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Fair Value Measurements and Disclosures
3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Disclosures
Fair Value Measurements and Disclosures

Assets and Liabilities Reported at Fair Value

The only assets we record at fair value on our consolidated financial statements are the marketable securities related to our Deferred Compensation Plan. The following table sets forth the fair value of our marketable securities as of March 31, 2016 and December 31, 2015:

 
Fair Value (Level 1) (1)
 
March 31, 2016
 
December 31, 2015
Description
(in thousands)
Marketable securities (2)
$
13,418

 
$
12,882

________________________
(1)
Based on quoted prices in active markets for identical securities.
(2)
The marketable securities are held in a limited rabbi trust.

We report the change in the fair value of the marketable securities at the end of each accounting period in interest income and other net investment gain in the consolidated statements of operations. We also adjust the related Deferred Compensation Plan liability to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, which results in a corresponding increase or decrease to compensation cost for the period.

The following table sets forth the net gain on marketable securities recorded during the three months ended March 31, 2016 and 2015:

 
Three Months Ended March 31,

2016
 
2015
Description
(in thousands)
Net gain on marketable securities
$
137

 
$
388


    
Financial Instruments Disclosed at Fair Value

The following table sets forth the carrying value and the fair value of our other financial instruments as of March 31, 2016 and December 31, 2015:

 
March 31, 2016
 
December 31, 2015
 
Carrying
Value
 
Fair
Value
(1)
 
Carrying
Value
 
Fair
Value
 (1)
 
(in thousands)
Liabilities
 
 
 
 
 
 
 
Secured debt, net
$
378,080

 
$
388,113

 
$
380,835

 
$
391,611

Unsecured debt, net
1,845,313

 
1,948,299

 
1,844,634

 
1,898,863

Unsecured line of credit
75,000

 
75,018

 

 

________________________
(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.