Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Financial Instruments and Fair Value Measurements

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The financial instruments measured at fair value on a recurring basis at September 30, 2018 were as follows:

							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	6,214	$	—	$	—	$	6,214
Commercial paper		175,245		—		—		175,245
		181,459		—		—		181,459
Investments - debt securities
U.S. Treasury securities		9,994		—		—		9,994
Corporate debt securities		—		3,183		—		3,183
		9,994		3,183		—		13,177
Investments - equity securities
Preferred stock		10,862		24,282		—		35,144
Restricted investments:
Short-term bond		3,262		—		—		3,262
Money market fund		167		—		—		167
		3,429		—		—		3,429
	$	205,744	$	27,465	$	—	$	233,209

The financial instruments measured at fair value on a recurring basis at December 31, 2017 were as follows:

							Total Fair
	Level 1		Level 2		Level 3		Value
Cash equivalents:
Money market funds	$	10,505	$	—	$	—	$	10,505
Commercial paper		159,970		—		—		159,970
		170,475		—		—		170,475
Investments - debt securities
U.S. Treasury securities		9,870		—		—		9,870
Corporate debt securities		—		66,375		—		66,375
		9,870		66,375		—		76,245
Investments - equity securities
Preferred stock		10,717		24,306		—		35,023
Restricted investments:
Short-term bond		4,251		—		—		4,251
Money market fund		218		—		—		218
		4,469		—		—		4,469
	$	195,531	$	90,681	$	—	$	286,212

Schedule of Carrying Amount and Fair Value Measured on Nonrecurring Basis of Financial Instruments

The carrying amount and fair value, measured on a nonrecurring basis, of the Company’s financial instruments were as follows:

	September 30, 2018					December 31, 2017
	Carrying					Carrying
	value		Fair value		Level	value		Fair value		Level
Assets
Investments held by SPEs:
Time deposit	$	200,000	$	200,000	3	$	200,000	$	200,000	3
U.S. Treasury securities and cash	$	7,338	$	6,916	1	$	7,989	$	7,797	1
Liabilities
Senior Notes held by SPE	$	176,715	$	187,606	3	$	176,537	$	198,530	3