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Fair Value Measurement | 12 Months Ended
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Dec. 31, 2014
Fair Value Disclosures [Abstract] |
Fair Value Measurement |
4. | Fair Value Measurement
Fair value is 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. Factors used in determining the fair value of our financial assets and liabilities are summarized into three broad categories:
| • |  | Level 1—quoted prices in active markets for identical securities;
| • |  | Level 2—other significant observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.; and
| • |  | Level 3—significant unobservable inputs, including our own assumptions in determining fair value.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. In determining the fair value of our financial assets, the Company predominately uses the market approach. In determining the fair value of all its certificates of deposit, money market funds, U.S. treasuries, municipal bonds, corporate bonds, and variable rate demand notes classified as Level 2, the Company utilizes the non-binding quotes provided by our three investment brokers. We receive one non-binding broker quote for each financial asset as of the balance sheet date. To value the Level 2 assets, our investment brokers use proprietary multi-dimensional pricing models that include a variety of inputs, including quoted prices for identical or similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks and default rates that are observable at commonly quoted intervals. There were no assets or liabilities where Level 3 valuation techniques were used and there were no assets and liabilities measured at fair value on a non-recurring basis. Marketable securities consist of the following (in thousands):
|  | December 31, 2014 |  |  | December 31, 2013 |  |  | Fair Value Category |
|  | Cost |  |  | Gross Unrealized Gains (Losses) |  |  | Recorded Basis |  |  | Cost |  |  | Gross Unrealized (Losses) |  |  | Recorded Basis |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VRDN |  | $ | 21,670 |  |  | $ | 0 |  |  | $ | 21,670 |  |  | $ | 10,000 |  |  | $ | 0 |  |  | $ | 10,000 |  |  |  | 2 |
Certificates of deposit |  |  | 8,330 |  |  |  | (43 | ) |  |  | 8,287 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |
Corporate bonds |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 9,800 |  |  |  | (13 | ) |  |  | 9,787 |  |  |  | 2 |
|  | $ | 30,000 |  |  | $ | (43 | ) |  | $ | 29,957 |  |  | $ | 19,800 |  |  | $ | (13 | ) |  | $ | 19,787 |  |  |  |  |
Long term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 3,843 |  |  | $ | 7 |  |  | $ | 3,850 |  |  | $ | 4,074 |  |  | $ | (17 | ) |  | $ | 4,057 |  |  |  | 2 |
Corporate bonds |  |  | 2,153 |  |  |  | (3 | ) |  |  | 2,150 |  |  |  | 1,879 |  |  |  | (27 | ) |  |  | 1,852 |  |  |  | 2 |
Certificates of deposit |  |  | 14,944 |  |  |  | (14 | ) |  |  | 14,930 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |
|  | $ | 20,940 |  |  | $ | (10 | ) |  | $ | 20,930 |  |  | $ | 5,953 |  |  | $ | (44 | ) |  | $ | 5,909 |  |  |  |  |
The Company’s restricted marketable securities component of restricted marketable securities and workers’ compensation deposits consists of the following (in thousands):
|  | December 31, 2014 |  |  | December 31, 2013 |  |  | Fair Value Category |
|  | Cost |  |  | Gross Unrealized Gains (Losses) |  |  | Recorded Basis |  |  | Cost |  |  | Gross Unrealized Gains |  |  | Recorded Basis |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds held in trust |  | $ | 3,776 |  |  | $ | 0 |  |  | $ | 3,776 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 2 |
|  | $ | 3,776 |  |  | $ | 0 |  |  | $ | 3,776 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  |  |
Long term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds held in trust |  | $ | 46,310 |  |  | $ | 0 |  |  | $ | 46,310 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  |  | 2 |
Municipal bonds |  |  | 4,352 |  |  |  | 21 |  |  |  | 4,373 |  |  |  | 4,742 |  |  |  | 10 |  |  |  | 4,752 |  |  |  | 2 |
Corporate bonds |  |  | 3,540 |  |  |  | (3 | ) |  |  | 3,537 |  |  |  | 2,849 |  |  |  | 5 |  |  |  | 2,854 |  |  |  | 2 |
U.S. treasuries |  |  | 3,963 |  |  |  | 0 |  |  |  | 3,963 |  |  |  | 2,787 |  |  |  | 0 |  |  |  | 2,787 |  |  |  | 1 |
|  | $ | 58,165 |  |  | $ | 18 |  |  | $ | 58,183 |  |  | $ | 10,378 |  |  | $ | 15 |  |  | $ | 10,393 |  |  |  |  |
The Company’s long term restricted certificates of deposit are summarized as follows (in thousands):
|  | December 31, 2014 |  |  | December 31, 2013 |  |  |  |
|  | Cost |  |  | Gross Unrealized Gains |  |  | Recorded Basis |  |  | Cost |  |  | Gross Unrealized Gains |  |  | Recorded Basis |  |  | Fair Value Category |
Restricted certificates of deposit |  | $ | 114,335 |  |  | $ | 0 |  |  | $ | 114,335 |  |  | $ | 12,789 |  |  | $ | 0 |  |  | $ | 12,789 |  |  |  | 2 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13504-108611 + Details
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