INVESTMENTS

The following table summarizes the Company's investments in nonconsolidated affiliates and other securities:



(In thousands)	Notes Receivable			Equity Method Investments			Other Investments			Marketable Equity Securities			Total Investments
Balance at December 31, 2016	$	132		$	14,477		$	71,666		$	1,715		$	87,990
Cash contributions	—			2,248			—			—			2,248
Acquisitions	13,602			10,361			11,560			—			35,523
Equity in loss	—			(2,855		)	—			—			(2,855		)
Disposals	(188		)	—			(628		)	—			(816		)
Foreign currency translation adjustment	—			145			380			243			768
Distributions received	—			(775		)	—			—			(775		)
Impairment of investments	(671		)	—			(4,202		)	—			(4,873		)
Unrealized holding loss on marketable securities	—			—			—			(414		)	(414		)
Other	917			794			—			—			1,711
Balance at December 31, 2017	$	13,792		$	24,395		$	78,776		$	1,544		$	118,507
Cash advances	—			1,051			—			—			1,051
Acquisitions	15,076			3,732			4,550			—			23,358
Equity in earnings	—			1,020			—			—			1,020
Disposals	(728		)	(33		)	(28,826		)	—			(29,587		)
Foreign currency translation adjustment	—			(29		)	(256		)	(67		)	(352		)
Distributions received	—			(2,500		)	—			—			(2,500		)
Impairment of investments	(2,064		)	—			(14,370		)	—			(16,434		)
Fair value adjustments	—			—			4,389			(571		)	3,818
Balance at December 31, 2018	$	26,076		$	27,636		$	44,263		$	906		$	98,881

Equity method investments in the table above are not consolidated, but are accounted for under the equity method of accounting, whereby the Company records its investments in these entities in the balance sheet as “Other assets.” The Company's interests in their operations are recorded in the statement of comprehensive loss as “Equity in earnings (loss) of nonconsolidated affiliates.” Other investments include various investments in companies for which there is no readily determinable market value.

During 2018, the Company recorded $20.8 million in its iHM segment for investments made in twelve private companies in exchange for advertising services and cash. One of these investments is being accounted for under the equity method of accounting, six of these investments are being accounted for at amortized cost and five of these investments are notes receivable that are convertible into equity. During 2017, the Company recorded $34.7 million in its iHM segment for investments made in thirteen private companies in exchange for advertising services and cash. Two of these investments are being accounted for under the equity method of accounting, six of these investments are being accounted for at amortized cost and five of these investments are notes receivable that are convertible into equity. The Company recognized barter revenue of $10.8 million in the year ended December 31, 2018 and $35.2 million in the year ended December 31, 2017, in connection with these investments as services were provided. The Company recognized a non-cash impairment of $11.9 million on one of the other investments for the year ended December 31, 2018, which was recorded in “Other expense, net.” The Company recognized a net gain of $4.4 million related to the sale of its investment in Jelli, Inc., which the Company acquired during the fourth quarter of 2018 (see Note 3). The gain is included within Other expense, net.

Marketable Equity Securities

ASC 820-10-35 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Company’s marketable equity securities are measured at fair value on each reporting date.

The marketable equity securities are measured at fair value using quoted prices in active markets. Due to the fact that the inputs used to measure the marketable equity securities at fair value are observable, the Company has categorized the fair value measurements of the securities as Level 1. As of December 31, 2018 and 2017, the Company held $0.9 million and $1.5 million, respectively, in marketable equity securities, which are included within Other Assets.