Note 10 - Fair Value Measurements

6 Months Ended

Jun. 30, 2019

NOTE

10—FAIR

VALUE MEASUREMENTS

The Company measures certain financial assets and liabilities at fair value on a recurring basis in the financial statements. The hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires financial assets and liabilities carried at fair value to be classified and disclosed in

one

of the following

three

categories:

Level

-quoted prices (unadjusted) in active markets for identical assets and liabilities;

Level

-unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are

not

active, or inputs other than quoted prices that are observable for the asset or liability; and

Level

-unobservable inputs that are

not

corroborated by market data.

The following table provides the fair value measurements of applicable financial assets and liabilities as of

June

30,

2019:

	Financial assets and liabilities at fair value as of June 30, 2019
	Level 1		Level 2		Level 3

Money market funds (1)	$	758	$	—	$	—
Non-recurring fair value measurements (2)		—		—		5,336
Total	$	758	$	—	$	5,336

The following table provides the fair value measurements of applicable financial assets and liabilities as of

December

31,

2018:

	Financial assets and liabilities at fair value as of December 31, 2018
	Level 1		Level 2		Level 3

Money market funds (1)	$	2,494	$	—	$	—
Non-recurring fair value measurements (2)		—		—		5,336
Total	$	2,494	$	—	$	5,336

(

)

Included in cash and cash equivalents on the Company’s Condensed Consolidated Balance Sheets. The carrying amount of money market funds is a reasonable estimate of fair value due to the short-term maturity.

(

)

Included in assets held for sale on the Company’s Condensed Consolidated Balance Sheets. Refer to Note

for further information.

- 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.

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