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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2013
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

NOTE 16—FAIR VALUE MEASUREMENTS

        Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the entity transacts business. The inputs used to develop these fair value measurements are established in a hierarchy, which ranks the quality and reliability of the information used to determine the fair values. The fair value classification is based on levels of inputs. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories:

Level 1:   Quoted market prices in active markets for identical assets or liabilities.

Level 2:
 
Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3:
 
Unobservable inputs that are not corroborated by market data.

        Recurring Fair Value Measurements.    The following table summarizes the fair value hierarchy of the Company's financial assets carried at fair value on a recurring basis as of December 31, 2013:

 
    
   Fair Value Measurements at
December 31, 2013 Using		  
(In thousands)
  Total Carrying
Value at
December 31,
2013		   Quoted prices
in active
market
(Level 1)		   Significant
other
observable
inputs
(Level 2)		   Significant
unobservable
inputs
(Level 3)		  

Other long-term assets:

                          

Money Market Mutual Funds

   $ 84   $ 84   $ —   $ —  

Equity securities, available-for-sale:

                          

RealD Inc. Common Stock

     10,442     10,442     —     —  

Mutual Fund Large U.S. Equity

     2,563     2,563     —     —  

Mutual Fund Small/Mid U.S. Equity

     982     982     —     —  

Mutual Fund International

     503     503     —     —  

Mutual Fund Balance

     456     456     —     —  

Mutual Fund Fixed Income

     351     351     —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets at fair value

   $ 15,381   $ 15,381   $ —   $ —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

        The following table summarizes the fair value hierarchy of the Company's financial assets carried at fair value on a recurring basis as of December 31, 2012:

 
    
   Fair Value Measurements at
December 31, 2012 Using		  
(In thousands)
  Total Carrying
Value at
December 31,
2012		   Quoted prices
in active
market
(Level 1)		   Significant
other
observable
inputs
(Level 2)		   Significant
unobservable
inputs
(Level 3)		  

Other long-term assets:

                          

Money Market Mutual Funds

   $ 85   $ 85   $ —   $ —  

Equity securities, available-for-sale:

                          

RealD Inc. Common Stock

     13,707     13,707     —     —  

Mutual Fund Large U.S. Equity

     1,995     1,995     —     —  

Mutual Fund Small/Mid U.S. Equity

     413     413     —     —  

Mutual Fund International

     249     249     —     —  

Mutual Fund Balance

     150     150     —     —  

Mutual Fund Fixed Income

     349     349     —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets at fair value

   $ 16,948   $ 16,948   $ —   $ —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

        Valuation Techniques.    The Company's money market mutual funds are invested in funds that seek to preserve principal, are highly liquid, and therefore are recorded on the balance sheet at the principal amounts deposited, which equals fair value. The equity securities, available-for-sale, primarily consist of common stock and mutual funds invested in equity, fixed income, and international funds and are measured at fair value using quoted market prices. See Note 18—Accumulated Other Comprehensive Income (Loss) for the unrealized gain on equity securities recorded in accumulated other comprehensive income.

        Nonrecurring Fair Value Measurements.    See Note 2—Merger, for information regarding the Company's assets and liabilities that were measured at fair value on a nonrecurring basis due to the Merger on August 30, 2012. The Company did not record any nonrecurring fair value measurements during the successor period of August 31, 2012 through December 31, 2013.

        Other Fair Value Measurement Disclosures.    The Company is required to disclose the fair value of financial instruments that are not recognized at fair value in the statement of financial position for which it is practicable to estimate that value:

 
    
   Fair Value Measurements at
December 31, 2013 Using		  
(In thousands)
  Total Carrying
Value at
December 31,
2013		   Quoted prices
in active
market
(Level 1)		   Significant
other
observable
inputs
(Level 2)		   Significant
unobservable
inputs
(Level 3)		  

Current Maturities of Corporate Borrowings

   $ 9,139   $ —   $ 7,779   $ 1,389  

Corporate Borrowings

     2,069,672     —     2,090,332     6,944  


 

 
    
   Fair Value Measurements at
December 31, 2012 Using		  
(In thousands)
  Total Carrying
Value at
December 31,
2012		   Quoted prices
in active
market
(Level 1)		   Significant
other
observable
inputs
(Level 2)		   Significant
unobservable
inputs
(Level 3)		  

Current Maturities of Corporate Borrowings

   $ 8,004   $ —   $ 8,063   $ —  

Corporate Borrowings

     2,070,671     —     2,115,919     —  

        Valuation Technique.    Quoted market prices and observable market based inputs were used to estimate fair value. The level 3 fair value measurement represents the transaction price of the corporate borrowings under market conditions in December 2013.