Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.8.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
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)