Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Note 4. Fair Value Measurements

Investments measured at fair value on a recurring basis consisted of the following:

				Fair Value Measurements Using
(in thousands)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2019:
Classified as current assets:
Cash and money market funds	$	112,279		$	112,279		$	—	$	—
Commercial paper		144,472			—			144,472		—
Securities of government-sponsored entities		142,773			—			142,773		—
Corporate debt securities		271,000			—			271,000		—
blank		670,524			112,279			558,245		—
Classified as long-term assets:
Certificates of deposit		3,206			3,206			—		—
Securities of government-sponsored entities		48,708			—			48,708		—
Corporate debt securities		250,946			—			250,946		—
Restricted equity securities		55,868			—			—		55,868
blank		1,029,252			115,485			857,899		55,868
Less cash and cash equivalents and restricted cash		(115,485	)		(115,485	)		—		—
Total investments	$	913,767		$	—		$	857,899	$	55,868
blank
December 31, 2018:
Classified as current assets:
Cash and money market funds	$	141,714		$	141,714		$	—	$	—
Commercial paper		94,572			—			94,572		—
Securities of government-sponsored entities		20,840			—			20,840		—
Corporate debt securities		393,787			—			393,787		—
blank		650,913			141,714			509,199		—
Classified as long-term assets:
Cash and money market funds		1,500			1,500			—		—
Certificates of deposit		3,977			3,977			—		—
Securities of government-sponsored entities		64,837			—			64,837		—
Corporate debt securities		151,191			—			151,191		—
blank		872,418			147,191			725,227		—
Less cash and cash equivalents and restricted cash		(147,191	)		(147,191	)		—		—
Total investments	$	725,227		$	—		$	725,227	$	—

A reconciliation of restricted equity securities measured at fair value on a recurring basis follows.

(in thousands)
Balance at December 31, 2018	$	—
Investments in restricted equity securities		68,855
Net unrealized loss recognized on restricted equity securities during the period		(12,987)
Balance at December 31, 2019	$	55,868

- 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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