Fair Value Measurement

9 Months Ended

Sep. 30, 2016

Note 2 - Fair Value Measurement

The following table summarizes the Company’s investments at September 30, 2016 and December 31, 2015 (in thousands):


	September 30, 2016						December 31, 2015
	Cost		Gross Unrealized Gains (Losses)		Recorded Basis		Cost		Gross Unrealized Gains (Losses)			Recorded Basis
Current:
Cash Equivalents:
Money Market Funds	$	176	$	0	$	176	$	21,312	$	0		$	21,312

Investments:
Municipal Bonds		838		0		838		0		0			0
Corporate Bonds		175		0		175		0		0			0

Restricted cash and investments:
Money Market Funds		51,959		0		51,959		76,023		0			76,023
Certificate of Deposit		0		0		0		10,000		0			10,000

Total Current Investments		53,148		0		53,148		107,335		0			107,335


Long term:
Investments:
Corporate Bonds		624		1		625		2,970		(24	)		2,946
Municipal Bonds		238		0		238		3,135		(3	)		3,132
Money Market Funds		0		0		0		4		0			4

Restricted cash and investments ⁽¹⁾:
Money Market Funds		221,901		0		221,901		175,869		0			175,869
Certificates of Deposit		11,776		0		11,776		496		(1	)		495
U.S. Treasuries		5,258		23		5,281		4,752		1			4,753
Corporate Bonds		3,191		14		3,205		2,996		(24	)		2,972
Municipal Bonds		2,547		4		2,551		3,613		(1	)		3,612

Total Long Term Investments		245,535		42		245,577		193,835		(52	)		193,783

Total Investments	$	298,683	$	42	$	298,725	$	301,170	$	(52	)	$	301,118

⁽¹⁾	Restricted cash and investments also includes $306,000 of workers’ compensation deposits.

The following table summarizes the Company’s investments at September 30, 2016 and December 31, 2015 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):


	September 30, 2016										December 31, 2015
	Total Recorded Basis		Level 1		Level 2		Level 3		Other ⁽¹⁾		Total Recorded Basis		Level 1		Level 2		Level 3		Other ⁽¹⁾
Cash Equivalents:
Money Market Funds	$	176	$	0	$	0	$	0	$	176	$	21,312	$	0	$	0	$	0	$	21,312

Investments:
Municipal Bonds		1,076		50		1,026		0		0		3,132		241		2,891		0		0
Corporate Bonds		800		502		298		0		0		2,946		2,291		655		0		0
Money Market Funds		0		0		0		0		0		4		0		0		0		4

Restricted cash and investments:
Money Market Funds		273,860		0		0		0		273,860		251,892		0		0		0		251,892
Certificates of Deposit		11,776		0		11,776		0		0		10,495		0		10,495		0		0
U.S. Treasuries		5,281		5,281		0		0		0		4,753		4,753		0		0		0
Corporate Bonds		3,205		2,163		1,042		0		0		2,972		2,285		687		0		0
Municipal Bonds		2,551		214		2,337		0		0		3,612		389		3,223		0		0

Total Investments	$	298,725	$	8,210	$	16,479	$	0	$	274,036	$	301,118	$	9,959	$	17,951	$	0	$	273,208

⁽¹⁾

In accordance with ASU 2015-07 (see Note 1), investments in money market funds measured at fair value using the NAV per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.

- 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.

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