Fair Value Measurements Fair Value Measurements (Notes)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

4. Fair Value Measurements

We account for our financial assets in accordance with Accounting Standard Codification 820, Fair Value Measurement. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value measurement disclosures are grouped into three levels based on valuation factors:

• Level 1 - quoted prices in active markets using identical assets

• Level 2 - significant other observable inputs, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other observable inputs

• Level 3 - significant unobservable inputs

Fair Value of Instruments Measured and Recognized at Fair Value

The following table summarizes the levels of fair value measurements of our financial assets:

	September 30, 2018						December 31, 2017
(in thousands)	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	314,161	$	314,161	$	—	$	360,746	$	360,746	$	—
U.S. Treasury bills	20,867		—		20,867		—		—		—
Municipal bonds	16,709		—		16,709		1,960		—		1,960
Total	$	351,737	$	314,161	$	37,576	$	362,706	$	360,746	$	1,960

Our valuation techniques used to measure fair value for these securities during the period consisted primarily of third-party pricing services that utilized actual market data such as trades of comparable bond issues, broker/dealer quotations for the same or similar investments in active markets and other observable inputs.

The following is a summary of our available-for-sale marketable securities:

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
September 30, 2018
U.S. Treasury bills	$	20,869	$	—	$	(2	)	$	20,867
Municipal bonds	16,732		—		(23		)	16,709
Total	$	37,601	$	—	$	(25	)	$	37,576
December 31, 2017
U.S. Treasury bills	$	—	$	—	$	—		$	—
Municipal bonds	1,965		—		(5		)	1,960
Total	$	1,965	$	—	$	(5	)	$	1,960

As of September 30, 2018, the contractual maturities of our marketable securities were as follows:

(in thousands)	Amortized Cost		Estimated Fair Value
Less than one year	$	37,601	$	37,576
One to five years	—		—
Total	$	37,601	$	37,576

Fair Value of Other Financial Instruments

The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable, deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments.

As of September 30, 2018, the carrying value of borrowings under our revolving credit facility approximates fair value and was classified as Level 2 in the fair value hierarchy. Please read Note 5, “Long-Term Debt,” for additional information.