Fair Values (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis

The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):

			Fair Value Using
	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of March 31, 2020
Recurring basis:
Derivative liabilities(1)	$	20,685	$	—	$	20,685	$	—
Available-for-sale securities(1)	23,640		—		—		23,640
Non-recurring basis:
Other investments(2)	44,882		—		44,882		—
As of December 31, 2019
Recurring basis:
Derivative assets(1)	$	114	$	—	$	114	$	—
Derivative liabilities(1)	8,680		—		8,680		—
Available-for-sale securities(1)	23,896		—		—		23,896
Non-recurring basis:
Impaired land and development(3)	40,000		—		—		40,000

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(1) The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3.

(2) During the three months ended March 31, 2020, the Company identified an observable price change in an equity security held by the Company as evidenced by an orderly private issuance of similar securities by the same issuer and, as such, classified such observable price change as Level 2.

(3)

The Company recorded aggregate impairments of $5.3 million on two land and development assets with an estimated aggregate fair value of $40.0 million. The estimated fair values are based on expected sales proceeds.

Summary of changes in Level 3 available-for-sale securities reported at fair value

The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the three months ended March 31, 2020 and 2019 ($ in thousands):

	2020			2019
Beginning balance	$	23,896		$	21,661
Repayments	(459		)	(46		)
Unrealized gains recorded in other comprehensive income	203			1,000
Ending balance	$	23,640		$	22,615