Fair Value Measurements

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The table below summarizes certain asset and liability fair values that are included within our accompanying Condensed Consolidated Balance Sheets, and their designations among the three fair value measurement categories (see Note 2(x)):

	June 30, 2019 Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Assets:
Equity securities (Note 7)	$	32,153	$	—	$	—	$	32,153
Bank CDs	—		6,584		—		6,584
Mutual funds	—		30		—		30
Restricted cash	4,020		—		—		4,020
Deferred compensation investments (life insurance cash surrender value (Note 3(e))	—		7,410		—		7,410		*
Money market funds	72,384		—		—		72,384
Government-related debt securities	59,776		44,759		—		104,535
Corporate debt securities	—		39,843		—		39,843
	$	168,333	$	98,626	$	—	$	266,959
Liabilities:
Deferred compensation liability (Note 9(f))	$	—	$	7,433	$	—	$	7,433	*
	$	—	$	7,433	$	—	$	7,433

 

	December 31, 2018 Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Assets:
Bank CDs	$	—	$	86	$	—	$	86
Money market funds	—		142,745		—		142,745
Equity securities (Note 7)	46,422		—		—		46,422
Mutual funds	—		78		—		78
Deferred compensation investments (life insurance cash surrender value (Note 3(e))	—		6,274		—		6,274		*
	$	46,422	$	149,183	$	—	$	195,605
Liabilities:
Deferred compensation liability (Note 9(f))	$	—	$	6,167	$	—	$	6,167	*
	$	—	$	6,167	$	—	$	6,167

* The reported amount of “deferred compensation investments” is based on the cash surrender value of life insurance policies of named current and former employees at each period-end. The reported amount of “deferred executive compensation liability” is based on the period-end market value of mutual fund investments selected by employee participants of the deferred compensation plan.

We did not have any transfers between “Level 1” and “Level 2” (see Note 2(x)) measurement categories for any periods presented except for “money market funds” included within Level 1 as of June 30, 2019 that remain presented within Level 2 as of December 31, 2018. We believe this change is appropriate since these money market funds have quoted daily prices in active markets that are publicly accessible.

Our carrying amounts of financial instruments such as cash equivalents, prepaid expenses, accounts payable, and accrued liabilities approximate their related fair values due to their short-term nature.