Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020:


	As of September 30, 2021								As of December 31, 2020
	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)	$	187,535	$	—	$	—	$	187,535	$	374,289	$	—	$	—	$	374,289
Restricted cash(a)	6,922		—		—		6,922		77,563		—		—		77,563
Restricted investments(b)	—		86,576		—		86,576		—		78,912		—		78,912
Investments in lieu of retainage(c)	25,638		56,555		—		82,193		92,609		1,300		—		93,909
Total	$	220,095	$	143,131	$	—	$	363,226	$	544,461	$	80,212	$	—	$	624,673

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(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.

(b)Restricted investments, as of September 30, 2021, consist of investments in corporate debt securities of $45.8 million, U.S. government agency securities of $40.0 million and corporate certificates of deposits of $0.8 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, 2020, restricted investments consisted of investments in U.S. government agency securities of $40.5 million, corporate debt securities of $37.5 million and corporate certificates of deposits of $0.9 million with

maturities of up to five years. The amortized cost of these available-for-sale securities at September 30, 2021 and December 31, 2020 was not materially different from the fair value.

(c)Investments in lieu of retainage are included in retainage receivable and as of September 30, 2021 are comprised of corporate debt securities of $55.3 million, money market funds of $25.6 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 corporate and municipal bonds have maturity periods up to five years, and are determined from a compilation of primarily observable market information, third-party quoted market prices, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets. As of December 31, 2020, investments in lieu of retainage consisted of money market funds of $92.6 million and municipal bonds of $1.3 million. The amortized cost of these available-for-sale securities at September 30, 2021 and December 31, 2020 was not materially different from the fair value.