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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2018
Fair Value Measurements [Abstract] |
Fair Value Measurements | (12) Fair Value Measurements ﻿ The fair value hierarchy established by ASC 820, Fair Value Measurement, prioritizes the use of inputs used in valuation techniques into the following three levels: ﻿
| · |  | Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities
| · |  | Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs
| · |  | Level 3 inputs are unobservable
﻿ The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | As of September 30, 2018 |  | As of December 31, 2017
﻿ |  | Fair Value Hierarchy |  |  |  |  | Fair Value Hierarchy |  |  |
﻿(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
﻿Cash and cash equivalents(a) |  | $ | 118,258 |  | $ | — |  | $ | — |  | $ | 118,258 |  | $ | 192,868 |  | $ | — |  | $ | — |  | $ | 192,868
﻿Restricted cash(a) |  |  | 3,436 |  |  | — |  |  | — |  |  | 3,436 |  |  | 4,780 |  |  | — |  |  | — |  |  | 4,780
﻿Restricted investments(b) |  |  | — |  |  | 53,116 |  |  | — |  |  | 53,116 |  |  | — |  |  | — |  |  | — |  |  | —
﻿Investments in lieu of retainage(c) |  |  | 62,341 |  |  | 1,189 |  |  | — |  |  | 63,530 |  |  | 69,891 |  |  | 2,405 |  |  | — |  |  | 72,296
﻿Other investments(b) |  |  | — |  |  | 4,611 |  |  | — |  |  | 4,611 |  |  | — |  |  | — |  |  | — |  |  | —
﻿Total |  | $ | 184,035 |  | $ | 58,916 |  | $ | — |  | $ | 242,951 |  | $ | 267,539 |  | $ | 2,405 |  | $ | — |  | $ | 269,944
| (a) |  | Includes money market funds with original maturity dates of three months or less.
| (b) |  | During the second quarter of 2018, the Company reclassified its restricted investments and other investments from the held-to-maturity category to the available-for-sale category as a result of a change in management’s investment strategy. At the time of the transfer, the securities had an aggregate amortized cost of $60.1 million and an immaterial aggregate unrealized loss. Restricted investments and other investments, as of September 30, 2018, consist of investments in corporate debt securities of $31.4 million and U.S. government agency securities of $26.3 million, and are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets and are therefore classified as Level 2 Assets. As of December 31, 2017, restricted investments and other investments consisted of investments in U.S. agency securities of $26.1 million and corporate debt securities of $33.0 million. The maturities for restricted investments and other investments range from one month to five years. The amortized cost of these securities at September 30, 2018 and December 31, 2017 was not materially different from the fair value. Other investments are included in other current assets on the Condensed Consolidated Balance Sheets. As of December 31, 2017, the Company’s held-to-maturity restricted investments and other investments had an amortized cost of $59.6 million and fair value of $59.1 million.
| (c) |  | Investments in lieu of retainage are included in retainage receivable and as of September 30, 2018 are comprised of money market funds of $62.3 million and municipal bonds of $1.2 million, the majority of which are rated A3 or better. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of municipal bonds are measured using readily available pricing sources for comparable instruments; therefore, they are classified as Level 2 assets. As of December 31, 2017, investments in lieu of retainage consisted of money market funds of $69.9 million and municipal bonds of $2.4 million. The amortized cost of these available-for-sale securities at September 30, 2018 and December 31, 2017 was not materially different from the fair value.
﻿ The Company did no t have material transfers between Levels 1 and 2 during the nine months ended September 30, 2018 or 2017. ﻿ The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retainage, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2017 Senior Notes was $517.5 million and $537.5 million as of September 30, 2018 and December 31, 2017, respectively. The fair value of the Convertible Notes was $202.4 million and $222.2 million as of September 30, 2018 and December 31, 2017, respectively. The fair values of the 2017 Senior Notes and Convertible Notes were determined using Level 1 inputs, specifically current observable market prices. The reported value of the Company’s remaining borrowings as of September 30, 2018 and December 31, 2017 approximates fair value.

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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