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Fair Value Measurements and Disclosures
9 Months Ended
Sep. 30, 2018
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 September 30, 2018 and December 31, 2017:

 
Fair Value (Level 1) (1)
 
September 30, 2018
 
December 31, 2017
Description
(in thousands)
Marketable securities (2)
$
23,353

 
$
20,674

________________________
(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/loss 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 and nine months ended September 30, 2018 and 2017:

 
Three Months Ended September 30,
 
Nine Months Ended September 30,

2018
 
2017
 
2018
 
2017
Description
(in thousands)
 
(in thousands)
Net gain on marketable securities
$
271

 
$
536

 
$
289

 
$
1,719


    
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 September 30, 2018 and December 31, 2017:

 
September 30, 2018
 
December 31, 2017
 
Carrying
Value
 
Fair
Value
(1)
 
Carrying
Value
 
Fair
Value
 (1)
 
(in thousands)
Liabilities
 
 
 
 
 
 
 
Secured debt, net
$
336,866

 
$
331,313

 
$
340,800

 
$
346,858

Unsecured debt, net
2,207,049

 
2,173,366

 
2,006,263

 
2,077,199

Unsecured line of credit
330,000

 
330,221

 

 

________________________
(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.