Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy as of September 30, 2019 and December 31, 2018:

			Fair Value Measurements Using:
As of September 30, 2019	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(in thousands)
Assets:
Investments—equity securities	$	27	$	27	$	—	$	—
Investments—guaranteed income fund	806		—		—		806
Investments—mutual funds and other	7,703		7,703		—		—
Total investments	8,536		7,730		—		806
Derivative assets (1)	—		—		—		—
Total assets	$	8,536	$	7,730	$	—	$	806
Liabilities:
Derivative liabilities (1)	$	2,216	$	—	$	2,216	$	—

⁽¹⁾ PESCO's derivative assets and liabilities are included in assets held for sale or liabilities held for sale in the condensed consolidated balance sheets as of September 30, 2019. See Note 3, Discontinued Operations, for additional details.

			Fair Value Measurements Using:
As of December 31, 2018	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(in thousands)
Assets:
Investments—equity securities	$	22	$	22	$	—	$	—
Investments—guaranteed income fund	686		—		—		686
Investments—mutual funds and other	6,003		6,003		—		—
Total investments	6,711		6,025		—		686
Derivative assets (1)	82		—		82		—
Total assets	$	6,793	$	6,025	$	82	$	686
Liabilities:
Derivative liabilities (1)	$	1,604	$	—	$	1,604	$	—

Summary of Changes in Fair Value of Investments

The following table sets forth the summary of the changes in the fair value of Level 3 investments for the nine months ended September 30, 2019 and 2018:

     

	Nine Months Ended   September 30,
	2019			2018
(in thousands)
Beginning Balance	$	686		$	648
Purchases and adjustments	123			64
Transfers	—			(29		)
Distribution	(14		)	(12		)
Investment income	11			8
Ending Balance	$	806		$	679