FAIR VALUE ACCOUNTING

3 Months Ended

Mar. 31, 2020

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING

NOTE 15 FAIR VALUE ACCOUNTING

As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Assets and liabilities measured at fair value on a recurring basis.

The following table identifies the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy as at March 31, 2020 and December 31, 2019, as reported in the Consolidated Balance Sheets:

	Fair value as at March 31, 2020						Fair value as at December 31, 2019
	Level 1		Level 2		Total		Level 1		Level 2		Total
Marketable equity securities	$	875	$	—	$	875	$	1,885	$	—	$	1,885

The Company’s investments consist of marketable equity securities which are exchange-traded and are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy.  The fair value of the investments is calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company.

During the three months ended March 31, 2020, the Company recorded an impairment of long-lived assets at the Gold Bar Mine totaling $83.8 million based on Level 3 inputs.  See Note 8 for details.

Debt is recorded at amortized cost of $49.6 million (December 31, 2019 – $49.5 million).  The debt is not traded on quoted markets.  Based on Level 3 inputs, the fair market value of the debt approximates its carrying value due to its short maturity of 17 months.

The fair value of other financial assets and liabilities were assumed to approximate their carrying values due to their short-term nature and historically negligible credit losses.