Dish Network 2015 Annual Report Download - page 129
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DISH NETWORK CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
F-25
Therefore, we believe that these changes in the estimated fair values of these marketable investment securities are
related to temporary market fluctuations.
As of December 31,
2015 2014
Fair Unrealized Fair Unrealized
Value Loss Value Loss
(In thousands)
Debt Securities:
Less than 12 months $ 303,194 $ (612) $ 280,738 $ (105)
12 months or more 7,512 (20) 135,853 (59)
Equity Securities:
Less than 12 months 6,133 (41) 15,338 (4,346)
12 months or more — — — —
Total $ 316,839 $ (673) $ 431,929 $ (4,510)
Fair Value Measurements
Our investments measured at fair value on a recurring basis were as follows:
As of December 31,
2015 2014
Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
(In thousands)
Cash Equivalents (including restricted) $ 920,689 $ 82,675 $ 838,014 $ — $ 7,009,897 $ 274,123 $ 6,735,774 $ —
Debt securities (including restricted):
U. S. Treasury and agency securities $ 82,124 $ 77,328 $ 4,796 $ — $ 58,254 $ 42,710 $ 15,544 $ —
Commercial paper — — — — 68,556 — 68,556 —
Corporate securities 349,897 — 343,733 6,164 1,496,044 — 1,488,340 7,704
Other 47,847 — 47,648 199 192,607 — 58,171 134,436
Equity securities 160,323 160,323 — — 393,254 393,254 — —
Subtotal 640,191 237,651 396,177 6,363 2,208,715 435,964 1,630,611 142,140
Derivative financial instruments 556,828 — 556,828 — 383,460 — 383,460 —
Total $ 1,197,019 $ 237,651 $ 953,005 $ 6,363 $ 2,592,175 $ 435,964 $ 2,014,071 $ 142,140
As of December 31, 2015, our Level 3 investments consisted predominately of corporate securities. As of
December 31, 2014, our Level 3 investments consisted predominately of auction rate securities, which are included
in “Other” above. On a quarterly basis we evaluate the reasonableness of significant unobservable inputs used in
those measurements. For our Level 3 investments, we evaluate, among other things, the terms of the underlying
instruments, the credit ratings of the issuers, current market conditions, and other relevant factors. Based on these
factors, we assess the risk of realizing expected cash flows and we apply an observable discount rate that reflects
this risk. We may also reduce our valuations to reflect a liquidity discount based on the lack of an active market for
these securities.