Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019:

			Fair Value Measurements Using:
As of September 30, 2020	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	$	17	$	17	$	—	$	—
Investments—guaranteed income fund	2,129		—		—		2,129
Investments—mutual funds and other	7,534		7,534		—		—
Total investments	9,680		7,551		—		2,129
Derivative assets	1,967		—		1,967		—
Total assets	$	11,647	$	7,551	$	1,967	$	2,129
Liabilities:
Derivative liabilities	$	439	$	—	$	439	$	—

			Fair Value Measurements Using:
As of December 31, 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	803		—		—		803
Investments—mutual funds and other	8,399		8,399		—		—
Total investments	9,229		8,426		—		803
Derivative assets	—		—		—		—
Total assets	$	9,229	$	8,426	$	—	$	803
Liabilities:
Derivative liabilities	$	1,844	$	—	$	1,844	$	—

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, 2020 and 2019:

	Nine months ended September 30,
	2020		2019
(in thousands)
Beginning Balance	$	803	$	686
Purchases and adjustments	243		123
Transfers	1,579		—
Distribution	(514)		(14)
Investment income	18		11
Ending Balance	$	2,129	$	806