Garmin 2009 Annual Report Download - page 97
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participantsatthemeasurementdate(exitprice).Theaccountingguidanceclassifiestheinputsusedtomeasure
fairvalueintothefollowinghierarchy:
Level1 Unadjustedquotedpricesinactivemarketsforidenticalassetsorliability
Level2 Unadjustedquotedpricesinactivemarketsforsimilarassetsorliabilities,or
Unadjustedquotedpricesforidenticalorsimilarassets
Level3 Unobservableinputsfortheassetorliability
TheCompanyendeavorstoutilizethebestavailableinformationinmeasuringfairvalue.Financialassets
andliabilitiesareclassifiedintheirentiretybasedonthelowestlevelofinputthatissignificanttothefairvalue
measurement.
Forfairvaluemeasurementsusingsignificantunobservableinputs,anindependentthirdpartyprovided
thevaluation.Theinputsusedinthevaluationsusedthefollowingmethodology.Thecollateralcompositionwas
usedtoestimateWeightedAverageLifebasedonhistoricalandprojectedpaymentinformation.Cashflowswere
projectedfortheissuingtrusts,takingintoaccountunderlyingloanprincipal,bondsoutstanding,andpayout
formulas.Takingthisinformationintoaccount,assumptionsweremadeastotheyieldslikelytoberequired,
baseduponthencurrentmarketconditionsforcomparableorsimilartermAssetBasedSecuritiesaswellasother
fixedincomesecurities.
Assetsandliabilitiesmeasuredatestimatedfairvalueonarecurringbasisaresummarizedbelow:
Description Total Level1Level2Level3
Availablefor‐salesecurities 695,795$ 695,795$ ‐$ ‐$
FailedAuctionratesecurities 70,252$ 70,252$
Total 766,047$ 695,795$ ‐$ 70,252$
FairValueMeasurementsas
ofDecember26,2009
Description Total Level1Level2Level3
Availablefor‐salesecurities 203,592$ 203,592$ ‐$ ‐$
FailedAuctionratesecurities 71,303$ 71,303$
Total 274,895$ 203,592$ ‐$ 71,303$
FairValueMeasurementsas
ofDecember27,2008
AllLevel3investmentshavebeeninacontinuousunrealizedlosspositionfor12monthsorlonger.For
assetsandliabilitiesmeasuredatfairvalueonarecurringbasisusingsignificantunobservableinputs(Level3)
duringtheperiod,theaccountingguidancerequiresareconciliationofthebeginningandendingbalances,
separatelyforeachmajorcategoryofassets.Thereconciliationisasfollows: