Fair Value Measurements of Assets and Liabilities (Tables)
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3 Months Ended |
Mar. 31, 2017 |
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| Fair Value Measurements of Assets and Liabilities |
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| Schedule of assets and liabilities held and their related classifications under the fair value hierarchy |
The following is a summary of assets, liabilities and redeemable noncontrolling interests and their related classifications under the fair value hierarchy: | | | | | | | | | | | | | | | | | | March 31, 2017 | | Total | | (Level 1) | | (Level 2) | | (Level 3) | Assets | | | | | | | | Cash, cash equivalents and restricted cash (1) | $ | 240,757 |
| | $ | 240,757 |
| | $ | — |
| | $ | — |
| Marketable securities-short term (2) | 9,963 |
| | — |
| | 9,963 |
| | — |
| Marketable securities-long term (2) | 1,680 |
| | — |
| | 1,680 |
| | — |
| Total assets | $ | 252,400 |
| | $ | 240,757 |
| | $ | 11,643 |
| | $ | — |
| Liabilities | | | | | | | | Contingent interest derivative (3) | $ | 288 |
| | $ | — |
| | $ | — |
| | $ | 288 |
| Contingent consideration obligation | 2,831 |
| | — |
| | — |
| | 2,831 |
| Total liabilities | $ | 3,119 |
| | $ | — |
| | $ | — |
| | $ | 3,119 |
| Temporary Equity | | | | | | | | Redeemable noncontrolling interests (4) | $ | 25,280 |
| | $ | — |
| | $ | — |
| | $ | 25,280 |
| Total temporary equity | $ | 25,280 |
| | $ | — |
| | $ | — |
| | $ | 25,280 |
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| | | | | | | | | | | | | | | | | | December 31, 2016 | | Total | | (Level 1) | | (Level 2) | | (Level 3) | Assets | (Restated) | Cash, cash equivalents and restricted cash (1) | $ | 211,433 |
| | $ | 211,433 |
| | $ | — |
| | $ | — |
| Marketable securities-short term (2) | 12,506 |
| | — |
| | 12,506 |
| | — |
| Marketable securities-long term (2) | 2,974 |
| | — |
| | 2,974 |
| | — |
| Total assets | $ | 226,913 |
| | $ | 211,433 |
| | $ | 15,480 |
| | $ | — |
| Liabilities | | | | | | | | Contingent consideration obligation | $ | 2,833 |
| | $ | — |
| | $ | — |
| | $ | 2,833 |
| Total liabilities | $ | 2,833 |
| | $ | — |
| | $ | — |
| | $ | 2,833 |
| Temporary Equity | | | | | | | | Redeemable noncontrolling interests (4) | $ | 25,280 |
| | $ | — |
| | $ | — |
| | $ | 25,280 |
| Total temporary equity | $ | 25,280 |
| | $ | — |
| | $ | — |
| | $ | 25,280 |
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| | (1) | Cash equivalents primarily included money market funds. |
| | (2) | Marketable securities is comprised of municipal bonds and certificates of deposit. |
| | (3) | Contingent interest derivative related to convertible debt is included in accrued expenses, for further details see Note 7 - Debt. |
| | (4) | Put arrangements held by the noncontrolling interests in certain of the Company’s joint ventures. During the three months ended March 31, 2017, the carrying amount of the redeemable noncontrolling interests was greater than than the fair value and accordingly no adjustment to the carrying value was recorded. |
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| Schedule of estimated fair value of investments classified as available for sale |
At March 31, 2017 and December 31, 2016, the estimated fair value of investments classified as available-for-sale, were as follows: | | | | | | | | | | | | | | | | | | March 31, 2017 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Marketable securities: | | | | | | | | Certificates of deposit | 450 |
| | 1 |
| | — |
| | 451 |
| Municipal bonds | 11,215 |
| | 1 |
| | (24 | ) | | 11,192 |
| Total marketable securities | $ | 11,665 |
| | $ | 2 |
| | $ | (24 | ) | | $ | 11,643 |
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As of March 31, 2017, an insignificant amount of accumulated unrealized losses related to investments that have been in a continuous unrealized loss position for 12 months or longer. The aggregate related fair value of investment with unrealized losses was approximately $8.1 million.
| | | | | | | | | | | | | | | | | | December 31, 2016 (Restated) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Marketable securities: | | | | | | | | Certificates of deposit | 450 |
| | — |
| | — |
| | 450 |
| Municipal bonds | 15,063 |
| | 1 |
| | (34 | ) | | 15,030 |
| Total marketable securities | $ | 15,513 |
| | $ | 1 |
| | $ | (34 | ) | | $ | 15,480 |
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| Expected maturities |
ontractual maturities of marketable debt securities are as follows: | | | | | | | | | | March 31, 2017 | | Amortized Cost | | Fair Value | Due within one year | $ | 9,982 |
| | $ | 9,963 |
| Due after 1 year through 5 years | 1,683 |
| | 1,680 |
| Total available-for-sale securities | $ | 11,665 |
| | $ | 11,643 |
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| Redeemable Noncontrolling Interests |
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| Fair Value Measurements of Assets and Liabilities |
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| Schedule of changes in fair value of Level 3 |
The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: | | | | | Balance at December 31, 2016 (Restated) | $ | 25,280 |
| Fair value adjustment | 2,889 |
| Net loss attributable to interests in subsidiaries | (2,889 | ) | Balance at March 31, 2017 | $ | 25,280 |
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| Contingent Consideration Obligation |
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| Fair Value Measurements of Assets and Liabilities |
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| Schedule of changes in fair value of Level 3 |
The changes in fair value of the Company’s Level 3 contingent consideration obligation during the three months ended March 31, 2017 were as follows: | | | | | Balance at December 31, 2016 (Restated) | $ | 2,833 |
| Fair value adjustment to contingent consideration obligation included in net income | (2 | ) | Balance at March 31, 2017 | $ | 2,831 |
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