Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value, Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at March 31, 2015, summarized by measurement input category, were as follows:



	Total			Level 1			Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits⁽¹⁾	$	64,076		$	64,076		$	—	$	—
Restricted cash	21,308			21,308			—		—
Mutual funds⁽²⁾	21,471			21,471			—		—
Corporate securities⁽²⁾	72,078			59,890			—		12,188
Corporate obligations⁽²⁾	30,836			—			12,134		18,702
Investments in equity-method investees	33,240			33,240			—		—
Investments in certain funds⁽³⁾	483			—			—		483
Total assets	$	243,492		$	199,985		$	12,134	$	31,373

Liabilities
Financial instrument obligations	$	(21,308	)	$	(21,308	)	$	—	$	—


(1)	Reported within "Cash and cash equivalents"


(2)	Reported within “Marketable securities”


(3)	Reported within "Other investments"

Assets and liabilities measured at fair value on a recurring basis at December 31, 2014, summarized by measurement input category, were as follows:



	Total			Level 1			Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits⁽¹⁾	$	51,910		$	51,910		$	—	$	—
Mutual funds⁽²⁾	20,970			20,970			—		—
Corporate securities⁽²⁾	87,850			72,798			—		15,052
Corporate obligations⁽²⁾	29,637			—			10,793		18,844
Investments in certain funds⁽³⁾	525			—			—		525
Total	$	190,892		$	145,678		$	10,793	$	34,421

Liabilities
Financial instrument obligations	$	(21,311	)	$	(21,311	)	$	—	$	—


(1)	Reported within "Cash and cash equivalents."


(2)	Reported within “Marketable securities.”


(3)	Reported within "Other investments."

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in the fair value of assets valued using Level 3 measurement inputs during the three months ended March 31, 2015 and 2014, were as follows:



	Three Months Ended March 31,
	2015			2014
	(in thousands)
Balance, beginning of period	$	34,421		$	24,209
Purchases	—			5,299
Sales	(163		)	(1,974		)
Unrealized gains (losses)	(2,885		)	2,857
Balance, end of period	$	31,373		$	30,391

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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