Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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:



	December 31, 2019
	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Cash, cash equivalents and restricted cash ⁽¹⁾	$	39,001	$	39,001	$	—	$	—
Marketable securities-short term ⁽²⁾	11		—		11		—
Marketable securities-long term ⁽²⁾	—		—		—		—
Total assets	$	39,012	$	39,001	$	11	$	—
Liabilities
Total liabilities	$	—	$	—	$	—	$	—
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	$	—
Liabilities
Total liabilities	$	—	$	—	$	—	$	—
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

The estimated fair value of investments in marketable debt securities were immaterial and as follows at December 31, 2019 and 2018, respectively:



	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

Estimated fair value of investments in marketable equity securities

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



Balance at December 31, 2018	$	4,161
Mutual funds purchases	51,744
Mutual funds sales	(55,895		)
Realized gains (losses)	1
Balance at December 31, 2019	$	11

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 year ended December 31, 2019 were as follows:



Balance at December 31, 2018	$	12,500
Fair value adjustment	(1,126		)
Net income attributable to redeemable noncontrolling interests	1,126
Balance at December 31, 2019	$	12,500