Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

The Company's recurring financial assets and liabilities subject to fair value measurements were as follows:



	Fair Value Measurements as of March 31, 2016
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Assets:
Money market funds	$	88,888	$	88,888	$	—	$	—

Certificates of deposit	3,472		—		3,472		—

Bonds	15,802		15,802		—		—

Investment securities available for sale
Equity securities	56,531		56,531		—		—
Mutual funds invested in fixed income securities	20,292		20,292		—		—
Fixed income securities
U.S. government securities	22,730		—		22,730		—
Corporate securities	35,592		—		35,592		—
U.S. government and federal agency	5,369		—		5,369		—
Commercial mortgage-backed securities	5,605		—		5,605		—
U.S. asset-backed securities	4,443		—		4,443		—
Index-linked U.S. bonds	2,138		—		2,138		—
Total fixed income securities	75,877		—		75,877		—

Total investment securities available for sale	152,700		76,823		75,877		—

Total	$	260,862	$	181,513	$	79,349	$	—

Liabilities:
Fair value of derivatives embedded within convertible debt	$	134,348	$	—	$	—	$	134,348


Nonrecurring fair value measurements
Long-term investments (1)	$	2,844					$	2,844	$	(282	)


(1)	Long-term investments with a carrying amount of $3,126 were written down to their fair value of $2,844, resulting in an impairment charge of $282, which was included in earnings.



	Fair Value Measurements as of December 31, 2015
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Assets:
Money market funds	$	93,915	$	93,915	$	—	$	—

Certificates of deposit	3,469		—		3,469		—

Bonds	12,767		12,767		—		—

Investment securities available for sale
Equity securities	67,273		67,273		—		—
Mutual funds invested in fixed income securities	20,111		20,111		—		—
Fixed income securities
U.S. government securities	28,132		—		28,132		—
Corporate securities	41,561		—		41,561		—
U.S. government and federal agency	5,790		—		5,790		—
Commercial mortgage-backed securities	8,728		—		8,728		—
U.S. asset-backed securities	8,276		—		8,276		—
Index-linked U.S. bonds	2,105		—		2,105		—
Total fixed income securities	94,592		—		94,592		—

Total investment securities available for sale	181,976		87,384		94,592		—

Total	$	292,127	$	194,066	$	98,061	$	—

Liabilities:
Fair value of derivatives embedded within convertible debt	$	144,042	$	—	$	—	$	144,042


Nonrecurring fair value measurements
Long-term investments (1)	$	11,189					$	11,189	$	(811	)
Real estate held for sale (2)	3,780						3,780		(230		)
	$	14,969					$	14,969	$	(1,041	)


(1)	Long-term investments with a carrying amount of $12,000 were written down to their fair value of $11,189, resulting in an impairment charge of $811, which was included in earnings.


(2)	Real estate held for sale with a carrying value of $4,010 was written down to its fair value of $3,780, resulting in an impairment charge of $230, which was included in earnings.

The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at March 31, 2016:



	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	March 31, 2016		Valuation Technique	Unobservable Input	Range (Actual)

Fair value of derivatives embedded within convertible debt	$	134,348	Discounted cash flow	Assumed annual stock dividend	5		%
				Assumed annual cash dividend	$	1.60
				Stock price	$	22.84
				Convertible trading price (as a percentage of par value)	110.56		%
				Volatility	18.61		%
				Risk-free rate	Term structure of US Treasury Securities
				Implied credit spread	6.0% - 7.0% (6.5%)

The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2015:



	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	December 31, 2015		Valuation Technique	Unobservable Input	Range (Actual)

Fair value of derivatives embedded within convertible debt	$	144,042	Discounted cash flow	Assumed annual stock dividend	5		%
				Assumed annual cash dividend	$	1.60
				Stock price	$	23.59
				Convertible trading price (as a percentage of par value)	114.3		%
				Volatility	18.30		%
				Risk-free rate	Term structure of US Treasury Securities
				Implied credit spread	5.0% - 5.5% (5.25%)