XML 34 R17.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 9 — Fair Value Measurements The Company’s current assets and current liabilities are financial instruments and most of these items (other than marketable securities, restricted marketable securities, inventories and supplies and the short-term portion of deferred compensation assets and liabilities) 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, restricted 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 and restricted marketable securities are held by the Company’s captive insurance company to satisfy capital requirements of the state regulator related to captive insurance companies. Restricted marketable securities are held by the Company’s captive insurance company as collateral for certain insurance coverages. Such securities are primarily comprised of municipal bonds, treasury notes, corporate bonds and other government 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 Unrealized (loss) gain on available-for-sale marketable securities, net of taxes within the Consolidated Statements of Comprehensive Income. Marketable securities and restricted marketable securities are 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 year ended December 31, 2024, the Company recorded unrealized losses, net of taxes of $0.5 million on marketable securities. For the years ended December 31, 2023 and 2022, the Company recorded unrealized gains, net of taxes of $1.6 million and unrealized losses, net of taxes of $7.5 million on marketable securities, respectively. For the years ended December 31, 2024, 2023 and 2022, the Company received total proceeds, less the amount of interest received, of $67.0 million, $2.0 million and $10.4 million, respectively, from sales of available-for-sale securities. These sales resulted in realized losses of $0.4 million for the year ended December 31, 2024 and realized losses of less than $0.1 million for the years ended December 31, 2023 and 2022. Such gains and losses were recorded in Investment and other income (loss), net in the Consolidated Statements of Comprehensive Income. The basis for the sale of these securities was the specific identification of each security sold during the period. As part of a prior period acquisition of a prepackaged meal manufacturer, the Company agreed to pay royalties to the seller on all future product sales. The Company records a liability for the expected future payments within Other long-term liabilities on the Consolidated Balance Sheets. The fair value of this liability is measured using forecasted sales models (Level 3). For the years ended December 31, 2024, 2023 and 2022, the Company recorded realized gains of $0.6 million, $1.1 million and $2.4 million, respectively, within Costs of services provided in the Consolidated Statements of Comprehensive Income related to the measurement of the liability at each balance sheet date. The investments under the deferred compensation plan are accounted for as trading securities and unrealized gains or losses are recorded within Investment and other income (loss), net in the Consolidated Statements of Comprehensive Income. The fair values of these investments are determined based on quoted market prices (Level 1) or the net asset value (“NAV”) of underlying share investments (Level 2). For the years ended December 31, 2024, 2023 and 2022, the Company recorded unrealized gains of $8.3 million, unrealized gains of $6.6 million and unrealized losses of $9.3 million, respectively, related to trading securities still held at the respective reporting dates. The following table summarizes the contractual maturities of debt securities held as of December 31, 2024 and 2023 which are classified within “Marketable securities, at fair value” and “Restricted marketable securities, at fair value” in the Consolidated Balance Sheets:
|  | Debt Securities — Available-for-Sale
Contractual maturity: |  | December 31, 2024 |  | December 31, 2023
|  | (in thousands)
Marketable securities, at fair value |  |  |  |
Maturing in one year or less |  | $ | 653 |  |  | $ | 6,324 |
Maturing in second year through fifth year |  | 23,341 |  |  | 34,939 |
Maturing in sixth year through tenth year |  | 13,113 |  |  | 39,309 |
Maturing after ten years |  | 13,428 |  |  | 12,559 |
Total marketable securities, at fair value |  | $ | 50,535 |  |  | $ | 93,131 |
Restricted marketable securities, at fair value |  |  |  |
Maturing in one year or less |  | $ | 2,474 |  |  | $ | — |
Maturing in second year through fifth year |  | 15,774 |  |  | — |
Maturing in sixth year through tenth year |  | 5,837 |  |  | — |
Maturing after ten years |  | 1,020 |  |  | — |
Total restricted marketable securities, at fair value |  | $ | 25,105 |  |  | $ | — |
Total debt securities — available-for-sale |  | $ | 75,640 |  |  | $ | 93,131 |
The following tables provide fair value measurement information for the Company’s financial assets, including marketable securities, restricted marketable securities and deferred compensation fund investments as of December 31, 2024 and 2023:
| As of December 31, 2024
|  |  |  |  | Fair Value Measurement Using:
(amounts in thousands) | Carrying Amount |  | Total Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Marketable securities |  |  |  |  |  |  |  |  |
