Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Measurements

Fair Value Measurements

9. Fair Value Measurements

        The Company follows accounting guidance that emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Fair value is defined as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." Fair value measurements are defined on a three level hierarchy:

Level 1 inputs:	Quoted prices for identical assets or liabilities in active markets;
Level 2 inputs:	Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities or other inputs that are observable or can be corroborated by market data; and
Level 3 inputs:	Unobservable inputs that are supported by little or no market activity and require the reporting entity to develop assumptions that market participants would use when pricing the asset or liability.

        The following table presents the Company's financial assets and liabilities that have been measured at fair value on a recurring basis:

Description	Total		Level 1		Level 2		Level 3
	(in thousands)
December 31, 2014
Assets:
Money market funds	$	357	$	357	$	—	$	—
Available-for-sale securities:
Certificates of deposit		4,782		4,782		—		—
U.S. treasury notes		11,513		11,513		—		—
U.S. government agency securities		40,249		—		40,249		—
Total assets at fair value	$	56,901	$	16,652	$	40,249	$	—
December 31, 2013
Assets:
Money market funds	$	5,356	$	5,356	$	—	$	—
Available-for-sale securities:
Certificates of deposit		238		238		—		—
U.S. treasury notes		11,188		11,188		—		—
U.S. government agency securities		9,637		—		9,637		—
Total assets at fair value	$	26,419	$	16,782	$	9,637	$	—

        There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2014 or December 31, 2013.

Fair Value Measurements on a Nonrecurring Basis

        In addition to items that are measured at fair value on a recurring basis, the Company also measures assets held for sale at the lower of its carrying amount or fair value on a nonrecurring basis. The Company recognized an impairment expense and other losses relating to assets held for sale during the year ended December 31, 2014, 2013, and 2012 of $0, less than $0.1 million, and $0.1 million based on recent market sales data for similar equipment less the related costs to sell and recent purchase offers, which are Level 3 inputs. There are no assets held for sale as of December 31, 2014.