DuPont 2015 Annual Report Download - page 114

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E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
F-55
The estimated fair value of the company's cash equivalents, which approximates carrying value as of December 31, 2015 and
2014, was determined using level 1 and level 2 inputs within the fair value hierarchy. Level 1 measurements were based on
observed net asset values and level 2 measurements were based on current interest rates for similar investments with comparable
credit risk and time to maturity.
The estimated fair value of the held-to-maturity securities, which approximates carrying value as of December 31, 2015 and 2014,
was determined using level 2 inputs within the fair value hierarchy, as described below. Level 2 measurements were based on
current interest rates for similar investments with comparable credit risk and time to maturity. The carrying value approximates
fair value due to the short-term nature of the investments.
The estimated fair value of the available-for-sale securities as of December 31, 2015 and 2014 was determined using level 1 inputs
within the fair value hierarchy. Level 1 measurements were based on quoted market prices in active markets for identical assets
and liabilities. The available-for-sale securities as of December 31, 2015 are held by certain foreign subsidiaries in which the
USD is not the functional currency. The fluctuations in foreign exchange are recorded in accumulated other comprehensive loss
within the Consolidated Statements of Equity. These fluctuations are subsequently reclassified from accumulated other
comprehensive loss to earnings in the period in which the marketable securities are sold and the gains and losses on these securities
offset a portion of the foreign exchange fluctuations in earnings for the company.