First Data 2013 Annual Report Download - page 81
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· Level 2 Inputs—Inputs other than quoted prices within Level 1 that are observable either directly or indirectly, including but not limited to quoted
prices in markets that are not active, quoted prices in active markets for similar assets or liabilities and observable inputs other than quoted
prices such as interest rates or yield curves.
· Level 3 Inputs—Unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in
pricing the asset or liability, including assumptions about risk.
The Company maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs.
Financial instruments carried and measured at fair value on a recurring basis are classified in the table below according to the fair value hierarchy
described above:
Assets:
Settlement assets:
Student loan auction rate securities $ — $ — $ 9.2 $9.2
State and municipal obligations —74.2 —74.2
Preferred stock 3.0 — — 3.0
Total settlement assets 3.0 74.2 9.2 86.4
Other current assets:
Interest rate swap contracts — 0.9 — 0.9
Other long-term assets:
Available-for-sale securities — 0.6 — 0.6
Foreign currency derivative contracts —16.9 —16.9
Interest rate swap contracts —46.3 —46.3
Total assets at fair value $3.0 $ 138.9 $ 9.2 $151.1
Liabilities:
Other current liabilities:
Interest rate swap contracts $ — $ 0.6 $ — $ 0.6
Foreign currency derivative contracts —15.7 —15.7
Other long-term liabilities:
Foreign currency derivative contracts —17.5 —17.5
Interest rate swap contracts —119.2 —119.2
Contingent consideration — — 26.3 26.3
Total liabilities at fair value $ — $ 153.0 $ 26.3 $ 179.3
80