Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2019

A summary of assets and (liabilities) at March 31, 2019 and December 31, 2018, related to the Company's financial instruments, measured at fair value on a recurring basis, is set forth below:



			Fair Value
Financial Instrument	Balance sheet location	Fair Value Hierarchy	March 31, 2019			December 31, 2018
Money market funds	Cash and cash equivalents	Level 1	$	375,259		$	425,776
Forward sales commitments	Prepaid expenses and other current assets	Level 2	16			—
Forward sales commitments	Accrued liabilities	Level 2	(401		)	(141		)
Loans held for sale	Prepaid expenses and other current assets	Level 2	15,748			4,913
Interest rate lock commitments	Prepaid expenses and other current assets	Level 3	715			254
Interest rate lock commitments	Accrued liabilities	Level 3	(16		)	—

The changes in the Level 3 financial instruments that are measured at fair value on a recurring basis were immaterial during the periods presented.

See Note 14: Debt for the carrying amount and estimated fair value of the Notes.

Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis include items such as property, plant and equipment, goodwill and other intangible assets, cost method investments, and other assets. These assets are measured at fair value if determined to be impaired. For cost method investments, the Company did not record any significant nonrecurring fair value measurements after initial recognition for the period ended March 31, 2019.

- 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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