Fair Value Measurement

3 Months Ended

Mar. 31, 2017

Note 2 - Fair Value Measurement

The following table summarizes the Company’s investments at March 31, 2017 and December 31, 2016 (in thousands):

	March 31, 2017							December 31, 2016
			Gross							Gross
			Unrealized							Unrealized
			Gains			Recorded				Gains			Recorded
	Cost		(Losses)			Basis		Cost		(Losses)			Basis
Current:
Cash Equivalents:
Money Market Funds	$	267	$	—		$	267	$	1,943	$	—		$	1,943
U.S. Treasuries		500		—			500		—		—			—
Investments:
Certificates of Deposit		—		—			—		4,737		—			4,737
Municipal Bonds		456		1			457		713		1			714
Corporate Bonds		516		—			516		225		(1	)		224
Restricted cash and investments:
Money Market Funds		51,078		—			51,078		48,557		—			48,557
Certificate of Deposit		—		—			—		—		—			—
Total Current Investments		52,817		1			52,818		56,175		-			56,175
Long term:
Investments:
Corporate Bonds		268		(1	)		267		567		(1	)		566
Municipal Bonds		66		—			66		76		—			76
Money Market Funds		—		—			—		—		—			—
Restricted cash and investments ⁽¹⁾:
Money Market Funds		28,352		—			28,352		236,036		—			236,036
Certificates of Deposit		—		—			—		6,047		—			6,047
U.S. Treasuries		87,743		5			87,748		834		—			834
Corporate Bonds		53,743		(45	)		53,698		2,886		2			2,888
Municipal Bonds		1,615		—			1,615		2,069		(6	)		2,063
Commercial Paper		56,116		—			56,116		—		—			—
Mortgage Backed Securities		40,402		1			40,403		—		—			—
Total Long Term Investments		268,305		(40	)		268,265		248,515		(5	)		248,510
Total Investments	$	321,122	$	(39	)	$	321,083	$	304,690	$	(5	)	$	304,685

(1)	Included in restricted cash and investments within the balance sheet as of March 31, 2017 is restricted cash and long term workers’ compensation deposits of $4.7 million, which is excluded from the table above.

The following table summarizes the Company’s investments at March 31, 2017 and December 31, 2016 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

	March 31, 2017										December 31, 2016
	Total										Total
	Recorded										Recorded
	Basis		Level 1		Level 2		Level 3		Other ⁽¹⁾		Basis		Level 1		Level 2		Level 3		Other ⁽¹⁾
Cash Equivalents:
Money Market Funds	$	267	$	—	$	—	$	—	$	267	$	1,943	$	—	$	—	$	—	$	1,943
U.S. Treasuries		500		—		500		—		—		—		—		—		—		—
Investments:
Certificates of Deposit		—		—		—		—		—		4,737		—		4,737		—		—
Municipal Bonds		523		—		523		—		—		790		—		790		—		—
Corporate Bonds		783		—		783		—		—		790		—		790		—		—
Money Market Funds		—		—		—		—		—		—		—		—		—		—
Restricted cash and investments:
Money Market Funds		79,430		—		—		—		79,430		284,593		—		—		—		284,593
Certificates of Deposit		—		—		—		—		—		6,047		—		6,047		—		—
U.S. Treasuries		87,748		—		87,748		—		—		834		—		834		—		—
Corporate Bonds		53,698		—		53,698		—		—		2,888		—		2,888		—		—
Municipal Bonds		1,615		—		1,615		—		—		2,063		—		2,063		—		—
Commercial Paper		56,116		—		56,116		—		—		—		—		—		—		—
Mortgage Backed Securities		40,403		—		40,403		—		—		—		—		—		—		—
Total Investments	$	321,083	$	—	$	241,386	$	—	$	79,697	$	304,685	$	—	$	18,149	$	—	$	286,536

(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.

+ References + Details