Fair Value Measurements

3 Months Ended

Mar. 31, 2019

Recurring Fair Value Measurements:

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at March 31, 2019
Assets:
Cash equivalents, primarily money market funds and commercial paper	$	51,371					$	51,371
Restricted cash, primarily money market funds	6,213						6,213
Investments, mutual funds held in a grantor trust	34,222						34,222
Total	$	91,806	$	—	$	—	$	91,806
Liabilities:
Deferred compensation plan obligations	$	34,222					$	34,222
Total	$	34,222	$	—	$	—	$	34,222



	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2018
Assets:
Cash equivalents, primarily money market funds	$	54,848					$	54,848
Restricted cash, primarily money market funds	5,254						5,254
Investments, mutual funds held in a grantor trust	30,996						30,996
Investments, mutual funds	6,635						6,635
Total	$	97,733	$	—	$	—	$	97,733
Liabilities:
Deferred compensation plan obligations	$	30,996					$	30,996
Total	$	30,996	$	—	$	—	$	30,996

Net gains and losses recognized on equity securities held at each period end were included in Interest and Other Income (Expense). For the three months ended March 31, 2019, this included a net gain of $3.5 million, of which $3.0 million represented an unrealized gain. For the three months ended March 31, 2018, this included a net gain of $1.5 million, of which $.4 million represented an unrealized gain.

Fair Value Disclosures:

Unless otherwise described below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments.

Schedule of our fair value disclosures is as follows (in thousands):



	March 31, 2019						December 31, 2018
	Carrying Value		Fair Value Using Significant Other Observable Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant Other Observable Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)
Other Assets:
Tax increment revenue bonds⁽¹⁾	$	20,009			$	25,000	$	20,009			$	25,000
Investments, held to maturity⁽²⁾	2,000		$	1,995			3,000		$	2,988
Debt:
Fixed-rate debt	1,770,930				1,788,757		1,771,999				1,761,215
Variable-rate debt	17,621				17,735		22,685				23,131

_______________


(1)	At March 31, 2019 and December 31, 2018, the credit loss balance on our tax increment revenue bonds was $31.0 million.


(2)	Investments held to maturity are recorded at cost. As of March 31, 2019 and December 31, 2018, these investments had unrealized losses of $5 thousand and $12 thousand, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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