

	As of June 30, 2018								As of December 31, 2017
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents(a)	$	138,569	$	—	$	—	$	138,569	$	192,868	$	—	$	—	$	192,868
Restricted cash(a)		3,434		—		—		3,434		4,780		—		—		4,780
Restricted investments(b)		—		52,900		—		52,900		—		—		—		—
Investments in lieu of retainage(c)		63,441		2,094		—		65,535		69,891		2,405		—		72,296
Other investments(b)		—		5,949		—		5,949		—		—		—		—
Total	$	205,444	$	60,943	$	—	$	266,387	$	267,539	$	2,405	$	—	$	269,944

(a)

Includes money market funds with original maturity dates of three months or less.

(b)

During the second quarter of 2018, the Company reclassified its restricted investments and other investments from the held-to-maturity category to the available-for-sale category as a result of a change in management’s investment strategy. At the time of the transfer, the securities had an aggregate amortized cost of $60.1 million and an immaterial aggregate unrealized loss. Restricted investments and other investments, as of June 30, 2018, consist of investments in corporate debt securities of $31.7 million and U.S. government agency securities of $27.1 million, and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 Assets. As of December 31, 2017, restricted investments and other investments consisted of investments in U.S. agency securities of $26.1 million and corporate debt securities of $33.0 million. The maturities for restricted investments and other investments range from one month to five years. The amortized cost of these securities at June 30, 2018 and December 31, 2017 was not materially different from the fair value. Other investments are included in other current assets on the Condensed Consolidated Balance Sheets. As of December 31, 2017, the Company’s held-to-maturity restricted investments and other investments had an amortized cost of $59.6 million and fair value of $59.1 million.

(c)

Investments in lieu of retainage are included in retainage receivable and as of June 30, 2018 are comprised of money market funds of $63.4 million and municipal bonds of $2.1 million, the majority of which are rated A3 or better. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of municipal bonds are measured using readily available pricing sources for comparable instruments; therefore, they are classified as Level 2 assets. As of December 31, 2017, investments in lieu of retainage consisted of money market funds of $69.9 million and municipal bonds of $2.4 million. The amortized cost of these available-for-sale securities at June 30, 2018 and December 31, 2017 was not materially different from the fair value.