Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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:



	June 30, 2019
	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Cash, cash equivalents and restricted cash ⁽¹⁾	$	34,610	$	34,610	$	—	$	—
Marketable securities-short term ⁽²⁾	44,259		—		44,259		—
Marketable securities-long term ⁽²⁾	67		—		67		—
Total assets	$	78,936	$	34,610	$	44,326	$	—
Temporary equity
Redeemable noncontrolling interests ⁽³⁾	$	12,500	$	—	$	—	$	12,500
Total temporary equity	$	12,500	$	—	$	—	$	12,500



	December 31, 2018
	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Cash, cash equivalents and restricted cash ⁽¹⁾	$	109,860	$	109,860	$	—	$	—
Marketable securities-short term ⁽²⁾	28,230		—		28,230		—
Marketable securities-long term ⁽²⁾	6,658		—		6,658		—
Total assets	$	144,748	$	109,860	$	34,888	$	—
Temporary Equity
Redeemable noncontrolling interests ⁽³⁾	$	12,500	$	—	$	—	$	12,500
Total temporary equity	$	12,500	$	—	$	—	$	12,500

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⁽¹⁾	Cash equivalents primarily included money market funds.


⁽²⁾	Marketable securities are comprised of municipal bonds, certificates of deposit. corporate bonds, treasury bonds, and mutual funds.


⁽³⁾	Put arrangements held by the noncontrolling interests in certain of the Company’s joint ventures.

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

At June 30, 2019 and December 31, 2018, the estimated fair value of investments in marketable debt securities, were as follows:



	June 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities - debt:
Municipal bonds	591		2		—		593
Treasury bonds	9,990		—		—		9,990
Total	$	10,581	$	2	$	—	$	10,583

As of June 30, 2019, the aggregate related fair value of investment with unrealized losses was approximately $0.2 million.



	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - debt:
Certificates of deposit	$	3,776	$	—	$	(16	)	$	3,760
Corporate bonds	402		—		(1		)	401
Municipal bonds	10,913		—		(32		)	10,881
Treasury bonds	15,685		—		—			15,685
Total	$	30,776	$	—	$	(49	)	$	30,727

Expected maturities

The contractual maturities of marketable debt securities were as follows:



	June 30, 2019
	Amortized Cost		Fair Value
Due within one year	$	10,514	$	10,516
Due after 1 year through 5 years	67		67
Due after 5 years through 10 years	—		—
Due after 10 years	—		—
Total marketable securities - debt	$	10,581	$	10,583

Estimated fair value of investments in marketable equity securities

At June 30, 2019 and December 31, 2018, the estimated fair value of investments in marketable equity securities, were as follows:



Balance at December 31, 2018	$	4,161
Mutual funds purchases	29,581
Realized gains (losses)	1
Balance at June 30, 2019	$	33,743

Redeemable Noncontrolling Interests

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 redeemable noncontrolling interests during the six months ended June 30, 2019 were as follows:



Balance at December 31, 2018	$	12,500
Fair value adjustment	(906		)
Net income attributable to redeemable noncontrolling interests	906
Balance at June 30, 2019	$	12,500