Fair Value Measurements of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Measurements of Assets and Liabilities

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:



	September 30, 2017
	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Cash, cash equivalents and restricted cash ⁽¹⁾	$	216,234	$	216,234	$	—	$	—
Marketable securities-short term ⁽²⁾	4,167		—		4,167		—
Marketable securities-long term ⁽²⁾	487		—		487		—
Total assets	$	220,888	$	216,234	$	4,654	$	—
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



	December 31, 2016 (Restated)
	Total		(Level 1)		(Level 2)		(Level 3)
Assets
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


⁽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 nine months ended September 30, 2017, the carrying amount of the redeemable noncontrolling interests was greater than the fair value and accordingly no adjustment to the carrying value was recorded.

Schedule of estimated fair value of investments classified as available for sale

At September 30, 2017 and December 31, 2016, the estimated fair value of investments classified as available-for-sale, were as follows:



	September 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
Certificates of deposit	250		—		—			250
Municipal bonds	4,407		1		(4		)	4,404
Total marketable securities	$	4,657	$	1	$	(4	)	$	4,654

As of September 30, 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 $3.4 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

Expected maturities

ontractual maturities of marketable debt securities are as follows:



	September 30, 2017
	Amortized Cost		Fair Value
Due within one year	$	4,170	$	4,167
Due after 1 year through 5 years	487		487
Total available-for-sale securities	$	4,657	$	4,654

Redeemable Noncontrolling Interests

Fair Value Measurements of Assets and Liabilities

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	6,980
Net loss attributable to interests in subsidiaries	(6,980		)
Balance at September 30, 2017	$	25,280

Contingent Consideration Obligation

Fair Value Measurements of Assets and Liabilities

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 nine months ended September 30, 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 September 30, 2017	$	2,831