| Fair value of assets and liabilities measured on a recurring basis |
At June 30, 2019 and December 31, 2018, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using | | | June 30,
2019 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Assets: | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 41,158 |
| | $ | 41,158 |
| | $ | — |
| | $ | — |
| Marketable securities: | | | | | | | | | Foreign debt | | 368,738 |
| | — |
| | 368,738 |
| | — |
| Foreign government obligations | | 30,350 |
| | — |
| | 30,350 |
| | — |
| U.S. debt | | 69,802 |
| | — |
| | 69,802 |
| | — |
| Time deposits | | 338,671 |
| | 338,671 |
| | — |
| | — |
| Restricted investments | | 232,835 |
| | — |
| | 232,835 |
| | — |
| Derivative assets | | 1,719 |
| | — |
| | 1,719 |
| | — |
| Total assets | | $ | 1,083,273 |
| | $ | 379,829 |
| | $ | 703,444 |
| | $ | — |
| Liabilities: | | | | | | | | | Derivative liabilities | | $ | 13,909 |
| | $ | — |
| | $ | 13,909 |
| | $ | — |
|
| | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using | | | December 31,
2018 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Assets: | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 200,788 |
| | $ | 200,788 |
| | $ | — |
| | $ | — |
| Marketable securities: | | | | | | | | | Foreign debt | | 318,646 |
| | — |
| | 318,646 |
| | — |
| Foreign government obligations | | 98,621 |
| | — |
| | 98,621 |
| | — |
| U.S. debt | | 44,468 |
| | — |
| | 44,468 |
| | — |
| Time deposits | | 681,969 |
| | 681,969 |
| | — |
| | — |
| Restricted investments | | 179,000 |
| | — |
| | 179,000 |
| | — |
| Derivative assets | | 2,364 |
| | — |
| | 2,364 |
| | — |
| Total assets | | $ | 1,525,856 |
| | $ | 882,757 |
| | $ | 643,099 |
| | $ | — |
| Liabilities: | | | | | | | | | Derivative liabilities | | $ | 16,499 |
| | $ | — |
| | $ | 16,499 |
| | $ | — |
|
|
| Carrying value and fair value of financial instruments not measured at fair value |
At June 30, 2019 and December 31, 2018, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | June 30, 2019 | | December 31, 2018 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | Assets: | | | | | | | | | Notes receivable – current (2) | | $ | 23,911 |
| | $ | 25,307 |
| | $ | 5,196 |
| | $ | 5,196 |
| Note receivable – noncurrent | | 7,968 |
| | 7,978 |
| | 8,017 |
| | 8,010 |
| Notes receivable, affiliate – noncurrent (2) | | — |
| | — |
| | 22,832 |
| | 24,295 |
| Liabilities: | | | | | | | | | Long-term debt, including current maturities (1) | | $ | 492,247 |
| | $ | 510,008 |
| | $ | 479,157 |
| | $ | 470,124 |
|
—————————— | | (1) | Excludes unamortized discounts and issuance costs. |
(2) In January 2019, CEC no longer qualified to be accounted for under the equity method, and our loans to the company were no longer classified as notes receivable from an affiliate. As of June 30, 2019, the aggregate balance outstanding on the loans was presented within “Prepaid expenses and other current assets.” As of December 31, 2018, the aggregate balance outstanding on the loans was presented within “Notes receivable, affiliate.”
|