Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Assets and Liabilities Measured at Fair Value on Recurring Basis



	As of December 31, 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)		$	116,075	$	—	$	—	$	116,075	$	192,868	$	—	$	—	$	192,868
Restricted cash(a)			3,788		—		—		3,788		4,780		—		—		4,780
Restricted investments(b)			—		58,142		—		58,142		—		—		—		—
Investments in lieu of retainage(c)			62,858		1,190		—		64,048		69,891		2,405		—		72,296
Total		$	182,721	$	59,332	$	—	$	242,053	$	267,539	$	2,405	$	—	$	269,944

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

(b)During 2018, the Company reclassified its restricted 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, as of December 31, 2018, consist of investments in corporate debt securities of $30.4 million and U.S. government agency securities of $27.7 million with maturities of up to five years, 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 consisted of investments in U.S. agency securities of $26.1 million and corporate debt securities of $33.0 million. The amortized cost of these securities at December 31, 2018 and 2017 was not materially different from the fair value.

(c)

Investments in lieu of retainage are included in retainage receivable and as of December 31, 2018 are comprised of money market funds of $62.9 million and municipal bonds of $1.2 million. 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 December 31, 2018 and 2017 was not materially different from the fair value.