INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Equity Method Investments [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company's assets that are measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 (in thousands):



			Fair Value Measurement at Reporting Date Using
	March 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents	$	93,325	$	93,325	$	—	$	—
Fair value option investments	77,933		—		—		77,933
Available-for-sale securities:
Convertible debt securities	11,070		—		—		11,070
Redeemable preferred shares	14,576		—		—		14,576



			Fair Value Measurement at Reporting Date Using
	December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents	$	137,975	$	137,975	$	—	$	—
Fair value option investments	82,966		—		—		82,966
Available-for-sale securities:
Convertible debt securities	11,354		—		—		11,354
Redeemable preferred shares	15,431		—		—		15,431

Summary of Investments

The following table summarizes the Company's investments as of March 31, 2018 and December 31, 2017 (dollars in thousands):



	March 31, 2018		Percent Ownership of Voting Stock			December 31, 2017		Percent Ownership of Voting Stock
Available-for-sale securities:
Convertible debt securities	$	11,070				$	11,354
Redeemable preferred shares	14,576		19%	to	25%	15,431		19%	to	25%
Total available-for-sale securities	25,646					26,785
Fair value option investments	77,933		10%	to	19%	82,966		10%	to	19%
Other equity investments ⁽¹⁾	25,794		1%	to	19%	25,438		1%	to	19%
Total investments	$	129,373				$	135,189

(1)

Represents equity investments without readily determinable fair values. Those investments were previously accounted for using the cost method of accounting. Under the cost method, investments were carried at cost and adjusted only for other-than-temporary declines in fair value, certain distributions and additional investments. The Company adopted the guidance in ASU 2016-01 on January 1, 2018. Under that guidance, the Company has elected to record equity investments without readily determinable fair values at cost adjusted for observable price changes and impairments. There were no adjustments for observable price changes or impairments related to these investments for the three months ended March 31, 2018.

Schedule of Activity for Available For Sale Securities

The following table summarizes the amortized cost, gross unrealized gain, gross unrealized loss and fair value of the Company's available-for-sale securities as of March 31, 2018 and December 31, 2017 (in thousands):



	March 31, 2018									December 31, 2017
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss ⁽¹⁾			Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss ⁽¹⁾			Fair Value
Available-for-sale securities:
Convertible debt securities	$	10,422	$	1,176	$	(528	)	$	11,070	$	10,205	$	1,653	$	(504	)	$	11,354
Redeemable preferred shares	14,576		—		—			14,576		15,431		—		—			15,431
Total available-for-sale securities	$	24,998	$	1,176	$	(528	)	$	25,646	$	25,636	$	1,653	$	(504	)	$	26,785


(1)	Gross unrealized loss is related to one security that was in a loss position for greater than 12 months as of March 31, 2018 and December 31, 2017.