current fair values because of their nature, stated interest rates and respective maturity dates or durations. The Company’s marketable securities consist of tax-exempt municipal bonds, which are classified as available-for-sale and are reported at fair value. Unrealized gains and losses associated with these investments are included in other comprehensive income (net of tax) within the Consolidated Statements of Comprehensive Income. The fair value of these marketable securities is classified within Level 2 of the fair value hierarchy, as these securities are measured using 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. Such valuations are determined by a third-party pricing service. For the three months ended September 30, 2018 and 2017, the Company recorded unrealized losses of $0.5 million and unrealized gains of $0.1 million on marketable securities, respectively. For the nine months ended September 30, 2018 and 2017, the Company recorded unrealized losses of $1.5 million and unrealized gains of $1.2 million on marketable securities, respectively. For the three months ended September 30, 2018 and 2017, the Company received total proceeds, less the amount of interest received, of $2.9 million and $5.7 million, respectively, from sales of available-for-sale municipal bonds. For the three months ended September 30, 2018 and 2017, these sales resulted in realized losses of less than $0.1 million and realized gains of $0.2 million, respectively. For the nine months ended September 30, 2018 and 2017, the Company received total proceeds, less the amount of interest received, of $8.7 million and $20.4 million, respectively, from sales of available-for-sale municipal bonds. For the nine months ended September 30, 2018 and 2017, these sales resulted in realized losses of $0.2 million and less than $0.1 million, respectively, which were recorded in “Other income, net – Investment and interest” in the Consolidated Statements of Comprehensive Income. The basis for the sale of these securities was the specific identification of each bond sold during the period. 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 these investments are determined based on quoted market prices (Level 1). The following tables provide fair value measurement information for the Company’s marketable securities and deferred compensation fund investments as of September 30, 2018 and December 31, 2017:
| As of September 30, 2018
|  |  |  |  | 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)
| (in thousands)
Financial Assets: |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |
Municipal bonds — available-for-sale | $ | 74,704 |  |  | $ | 74,704 |  |  | $ | — |  |  | $ | 74,704 |  |  | $ | — |
Deferred compensation fund |  |  |  |  |  |  |  |  |
Money Market (1) | $ | 2,964 |  |  | $ | 2,964 |  |  | $ | — |  |  | $ | 2,964 |  |  | $ | — |
Balanced and Lifestyle | 9,054 |  |  | 9,054 |  |  | 9,054 |  |  | — |  |  | — |
Large Cap Growth | 9,714 |  |  | 9,714 |  |  | 9,714 |  |  | — |  |  | — |
Small Cap Growth | 4,015 |  |  | 4,015 |  |  | 4,015 |  |  | — |  |  | — |
Fixed Income | 3,362 |  |  | 3,362 |  |  | 3,362 |  |  | — |  |  | — |
International | 1,627 |  |  | 1,627 |  |  | 1,627 |  |  | — |  |  | — |
Mid Cap Growth | 2,210 |  |  | 2,210 |  |  | 2,210 |  |  | — |  |  | — |
Deferred compensation fund | $ | 32,946 |  |  | $ | 32,946 |  |  | $ | 29,982 |  |  | $ | 2,964 |  |  | $ | — |
| As of December 31, 2017
|  |  |  |  | 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)
| (in thousands)
Financial Assets: |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |
Municipal bonds — available-for-sale | $ | 73,221 |  |  | $ | 73,221 |  |  | $ | — |  |  | $ | 73,221 |  |  | $ | — |
Deferred compensation fund |  |  |  |  |  |  |  |  |
Money Market (1) | $ | 2,720 |  |  | $ | 2,720 |  |  | $ | — |  |  | $ | 2,720 |  |  | $ | — |
Balanced and Lifestyle | 8,523 |  |  | 8,523 |  |  | 8,523 |  |  | — |  |  | — |
Large Cap Growth | 7,802 |  |  | 7,802 |  |  | 7,802 |  |  | — |  |  | — |
Small Cap Growth | 3,442 |  |  | 3,442 |  |  | 3,442 |  |  | — |  |  | — |
Fixed Income | 3,050 |  |  | 3,050 |  |  | 3,050 |  |  | — |  |  | — |
International | 1,531 |  |  | 1,531 |  |  | 1,531 |  |  | — |  |  | — |
Mid Cap Growth | 1,817 |  |  | 1,817 |  |  | 1,817 |  |  | — |  |  | — |
Deferred compensation fund | $ | 28,885 |  |  | $ | 28,885 |  |  | $ | 26,165 |  |  | $ | 2,720 |  |  | $ | — |
(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.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Other-than-temporary Impairments
| (in thousands)
September 30, 2018 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — available-for-sale | $ | 75,606 |  |  | $ | 169 |  |  | $ | (1,071 | ) |  | $ | 74,704 |  |  | $ | — |
Total debt securities | $ | 75,606 |  |  | $ | 169 |  |  | $ | (1,071 | ) |  | $ | 74,704 |  |  | $ | — |
December 31, 2017 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — available-for-sale | $ | 72,249 |  |  | $ | 1,169 |  |  | $ | (197 | ) |  | $ | 73,221 |  |  | $ | — |
Total debt securities | $ | 72,249 |  |  | $ | 1,169 |  |  | $ | (197 | ) |  | $ | 73,221 |  |  | $ | — |
The following table summarizes the contractual maturities of debt securities held at September 30, 2018 and December 31, 2017, which are classified as marketable securities in the Consolidated Balance Sheets:
|  | Municipal Bonds — Available-for-Sale
Contractual maturity: |  | September 30, 2018 |  | December 31, 2017
|  | (in thousands)
Maturing in one year or less |  | $ | 928 |  |  | $ | 916 |
Maturing in second year through fifth year |  | 20,688 |  |  | 15,948 |
Maturing in sixth year through tenth year |  | 18,515 |  |  | 22,851 |
Maturing after ten years |  | 34,573 |  |  | 33,506 |
Total debt securities |  | $ | 74,704 |  |  | $ | 73,221 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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