Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Assets and Liabilities Measured at Fair Value on a Recurring Basis



	September 30, 2016								December 31, 2015
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents (a)	$	170,744	$	170,744	$	—	$	—	$	75,452	$	75,452	$	—	$	—
Restricted cash (a)		48,725		48,725		—		—		45,853		45,853		—		—
Investments in lieu of retainage (b)		48,425		43,820		4,605		—		41,566		35,350		6,216		—
Total	$	267,894	$	263,289	$	4,605	$	—	$	162,871	$	156,655	$	6,216	$	—

Liabilities:
Interest rate swap contract (c)	$	—	$	—	$	—	$	—	$	45	$	—	$	45	$	—
Total	$	—	$	—	$	—	$	—	$	45	$	—	$	45	$	—

(a)

Cash, cash equivalents and restricted cash consist primarily of money market funds with original maturity dates of three months or less, for which fair value is determined through quoted market prices.

(b)

Investments in lieu of retainage are classified as accounts receivable and are comprised primarily of money market funds, U.S. Treasury Notes and other municipal bonds, the majority of which are rated Aa3 or better. The fair values of the U.S. Treasury Notes and municipal bonds are obtained from readily-available pricing sources for comparable instruments and, as such, the Company has classified these assets as Level 2.

(c)

The Company values the interest rate swap liability utilizing a discounted cash flow model that takes into consideration forward interest rates observable in the market and the counterparty’s risk. The Company's only interest rate swap contract expired in June 2016.