Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.8.0.1
Fair Value Measurement (Tables)
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Summary of Investments

The following table summarizes the Company’s investments at September 30, 2017 and December 31, 2016 (in thousands):

 

 

 

September 30, 2017

 

 

December 31, 2016

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

 

 

 

 

 

 

Gains

 

 

Recorded

 

 

 

 

 

 

Gains

 

 

Recorded

 

 

 

Cost

 

 

(Losses)

 

 

Basis

 

 

Cost

 

 

(Losses)

 

 

Basis

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds

 

$

54

 

 

$

 

 

$

54

 

 

$

1,943

 

 

$

 

 

$

1,943

 

U.S. Treasuries

 

 

50

 

 

 

 

 

 

50

 

 

 

 

 

 

 

 

 

 

Total cash equivalents

 

 

104

 

 

 

 

 

 

104

 

 

 

1,943

 

 

 

 

 

 

1,943

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

 

565

 

 

 

 

 

 

565

 

 

 

225

 

 

 

(1

)

 

 

224

 

U.S. Government Agency Securities

 

 

161

 

 

 

 

 

 

161

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

70

 

 

 

 

 

 

70

 

 

 

713

 

 

 

1

 

 

 

714

 

Certificates of Deposit

 

 

 

 

 

 

 

 

 

 

 

4,737

 

 

 

 

 

 

4,737

 

Total current investments

 

 

796

 

 

 

 

 

 

796

 

 

 

5,675

 

 

 

 

 

 

5,675

 

Long term:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Backed Securities

 

 

654

 

 

 

 

 

 

654

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

 

330

 

 

 

 

 

 

330

 

 

 

567

 

 

 

(1

)

 

 

566

 

U.S. Treasuries

 

 

203

 

 

 

(1

)

 

 

202

 

 

 

 

 

 

 

 

 

 

U.S. Government Agency Securities

 

 

5

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

 

 

 

 

 

 

 

 

 

76

 

 

 

 

 

 

76

 

Total long term investments

 

 

1,192

 

 

 

(1

)

 

 

1,191

 

 

 

643

 

 

 

(1

)

 

 

642

 

Restricted cash and investments (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

 

162,500

 

 

 

214

 

 

 

162,714

 

 

 

2,886

 

 

 

2

 

 

 

2,888

 

Mortgage Backed Securities

 

 

84,859

 

 

 

148

 

 

 

85,007

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

 

37,440

 

 

 

 

 

 

37,440

 

 

 

 

 

 

 

 

 

 

U.S. Government Agency Securities

 

 

35,314

 

 

 

(15

)

 

 

35,299

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

27,660

 

 

 

(27

)

 

 

27,633

 

 

 

834

 

 

 

 

 

 

834

 

Money Market Funds

 

 

17,600

 

 

 

 

 

 

17,600

 

 

 

284,593

 

 

 

 

 

 

284,593

 

Municipal Bonds

 

 

736

 

 

 

(8

)

 

 

728

 

 

 

2,069

 

 

 

(6

)

 

 

2,063

 

Certificates of Deposit

 

 

 

 

 

 

 

 

 

 

 

6,047

 

 

 

 

 

 

6,047

 

Total restricted cash and investments

 

 

366,109

 

 

 

312

 

 

 

366,421

 

 

 

296,429

 

 

 

(4

)

 

 

296,425

 

Total investments

 

$

368,201

 

 

$

311

 

 

$

368,512

 

 

$

304,690

 

 

$

(5

)

 

$

304,685

 

 

(1)

Included in restricted cash and investments within the condensed consolidated balance sheet as of September 30, 2017 is restricted cash and long term workers’ compensation deposits of $5.5 million, which is excluded from the table above. Restricted cash and investments are classified as current and noncurrent on the balance sheet based on the nature of the restriction.

Summary of Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s investments at September 30, 2017 and December 31, 2016 measured at fair value on a recurring basis by fair value hierarchy level (in thousands):

 

 

 

September 30, 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

 

$

54

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

54

 

 

$

1,943

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

1,943

 

U.S. Treasuries

 

 

50

 

 

 

 

 

 

50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

 

895

 

 

 

 

 

 

895

 

 

 

 

 

 

 

 

 

790

 

 

 

 

 

 

790

 

 

 

 

 

 

 

Mortgage Backed Securities

 

 

654

 

 

 

 

 

 

654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

202

 

 

 

 

 

 

202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Agency Securities

 

 

166

 

 

 

 

 

 

166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

70

 

 

 

 

 

 

70

 

 

 

 

 

 

 

 

 

790

 

 

 

 

 

 

790

 

 

 

 

 

 

 

Certificates of Deposit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,737

 

 

 

 

 

 

4,737

 

 

 

 

 

 

 

Restricted cash and investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Bonds

 

 

162,714

 

 

 

 

 

 

162,714

 

 

 

 

 

 

 

 

 

2,888

 

 

 

 

 

 

2,888

 

 

 

 

 

 

 

Mortgage Backed Securities

 

 

85,007

 

 

 

 

 

 

85,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Agency Securities

 

 

35,299

 

 

 

 

 

 

35,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

 

37,440

 

 

 

 

 

 

37,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

27,633

 

 

 

 

 

 

27,633

 

 

 

 

 

 

 

 

 

834

 

 

 

 

 

 

834

 

 

 

 

 

 

 

Money Market Funds

 

 

17,600

 

 

 

 

 

 

 

 

 

 

 

 

17,600

 

 

 

284,593

 

 

 

 

 

 

 

 

 

 

 

 

284,593

 

Municipal Bonds

 

 

728

 

 

 

 

 

 

728

 

 

 

 

 

 

 

 

 

2,063

 

 

 

 

 

 

2,063

 

 

 

 

 

 

 

Certificates of Deposit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,047

 

 

 

 

 

 

6,047

 

 

 

 

 

 

 

Total investments

 

$

368,512

 

 

$

-

 

 

$

350,858

 

 

$

-

 

 

$

17,654

 

 

$

304,685

 

 

$

-

 

 

$

18,149

 

 

$

-

 

 

$

286,536

 

 

(1)

Investments in money market funds measured at fair value using the net asset value 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.