XML 31 R9.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Note 3. Fair Value Measurements

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

December 31, 2019

	Carrying amount in				Fair Value Measurement Using
	balance sheet		Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Commercial paper	$	797	$	797	$	797	$	0	$	0
Treasury bills		7,734		7,734		7,734		0		0
Equity securities		45		45		0		0		45

December 31, 2018

	Carrying amount in				Fair Value Measurement Using
	balance sheet		Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Commercial paper	$	667	$	667	$	667	$	0	$	0
Treasury bills		7,697		7,697		7,697		0		0
Equity securities		45		45		0		0		45

The fair value of the money market funds, commercial paper, and treasury bills is based on quoted market prices in an active market. Closing prices are readily available from active markets and are used as being representative of fair value. The Company classifies these securities as level 1. The only equity security owned by the Company is an investment in a limited-marketable company. There is an insignificant market for this limited-marketable company and the Company has determined the value based on financial and other factors, which are considered level 3 inputs in the fair value hierarchy.

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

	Years Ended December 31,
	2019		2018

Beginning Balance	$	45	$	45
Change in value		0		0
Ending Balance	$	45	$	45

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

	Year Ended
	December 31, 2018

Beginning Balance	$	150
Credit to Earnings		0
Payments		(150	)
Ending Balance	$	0

The 2018 decrease reflects the final payment of the liability according to the terms of the underlying agreement. No liability exists at December 31, 2019.

- 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.

+ References + Details