Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The financial instruments measured at fair value on a recurring basis at June 30, 2016 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	24,185	$	—	$	—	$	24,185
Commercial paper	139,058		—		—		139,058
Debt securities:
U.S. Treasury securities	174,564		—		—		174,564
Corporate debt securities	—		19,012		—		19,012
Preferred stock	18,739		3,955		—		22,694
Restricted investments:
Money market fund	5,653		—		—		5,653
	$	362,199	$	22,967	$	—	$	385,166

The financial instruments measured at fair value on a recurring basis at December 31, 2015 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	18,233	$	—	$	—	$	18,233
Commercial paper	174,973		—		—		174,973
Debt securities:
U.S. Treasury securities	184,740		—		—		184,740
Corporate debt securities	—		6,292		—		6,292
Preferred stock	—		208		—		208
Restricted investments:
Guaranteed income fund	—		7,072		—		7,072
	$	377,946	$	13,572	$	—	$	391,518

Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial instruments were as follows:

	June 30, 2016					December 31, 2015
	Carrying  value		Fair value		Level	Carrying  value		Fair value		Level
Assets
Retained interest investments	$	10,429	$	13,328	3	$	10,246	$	13,333	3
Investments held by special purpose entities:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash equivalents	$	8,462	$	9,169	1	$	8,785	$	9,033	1
Liabilities
Senior Notes held by special purpose entity	$	176,201	$	217,863	3	$	176,094	$	178,035	3