Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of condensed financial statements

The following table presents the carrying value in the condensed consolidated financial statements and approximate fair value of financial instruments at September 30, 2020 and December 31, 2019:


	September 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Short-term investments⁽¹⁾	$	451,178	$	451,369	$	119,595	$	119,673
Exchangeable Senior Notes ⁽²⁾	$	136,174	$	277,891	$	134,654	$	185,558

(1)

Short-term investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs.

(2)

The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market.