| Schedule of Contractual Maturities of Debt Securities |
The following table summarizes the contractual maturities of debt securities held as of June 30, 2025 and December 31, 2024, 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: | | June 30, 2025 | | December 31, 2024 | | | (in thousands) | | Marketable securities, at fair value | | | | | | Maturing in one year or less | | $ | 1,872 | | | $ | 653 | | | Maturing in second year through fifth year | | 22,251 | | | 23,341 | | | Maturing in sixth year through tenth year | | 23,713 | | | 13,113 | | | Maturing after ten years | | 3,838 | | | 13,428 | | | Total marketable securities, at fair value | | $ | 51,674 | | | $ | 50,535 | | | Restricted marketable securities, at fair value | | | | | | Maturing in one year or less | | $ | 7,616 | | | $ | 2,474 | | | Maturing in second year through fifth year | | 13,200 | | | 15,774 | | | Maturing in sixth year through tenth year | | 7,402 | | | 5,837 | | | Maturing after ten years | | 1,040 | | | 1,020 | | | Total restricted marketable securities, at fair value | | $ | 29,258 | | | $ | 25,105 | | | Total debt securities — available-for-sale | | $ | 80,932 | | | $ | 75,640 | |
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| Schedule of Amortized Cost, Unrealized Gains and Losses, and Estimated Fair Value of Debt Securities |
The following table shows the amortized cost, unrealized gains and losses, and estimated fair value of the Company’s debt securities as of June 30, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | Credit Impairment Losses1 | | June 30, 2025 | (in thousands) | | Type of security: | | | | | | | | | | | Marketable securities | | | | | | | | | | | Municipal bonds — taxable | $ | 10,232 | | | $ | — | | | $ | (441) | | | $ | 9,791 | | | $ | — | | | Municipal bonds — non-taxable | 43,755 | | | 8 | | | (1,880) | | | 41,883 | | | — | | | Total marketable securities | $ | 53,987 | | | $ | 8 | | | $ | (2,321) | | | $ | 51,674 | | | $ | — | | | Restricted marketable securities | | | | | | | | | | | U.S. treasury bonds | $ | 9,375 | | | $ | 125 | | | $ | (5) | | | $ | 9,495 | | | $ | — | | | U.S. government agency bonds | 1,209 | | | 7 | | | — | | | 1,216 | | | — | | | International fixed income bonds | 719 | | | 5 | | | — | | | 724 | | | — | | | Corporate bonds | 8,268 | | | 145 | | | — | | | 8,413 | | | — | | | Municipal bonds — taxable | 9,199 | | | 211 | | | — | | | 9,410 | | | — | | | Total restricted marketable securities | $ | 28,770 | | | $ | 493 | | | $ | (5) | | | $ | 29,258 | | | $ | — | | | Total debt securities — available-for-sale | $ | 82,757 | | | $ | 501 | | | $ | (2,326) | | | $ | 80,932 | | | $ | — | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | | 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 | | | $ | — | |
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| Schedule of Fair Value Measurements Information for Marketable Securities and Deferred Compensation Fund Investments |
The following tables provide fair value measurement information for the Company’s financial assets, including marketable securities, restricted marketable securities and deferred compensation plan investments as of June 30, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | | | | | 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 | $ | 9,791 | | | $ | 9,791 | | | $ | — | | | $ | 9,791 | | | $ | — | | | Municipal bonds — non-taxable | 41,883 | | | 41,883 | | | — | | | 41,883 | | | — | | | Total marketable securities | $ | 51,674 | | | $ | 51,674 | | | $ | — | | | $ | 51,674 | | | $ | — | | | | | | | | | | | | | Restricted marketable securities | | | | | | | | | | | U.S. treasury bonds | $ | 9,495 | | | $ | 9,495 | | | $ | — | | | $ | 9,495 | | | $ | — | | | U.S. government agency bonds | 1,216 | | | 1,216 | | | — | | | 1,216 | | | — | | | International fixed income bonds | 724 | | | 724 | | | — | | | 724 | | | — | | | Corporate bonds | 8,413 | | | 8,413 | | | — | | | 8,413 | | | — | | | Municipal bonds — taxable | 9,410 | | | 9,410 | | | — | | | 9,410 | | | — | | | Total restricted marketable securities | $ | 29,258 | | | $ | 29,258 | | | $ | — | | | $ | 29,258 | | | $ | — | | | | | | | | | | | | | Deferred compensation plan | | | | | | | | | | Money market1 | $ | 1,944 | | | $ | 1,944 | | | $ | — | | | $ | 1,944 | | | $ | — | | | Commodities | 327 | | | 327 | | | 327 | | | — | | | — | | | Fixed income | 4,948 | | | 4,948 | | | 4,948 | | | — | | | — | | | International | 5,733 | | | 5,733 | | | 5,733 | | | — | | | — | | | Large cap blend | 7,543 | | | 7,543 | | | 7,543 | | | — | | | — | | | Large cap growth | 19,105 | | | 19,105 | | | 19,105 | | | — | | | — | | | Large cap value | 6,844 | | | 6,844 | | | 6,844 | | | — | | | — | | | Mid cap blend | 3,847 | | | 3,847 | | | 3,847 | | | — | | | — | | | Real estate | 373 | | | 373 | | | 373 | | | — | | | — | | | Small cap blend | 2,953 | | | 2,953 | | | 2,953 | | | — | | | — | | Total deferred compensation plan2 | $ | 53,617 | | | $ | 53,617 | | | $ | 51,673 | | | $ | 1,944 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 market1 | $ | 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 plan2 | $ | 51,138 | | | $ | 51,138 | | | $ | 49,177 | | | $ | 1,961 | | | $ | — | |
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 June 30, 2025 and December 31, 2024 are inclusive of $2.1 million and $1.5 million of holdings expected to be paid to former employees within the next twelve months which were recorded under “Prepaid expenses and other current assets” in the Company’s Consolidated Balance Sheets.
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