Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2014

Fair value of the company's marketable securities

The following table sets forth the fair value of our marketable securities as of March 31, 2014 and December 31, 2013:



	Fair Value (Level 1) ⁽¹⁾
	March 31, 2014		December 31, 2013
Description	(in thousands)
Marketable securities ⁽²⁾	$	11,001	$	10,008

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(1)	Based on quoted prices in active markets for identical securities.


(2)	The marketable securities are held in a limited rabbi trust.

Fair value adjustment of marketable securities and deferred compensation plan liability

The following table sets forth the net gain on marketable securities recorded during the three months ended March 31, 2014 and 2013:



	Three Months Ended March 31,
	2014		2013
Description	(in thousands)
Net gain on marketable securities	$	154	$	356

Carrying value and fair value of company's remaining financial assets and liabilities

The following table sets forth the carrying value and the fair value of our other financial instruments as of March 31, 2014 and December 31, 2013:



	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Liabilities
Secured debt ⁽¹⁾	$	556,946	$	567,107	$	560,434	$	568,760
Exchangeable senior notes, net ⁽¹⁾	169,528		175,403		168,372		178,190
Unsecured debt, net ⁽²⁾	1,431,217		1,506,815		1,431,132		1,523,052
Unsecured line of credit ⁽¹⁾	—		—		45,000		45,012

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(1)	Fair value calculated using Level II inputs which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets.

(2)

Fair value calculated using Level I and Level II inputs. Level I inputs are based on quoted prices for identical instruments in active markets. The carrying value and fair value of the Level I instruments was $873.5 million and $921.2 million, respectively, as of March 31, 2014. The carrying value and fair value of the Level I instruments as of December 31, 2013, was $873.5 million and $929.3 million, respectively. The carrying value and fair value of the Level II instruments was $557.7 million and $585.6 million, respectively, as of March 31, 2014. The carrying value and fair value of the Level II instruments as of December 31, 2013, was $557.7 million and $593.7 million, respectively.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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