Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Financial Assets And Liabilities Measured At Fair Value On Recurring Basis

The Company’s financial assets and liabilities as of December 31 that are measured at fair value on a recurring basis were as follows (in thousands):



	Level 1		Level 2		Level 3
2017
ASSETS
Marketable securities⁽¹⁾	$	42,761	$	—	$	—
Construction reserve funds	51,339		—		—
2016
ASSETS
Marketable securities⁽¹⁾	$	76,137	$	—	$	—
Construction reserve funds	75,753		—		—
LIABILITIES
Short sales of marketable securities	1,274		—		—
Derivative instruments (included in other current liabilities)	—		36		—
Exchange option liability on subsidiary convertible senior notes	—		—		19,436

______________________

(1)

Marketable security gains (losses), net include gains of $0.1 million, losses of $18.5 million and gains of $3.1 million for the years ended December 31, 2017, 2016 and 2015, respectively, related to marketable security positions held by the Company as of December 31, 2017. Marketable security gains (losses), net include losses of $32.2 million and gains of $5.3 million for the years ended December 31, 2016 and 2015, respectively, related to marketable security positions held by the Company as of December 31, 2016.

Estimated Fair Value Of Other Financial Assets And Liabilities

The estimated fair value of the Company’s other financial assets and liabilities as of December 31 were as follows (in thousands):



	Carrying Amount		Level 1		Level 2		Level 3
2017
ASSETS
Cash, cash equivalents and restricted cash	$	242,228	$	242,228	$	—	$	—
Investments, at cost, in 50% or less owned companies (included in other assets)	4,300		see below
Notes receivable from third parties (included in other receivables and other assets)	2,647		943		1,642		—
LIABILITIES
Long-term debt, including current portion⁽¹⁾	579,347		—		596,246		—
2016
ASSETS
Cash, cash equivalents and restricted cash	$	258,887	$	258,887	$	—	$	—
Investments, at cost, in 50% or less owned companies (included in other assets)	4,300		see below
Notes receivable from third parties (included in other receivables and other assets)	12,342		10,000		2,206		—
LIABILITIES
Long-term debt, including current portion⁽¹⁾	794,286		—		819,756		—

______________________


(1)	The estimated fair value includes the embedded conversion options on the Company’s 2.5% and 3.0% Convertible Senior Notes.

Non-Financial Assets And Liabilities Measured At Fair Value

The Company’s non-financial assets that were measured at fair value during the years ended December 31 were as follows (in thousands):



	Level 1		Level 2		Level 3
2017
ASSETS
Investment, at equity, and advances in 50% or less owned companies	$	—	$	6,000	$	—
2016
ASSETS
Property and equipment	$	—	$	800	$	—
Goodwill	—		—		28,506
Investments, at cost, in 50% or less owned companies (included in other assets)	—		3,600		—
Investment, at equity, and advances in 50% or less owned companies	—		3,438		29,611
Notes receivable from third parties (included in other assets)	—		—		—