Community Health Systems 2015 Annual Report Download - page 148
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COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
The following table sets forth, by level within the fair value hierarchy, the financial assets and liabilities
recorded at fair value on a recurring basis as of December 31, 2015 and December 31, 2014 (in millions):
December 31,
2015 Level 1 Level 2 Level 3
Available-for-sale securities ..... $ 271 $ 155 $ 116 $ -
Trading securities ............. 61 61 - -
Total assets ................ $ 332 $ 216 $ 116 $ -
Contingent Value Right (CVR) . . $ 2 $ 2 $ - $ -
CVR-related liability ........... 261 - - 261
Fair value of interest rate swap
agreements ................ 76 - 76 -
Total liabilities ............. $ 339 $ 2 $ 76 $ 261
December 31,
2014 Level 1 Level 2 Level 3
Available-for-sale securities ..... $ 280 $ 151 $ 129 $ -
Trading securities ............. 55 55 - -
Total assets ................ $ 335 $ 206 $ 129 $ -
Contingent Value Right (CVR) . . $ 6 $ 6 $ - $ -
CVR-related liability ........... 265 - - 265
Fair value of interest rate swap
agreements ................ 68 - 68 -
Total liabilities ............. $ 339 $ 6 $ 68 $ 265
Available-for-sale Securities
Available-for-sale securities and trading securities classified as Level 1 are measured using quoted market
prices. Level 2 available-for-sale securities primarily consisted of: (i) bonds and notes issued by the United States
government and its agencies, domestic and foreign corporations and foreign governments; and (ii) preferred
securities issued by domestic and foreign corporations. The estimated fair values of these securities are
determined using various valuation techniques, including a multi-dimensional relational model that incorporates
standard observable inputs and assumptions such as benchmark yields, reported trades, broker/dealer quotes,
issuer spreads, benchmark securities, bids/offers and other pertinent reference data.
135