SkyWest Airlines 2013 Annual Report Download - page 92

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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2013
(6) Fair Value Measurements (Continued)
As of December 31, 2013, the Company held certain assets that are required to be measured at
fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized
below (in thousands):
Fair Value Measurements as of December 31,
2013
Total Level 1 Level 2 Level 3
Marketable Securities
Bonds ...................................... $487,049 $ — $487,049 $ —
Asset backed securities .......................... 190 — 190 —
487,239 — 487,239 —
Cash, Cash Equivalents and Restricted Cash ............ $182,855 182,855 ——
Other Assets(a) ................................. 2,245 ——2,245
Total Assets Measured at Fair Value .................. $672,339 $182,855 $487,239 $2,245
Fair Value Measurements as of December 31,
2012
Total Level 1 Level 2 Level 3
Marketable Securities
Bonds ...................................... $552,289 $ — $552,289 $ —
Commercial paper ............................. 3,514 — 3,514 —
Asset backed securities .......................... 314 — 314 —
556,117 — 556,117 —
Cash, Cash Equivalents and Restricted Cash ............ 153,325 153,325 ——
Other Assets(a) ................................. 3,844 ——3,844
Total Assets Measured at Fair Value .................. $713,286 $153,325 $556,117 $3,844
(a) Auction rate securities included in ‘‘Other assets’’ in the Consolidated Balance Sheet
Based on market conditions, the Company uses a discounted cash flow valuation methodology for
auction rate securities. Accordingly, for purposes of the foregoing consolidated financial statements,
these securities were categorized as Level 3 securities. The Company’s ‘‘Marketable Securities’’
classified as Level 2 primarily utilize broker quotes in a non-active market for valuation of these
securities.
No significant transfers between Level 1, Level 2 and Level 3 occurred during the year ended
December 31, 2013. The Company’s policy regarding the recording of transfers between levels is to
record any such transfers at the end of the reporting period.
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