Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 31, 2015

Fair value of the company's marketable securities

The only assets we record at fair value on our consolidated financial statements are the marketable securities related to our Deferred Compensation Plan (see Note 14 “Employee Benefit Plans” for additional information). The following table sets forth the fair value of our marketable securities as of December 31, 2015 and 2014:



	Fair Value (Level 1) ⁽¹⁾
	2015		2014
Description	(in thousands)
Marketable securities ⁽²⁾	$	12,882	$	11,971

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(1)	Fair value calculated using Level 1 inputs based on quoted prices in active markets for identical securities.


(2)	The marketable securities are held in a limited rabbi trust.

We report the change in the fair value of the marketable securities at the end of each accounting period in interest income and other net investment gains in the consolidated statements of operations. We also adjust the related Deferred Compensation Plan liability to fair value at the end of each accounting period based on the performance of the benchmark funds selected by each participant, which results in a corresponding increase or decrease to compensation cost for the period.

Fair Value Adjustment Of Marketable Securities And Deferred Compensation Plan Liability [Table Text Block]

The following table sets forth the net (loss) gain on marketable securities recorded during the years ended December 31, 2015, 2014 and 2013:



	December 31,
	2015			2014		2013
Description	(in thousands)
Net (loss) gain on marketable securities	$	(269	)	$	397	$	1,489

Carrying value and fair value of company's remaining financial assets and liabilities

The following table sets forth the carrying value and the fair value of our other financial instruments as of December 31, 2015 and 2014:



	December 31,
	2015				2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Liabilities
Secured debt ⁽¹⁾	$	381,918	$	391,611	$	546,292	$	559,483
Unsecured debt, net ⁽²⁾	1,856,590		1,898,863		1,783,121		1,858,492
Unsecured line of credit ⁽¹⁾	—		—		140,000		145,051

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(1)	Fair value calculated using Level II inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets.

(2)

Fair value calculated using Level II inputs as of December 31, 2015, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets. Fair value calculated using primarily Level I inputs as of December 31, 2014, which are based on quoted prices for identical instruments in active markets. The carrying value and fair value of the instruments valued using Level I inputs was $1,269.4 million and $1,322.2 million, respectively, as of December 31, 2014. The carrying value and fair value of the instruments valued using Level II inputs was $513.7 million and $536.3 million, respectively, as of December 31, 2014.

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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