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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2013
Fair Value Hierarchy of Financial Assets Measured at Fair Value on Recurring Basis

The fair value hierarchy of ICG’s financial assets measured at fair value on a recurring basis was as follows (in thousands):

 

 

Asset (liability) at
September 30, 2013

 

 

Valuation
Technique
(Approach)

  

Level 1

 

  

Level 2

 

 

Level 3

 

Cash equivalents (money market accounts)             

$

  53,391

  

 

Market

  

$

  53,391

  

  

$

—

  

 

$

—

  

 

$

  53,391

  

 

 

  

$

  53,391

  

  

$

—

 

 

$

—

  

 

 

Asset (liability) at
December 31,  2012

 

 

Valuation
Technique
(Approach)

  

Level 1

 

  

Level 2

 

 

Level 3

 

Cash equivalents (money market accounts and commercial paper investments)             

$

  13,918

  

 

Market

  

$

  13,918

  

  

$

—

  

 

$

—

  

 

$

  13,918

  

 

 

  

$

  13,918

  

  

$

—

 

 

$

—

  

 

The carrying value of certain of ICG’s other financial instruments, including accounts receivable and accounts payable approximates fair value due to the short-term nature of those instruments.  The fair value of ICG’s long-term debt is based on assumptions concerning the amount and timing of estimated future cash flows and assumed risk-adjusted discount rates.  See Note 8, “Debt” for further discussion.