Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Assets and Liabilities Measured at Fair Value on a Recurring Basis



	As of March 31, 2019								As of December 31, 2018
	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)	$	101,482	$	—	$	—	$	101,482	$	116,075	$	—	$	—	$	116,075
Restricted cash(a)		5,095		—		—		5,095		3,788		—		—		3,788
Restricted investments(b)		—		63,937		—		63,937		—		58,142		—		58,142
Investments in lieu of retainage(c)		66,933		1,254		—		68,187		62,858		1,190		—		64,048
Total	$	173,510	$	65,191	$	—	$	238,701	$	182,721	$	59,332	$	—	$	242,053

(a)

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

(b)

Restricted investments, as of March 31, 2019, consist of investments in corporate debt securities of $35.6 million and U.S. government agency securities of $28.3 million with maturities 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, 2018, restricted investments consisted of investments in corporate debt securities of $30.4 million and U.S. government agency securities of $27.7 million. The amortized cost of these securities at March 31, 2019 and December 31, 2018 was not materially different from the fair value.

(c)

Investments in lieu of retainage are included in retainage receivable and as of March 31, 2019 are comprised of money market funds of $66.9 million and municipal bonds of $1.3 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, 2018, investments in lieu of retainage consisted of money market funds of $62.9 million and municipal bonds of $1.2 million. The amortized cost of these available-for-sale securities at March 31, 2019 and December 31, 2018 was not materially different from the fair value.