Municipal bonds — taxable | $ | 9,600 |  |  | $ | 9,600 |  |  | $ | — |  |  | $ | 9,600 |  |  | $ | — |
Municipal bonds — non-taxable | 40,935 |  |  | 40,935 |  |  | — |  |  | 40,935 |  |  | — |
Total marketable securities | $ | 50,535 |  |  | $ | 50,535 |  |  | $ | — |  |  | $ | 50,535 |  |  | $ | — |
Restricted marketable securities |  |  |  |  |  |  |  |  |
U.S. treasury bonds | $ | 7,309 |  |  | $ | 7,309 |  |  | $ | — |  |  | $ | 7,309 |  |  | $ | — |
U.S. government agency bonds | 1,218 |  |  | 1,218 |  |  | — |  |  | 1,218 |  |  | — |
International fixed income bonds | 652 |  |  | 652 |  |  | — |  |  | 652 |  |  | — |
Corporate bonds | 6,796 |  |  | 6,796 |  |  | — |  |  | 6,796 |  |  | — |
Municipal bonds — taxable | 9,130 |  |  | 9,130 |  |  | — |  |  | 9,130 |  |  | — |
Total restricted marketable securities | $ | 25,105 |  |  | $ | 25,105 |  |  | $ | — |  |  | $ | 25,105 |  |  | $ | — |
Deferred compensation plan |  |  |  |  |  |  |  |  |
Money market 1 | $ | 1,961 |  |  | $ | 1,961 |  |  | $ | — |  |  | $ | 1,961 |  |  | $ | — |
Commodities | 295 |  |  | 295 |  |  | 295 |  |  | — |  |  | — |
Fixed income | 4,417 |  |  | 4,417 |  |  | 4,417 |  |  | — |  |  | — |
International | 4,999 |  |  | 4,999 |  |  | 4,999 |  |  | — |  |  | — |
Large cap blend | 6,669 |  |  | 6,669 |  |  | 6,669 |  |  | — |  |  | — |
Large cap growth | 18,524 |  |  | 18,524 |  |  | 18,524 |  |  | — |  |  | — |
Large cap value | 6,964 |  |  | 6,964 |  |  | 6,964 |  |  | — |  |  | — |
Mid cap blend | 3,957 |  |  | 3,957 |  |  | 3,957 |  |  | — |  |  | — |
Real estate | 372 |  |  | 372 |  |  | 372 |  |  | — |  |  | — |
Small cap blend | 2,980 |  |  | 2,980 |  |  | 2,980 |  |  | — |  |  | — |
Deferred compensation plan 2 | $ | 51,138 |  |  | $ | 51,138 |  |  | $ | 49,177 |  |  | $ | 1,961 |  |  | $ | — |
| As of December 31, 2023
|  |  |  |  | Fair Value Measurement Using:
(amounts in thousands) | Carrying Amount |  | Total Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Marketable securities |  |  |  |  |  |  |  |  |
Municipal bonds — non-taxable | $ | 93,131 |  |  | $ | 93,131 |  |  | $ | — |  |  | $ | 93,131 |  |  | $ | — |
Deferred compensation plan |  |  |  |  |  |  |  |  |
Money market 1 | $ | 2,007 |  |  | $ | 2,007 |  |  | $ | — |  |  | $ | 2,007 |  |  | $ | — |
Commodities | 298 |  |  | 298 |  |  | 298 |  |  | — |  |  | — |
Fixed income | 4,254 |  |  | 4,254 |  |  | 4,254 |  |  | — |  |  | — |
International | 4,621 |  |  | 4,621 |  |  | 4,621 |  |  | — |  |  | — |
Large cap blend | 5,053 |  |  | 5,053 |  |  | 5,053 |  |  | — |  |  | — |
Large cap growth | 13,886 |  |  | 13,886 |  |  | 13,886 |  |  | — |  |  | — |
Large cap value | 5,964 |  |  | 5,964 |  |  | 5,964 |  |  | — |  |  | — |
Mid cap blend | 3,192 |  |  | 3,192 |  |  | 3,192 |  |  | — |  |  | — |
Real estate | 374 |  |  | 374 |  |  | 374 |  |  | — |  |  | — |
Small cap blend | 2,664 |  |  | 2,664 |  |  | 2,664 |  |  | — |  |  | — |
Deferred compensation plan 2 | $ | 42,313 |  |  | $ | 42,313 |  |  | $ | 40,306 |  |  | $ | 2,007 |  |  | $ | — |
1.The fair value of the money market is based on the 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.The deferred compensation plan carrying amounts and total fair value amounts as of December 31, 2024 and 2023 are inclusive of $1.5 million each of holdings expected to be paid to former employees within the next twelve months which were recorded under Prepaid expenses and other assets in the Company’s Consolidated Balance Sheets. The following table shows the amortized cost, unrealized gains and losses, and estimated fair value of the Company’s debt securities as of December 31, 2024 and 2023:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Credit Impairment Losses 1
December 31, 2024 | (in thousands)
Type of security: |  |  |  |  |  |  |  |  |
Marketable securities |  |  |  |  |  |  |  |  |
Municipal bonds — taxable | $ | 10,276 |  |  | $ | — |  |  | $ | (676) |  |  | $ | 9,600 |  |  | $ | — |
Municipal bonds — non-taxable | 43,255 |  |  | — |  |  | (2,320) |  |  | 40,935 |  |  | — |
Total marketable securities | $ | 53,531 |  |  | $ | — |  |  | $ | (2,996) |  |  | $ | 50,535 |  |  | $ | — |
Restricted marketable securities |  |  |  |  |  |  |  |  |
U.S. treasury bonds | $ | 7,276 |  |  | $ | 38 |  |  | $ | (5) |  |  | $ | 7,309 |  |  |
U.S. government agency bonds | 1,208 |  |  | 10 |  |  | — |  |  | 1,218 |  |  |
International fixed income bonds | 647 |  |  | 5 |  |  | — |  |  | 652 |  |  |
Corporate bonds | 6,780 |  |  | 30 |  |  | (14) |  |  | 6,796 |  |  |
Municipal bonds — taxable | 9,131 |  |  | 40 |  |  | (41) |  |  | 9,130 |  |  |
Total restricted marketable securities | $ | 25,042 |  |  | $ | 123 |  |  | $ | (60) |  |  | $ | 25,105 |  |  | $ | — |
Total debt securities — available-for-sale | $ | 78,573 |  |  | $ | 123 |  |  | $ | (3,056) |  |  | $ | 75,640 |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |  |
Type of security: |  |  |  |  |  |  |  |  |
Municipal bonds — non-taxable | $ | 95,466 |  |  | $ | 387 |  |  | $ | (2,722) |  |  | $ | 93,131 |  |  | $ | — |
Total debt securities — available-for-sale | $ | 95,466 |  |  | $ | 387 |  |  | $ | (2,722) |  |  | $ | 93,131 |  |  | $ | — |

X
- References No definition available. + 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration