Crucial 2013 Annual Report Download - page 91
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90
Fair Value Measurements
Accounting standards establish three levels of inputs that may be used to measure fair value: quoted prices in active
markets for identical assets or liabilities (referred to as Level 1), inputs other than Level 1 that are observable for the asset or
liability either directly or indirectly (referred to as Level 2) and unobservable inputs to the valuation methodology that are
significant to the measurement of fair value of assets or liabilities (referred to as Level 3).
Fair Value Measurements on a Recurring Basis
All marketable debt and equity investments are classified as available-for-sale and are carried at fair value. Assets
measured at fair value on a recurring basis were as follows:
As of 2013 2012
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Cash equivalents:
Money market funds $ 1,188 $ — $ — $ 1,188 $ 2,159 $ — $ — $ 2,159
Certificates of deposit — 38 — 38 — 27 — 27
Commercial paper — 35 — 35 — 29 — 29
Government securities — — — — — 5 — 5
1,188 73 — 1,261 2,159 61 — 2,220
Short-term investments:
Corporate bonds — 112 — 112 — 31 — 31
Government securities — 72 — 72 — 51 — 51
Commercial paper — 26 — 26 — 10 — 10
Certificates of deposit — 9 — 9 — 4 — 4
Asset-backed securities — 2 — 2 — 4 — 4
— 221 — 221 — 100 — 100
Long-term marketable
investments:
Corporate bonds — 302 — 302 — 203 — 203
Government securities — 96 — 96 — 88 — 88
Asset-backed securities — 95 — 95 — 73 — 73
Marketable equity
securities 6 — — 6 5 5 — 10
6 493 — 499 5 369 — 374
Restricted cash:
Certificates of deposit — 302 — 302 — — — —
— 302 — 302 — — — —
$ 1,194 $ 1,089 $ — $ 2,283 $ 2,164 $ 530 $ — $ 2,694
Government securities consist of securities issued directly by or deemed to be guaranteed by government entities such as
U.S and non U.S. agency securities, government bonds and treasury securities. Level 2 securities are valued using information
obtained from pricing services, which obtain quoted market prices for similar instruments, non-binding market consensus
prices that are corroborated by observable market data, or various other methodologies, to determine the appropriate value at
the measurement date. We perform supplemental analysis to validate information obtained from our pricing services. As of
August 29, 2013, no adjustments were made to such pricing information.
Fair Value Measurements on a Nonrecurring Basis
Our non-marketable securities, equity method investments, and non-financial assets such as intellectual property and
property, plant and equipment are carried at cost unless impairment is deemed to have occurred.