Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	12,524	$	—	$	—	$	12,524
Commercial paper	157,370		—		—		157,370
U.S. Treasury securities	24,992		—		—		24,992
	194,886		—		—		194,886
Investments:
Corporate debt securities	44,372		88,413		—		132,785
Preferred stock	11,011		30,055		—		41,066
Common stock	1,772		—		—		1,772
	57,155		118,468		—		175,623
Restricted investments:
Short-term bond	4,239		—		—		4,239
Money market fund	209		—		—		209
	4,448		—		—		4,448
	$	256,489	$	118,468	$	—	$	374,957

The financial instruments measured at fair value on a recurring basis at December 31, 2016 were as follows:

	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents:
Money market funds	$	86,236	$	—	$	—	$	86,236
Commercial paper	129,671		—		—		129,671
	215,907		—		—		215,907
Investments:
Corporate debt securities	57,788		81,344		—		139,132
Preferred stock	19,177		17,416		—		36,593
	76,965		98,760		—		175,725
Restricted investments:
Short-term bond	4,226		—		—		4,226
Money market fund	1,410		—		—		1,410
	5,636		—		—		5,636
	$	298,508	$	98,760	$	—	$	397,268

Carrying Amount and Fair Value of Financial Instruments

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

	March 31, 2017					December 31, 2016
	Carrying  value		Fair value		Level	Carrying  value		Fair value		Level
Assets
Retained interest investments	$	10,757	$	13,760	3	$	10,635	$	13,669	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	$	8,219	$	8,055	1	$	8,590	$	8,398	1
Liabilities
Senior notes held by special purpose entity	$	176,366	$	198,690	3	$	176,310	$	199,691	3