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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements | The following tables provide fair value measurement information for the Company’s marketable securities and deferred compensation fund investments as of March 31, 2023 and December 31, 2022:
| As of March 31, 2023
|  |  |  |  | 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 | $ | 95,985 |  |  | $ | 95,985 |  |  | $ | — |  |  | $ | 95,985 |  |  | $ | — |
Deferred compensation fund |  |  |  |  |  |  |  |  |
Money Market 1 | $ | 2,077 |  |  | $ | 2,077 |  |  | $ | — |  |  | $ | 2,077 |  |  | $ | — |
Commodities | 203 |  |  | 203 |  |  | 203 |  |  | — |  |  | — |
Fixed Income | 3,923 |  |  | 3,923 |  |  | 3,923 |  |  | — |  |  | — |
International | 3,982 |  |  | 3,982 |  |  | 3,982 |  |  | — |  |  | — |
Large Cap Blend | 1,499 |  |  | 1,499 |  |  | 1,499 |  |  | — |  |  | — |
Large Cap Growth | 11,195 |  |  | 11,195 |  |  | 11,195 |  |  | — |  |  | — |
Large Cap Value | 6,084 |  |  | 6,084 |  |  | 6,084 |  |  | — |  |  | — |
Mid Cap Blend | 2,680 |  |  | 2,680 |  |  | 2,680 |  |  | — |  |  | — |
Real Estate | 339 |  |  | 339 |  |  | 339 |  |  | — |  |  | — |
Small Cap Blend | 3,687 |  |  | 3,687 |  |  | 3,687 |  |  | — |  |  | — |
Deferred compensation fund 2 | $ | 35,669 |  |  | $ | 35,669 |  |  | $ | 33,592 |  |  | $ | 2,077 |  |  | $ | — |
| As of December 31, 2022
|  |  |  |  | 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 | $ | 95,200 |  |  | $ | 95,200 |  |  | $ | — |  |  | $ | 95,200 |  |  | $ | — |
Deferred compensation fund |  |  |  |  |  |  |  |  |
Money Market 1 | $ | 2,420 |  |  | $ | 2,420 |  |  | $ | — |  |  | $ | 2,420 |  |  | $ | — |
Commodities | 170 |  |  | 170 |  |  | 170 |  |  | — |  |  | — |
Fixed Income | 3,571 |  |  | 3,571 |  |  | 3,571 |  |  | — |  |  | — |
International | 4,093 |  |  | 4,093 |  |  | 4,093 |  |  | — |  |  | — |
Large Cap Blend | 1,210 |  |  | 1,210 |  |  | 1,210 |  |  | — |  |  | — |
Large Cap Growth | 11,064 |  |  | 11,064 |  |  | 11,064 |  |  | — |  |  | — |
Large Cap Value | 6,133 |  |  | 6,133 |  |  | 6,133 |  |  | — |  |  | — |
Mid Cap Blend | 2,667 |  |  | 2,667 |  |  | 2,667 |  |  | — |  |  | — |
Real Estate | 359 |  |  | 359 |  |  | 359 |  |  | — |  |  | — |
Small Cap Blend | 3,424 |  |  | 3,424 |  |  | 3,424 |  |  | — |  |  | — |
Deferred compensation fund 2 | $ | 35,111 |  |  | $ | 35,111 |  |  | $ | 32,691 |  |  | $ | 2,420 |  |  | $ | — |
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. 2.As of March 31, 2023 and December 31, 2022, $1.4 million and $1.6 million of short-term deferred compensation funding is included in “Prepaid expenses and other assets” on the Company’s Consolidated Balance Sheets, respectively. Such amounts of short-term deferred compensation funding represent investments expected to be liquidated and paid within 12 months of March 31, 2023.
Schedule of Marketable Debt Securities |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Credit Impairment Losses 1
| (in thousands)
March 31, 2023 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — available-for-sale | $ | 98,859 |  |  | $ | 511 |  |  | $ | (3,385) |  |  | $ | 95,985 |  |  | $ | — |
Total debt securities | $ | 98,859 |  |  | $ | 511 |  |  | $ | (3,385) |  |  | $ | 95,985 |  |  | $ | — |
December 31, 2022 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — available-for-sale | $ | 99,601 |  |  | $ | 229 |  |  | $ | (4,630) |  |  | $ | 95,200 |  |  | $ | — |
Total debt securities | $ | 99,601 |  |  | $ | 229 |  |  | $ | (4,630) |  |  | $ | 95,200 |  |  | $ | — |
1.The Company performs a credit impairment loss assessment quarterly on an individual security basis. As of March 31, 2023 and December 31, 2022, no allowance for credit loss impairment has been recognized as the issuers of these securities have not established a cause for default and various rating agencies have reaffirmed each security's investment grade status. The fair value of these securities have fluctuated since the purchase date as market interest rates fluctuate. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell before the recovery of the securities' amortized cost basis.
Schedule of Contractual Maturities of Available for Sale Investments | The following table summarizes the contractual maturities of debt securities held at March 31, 2023 and December 31, 2022, which are classified as “Marketable securities, at fair value” in the Consolidated Balance Sheets:
|  | Municipal Bonds — Available-for-Sale
Contractual maturity: |  | March 31, 2023 |  | December 31, 2022
|  | (in thousands)
Maturing in one year or less |  | $ | 6,729 |  |  | $ | 2,798 |
Maturing in second year through fifth year |  | 33,048 |  |  | 35,068 |
Maturing in sixth year through tenth year |  | 40,008 |  |  | 38,575 |
Maturing after ten years |  | 16,200 |  |  | 18,759 |
Total debt securities |  | $ | 95,985 |  |  | $ | 95,200 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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