INVESTMENTS

The following table summarizes the Company's investments in nonconsolidated affiliates and available-for-sale securities:



(In thousands)	Notes Receivable			Equity Method Investments			Cost Method Investments				Marketable Equity Securities			Total Investments
Balance at December 31, 2015	$	156		$	27,710		$	58,802		2,326,000	$	2,326		$	88,994
Cash advances	—			2,993			—				—			2,993
Acquisitions	917			7,531			26,086				—			34,534
Equity in loss	—			(16,733		)	—				—			(16,733		)
Disposals	(76		)	(2,476		)	(1,000		)		—			(3,552		)
Foreign currency transaction adjustment	—			(45		)	(196		)		(35		)	(276		)
Distributions received	—			(3,709		)	—				—			(3,709		)
Impairment of investments	—			—			(14,798		)		—			(14,798		)
Unrealized holding loss on marketable securities	—			—			—				(576		)	(576		)
Other	(865		)	(794		)	2,772				—			1,113
Balance at December 31, 2016	$	132		$	14,477		$	71,666			$	1,715		$	87,990
Cash advances	—			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 transaction 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

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 loss of nonconsolidated affiliates.” Other cost investments include various investments in companies for which there is no readily determinable market value.

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 under the cost method of accounting, and five of these investments are notes receivable that are convertible into equity. During 2016, the Company recorded $26.1 million in its iHM segment for investments made in four private companies in exchange for advertising services and cash. Two of these investments are being accounted for under the equity method of accounting and two of these investments are being accounted for under the cost method. The Company recognized barter revenue of $35.2 million in the year ended December 31, 2017 and $36.6 million in the year ended December 31, 2016, in connection with these investments as services were provided. The Company recognized a non-cash impairment of $14.5 million on one of these cost investments for the year ended December 31, 2016, which was recorded in “Loss on investments, net.” In addition, the Company recognized a non-cash impairment of $15.0 million on one of these equity investments for the year ended December 31, 2016, which was recorded in "Equity in loss of nonconsolidated affiliates."

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, 2017 and 2016, the Company held $1.5 million and $1.7 million, respectively, in marketable equity securities, which are included within Other Assets.