Nautilus 2015 Annual Report Download - page 48
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(4) FAIR VALUE MEASUREMENTS
Factors used in determining the fair value of financial assets and liabilities are summarized into three broad categories:
• Level 1 - observable inputs such as quoted prices (unadjusted) in active liquid markets for identical securities as of the reporting date;
• Level 2 - other significant directly or indirectly observable inputs, including quoted prices for similar securities, interest rates, prepayment speeds and
credit risk; or observable market prices in markets with insufficient volume and/or infrequent transactions; and
• Level 3 - significant inputs that are generally unobservable inputs for which there is little or no market data available, including our own assumptions in
determining fair value.
Assets measured at fair value on a recurring basis as of December 31, 2015 and 2014 were as follows (in thousands):
December 31, 2015
Level 1
Level 2
Level 3
Total
Cash Equivalents
Money market funds
$ 1
$ —
$ —
$ 1
Corporate bonds
—
733
—
733
Total Cash Equivalents
1
733
—
734
Available-for-Sale Securities
Certificates of deposit (1)
—
25,234
—
25,234
Corporate bonds
—
4,764
—
4,764
Total Available-for-Sale Securities
—
29,998
—
29,998
Total assets measured at fair value
$ 1
$ 30,731
$ —
$ 30,732
December 31, 2014
Level 1
Level 2
Level 3
Total
Cash Equivalents
Money market funds
$ 2,591
$ —
$ —
$ 2,591
Certificates of deposit (1)
—
980
—
980
Commercial paper
—
12,497
—
12,497
Variable-rate demand notes
—
8,000
—
8,000
Total Cash Equivalents
2,591
21,477
—
24,068
Available-for-Sale Securities
Certificates of deposit (1)
—
14,202
—
14,202
Corporate bonds
—
12,782
—
12,782
Total Available-for-Sale Securities
—
26,984
—
26,984
Total assets measured at fair value
$ 2,591
$ 48,461
$ —
$ 51,052
(1) All certificates of deposit are within current FDIC insurance limits.
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