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Fair Value Measurements
9 Months Ended
Sep. 30, 2016
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 3. Fair Value Measurements 

 

The following table provides information on those assets and liabilities measured at fair value on a recurring basis. 

 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Carrying amount in consolidated

 

 

 

 

Fair Value Measurement Using



 

balance sheet

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Money Market Funds

 

$

240 

 

$

240 

 

$

240 

 

$

 

$

Commercial Paper

 

 

263 

 

 

263 

 

 

263 

 

 

 

 

Treasury Bills

 

 

7,432 

 

 

7,432 

 

 

7,432 

 

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent Earn-out

 

 

383 

 

 

383 

 

 

 

 

 

 

383 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Carrying amount in consolidated

 

 

 

Fair Value Measurement Using



 

balance sheet

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Money Market Funds

 

$

246 

 

$

246 

 

$

246 

 

$

 

$

Commercial Paper

 

 

247 

 

 

247 

 

 

247 

 

 

 

 

Treasury Bills

 

 

7,872 

 

 

7,872 

 

 

7,872 

 

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent Earn-out

 

 

455 

 

 

455 

 

 

 

 

 

 

455 

 

 

The fair value of the money market funds, commercial paper and treasury bills is based on quoted market prices in an active market. The available-for-sale equity security is a limited-marketable company.  There is an insignificant market for the limited-marketable company and the Company has determined its value based on financial and other factors, which are considered level 3 inputs in the fair value hierarchy.  Management estimated the probability of meeting the revenue targets over the measurement period to determine the fair value of the contingent earn-out, which is considered a level 3 input in the fair value hierarchy.



The change in level 3 liabilities at fair value on a recurring basis is summarized as follows:





 

Period Ended September 30,

 



 

2016

 

2015

 



 

 

 

 

 

Beginning Balance

 

$

455

 

$

472

 

Credit to earnings

 

(72

(17

)

Ending Balance

 

$

383

 

$

455

 





The decrease in the contingent liability reflects the Company’s expectation of moderately lower future contingent payments throughout the four year earn-out period.