eFax 2015 Annual Report Download - page 79
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The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):
December 31, 2015 Level 1
Level 2
Level 3
Fair Value
Assets:
Cash equivalents:
Money market and other funds $ 46,867
$ —
$ —
$ 46,867
Time deposits —
3,004
—
3,004
Certificates of Deposit —
60
—
60
Equity securities 22,654
—
—
22,654
Debt securities issued by the U.S. Treasury and other U.S. government
corporations and agencies —
40,652
—
40,652
Debt securities issued by states of the United States and political subdivisions of
the states —
6,103
—
6,103
Corporate debt securities —
88,749
—
88,749
Total assets measured at fair value $ 69,521
$ 138,568
$ —
$ 208,089
Liabilities:
Contingent consideration $ —
$ —
$ 30,600
$ 30,600
Contingent interest derivative —
1,450
—
1,450
Total liabilities measured at fair value $ —
$ 1,450
$ 30,600
$ 32,050
December 31, 2014 Level 1
Level 2
Level 3
Fair Value
Assets:
Cash equivalents:
Money market and other funds $ 212,645
$ —
$ —
$ 212,645
Time deposits —
51,807
—
51,807
Certificates of Deposit —
65
—
65
Equity securities 36,245
—
—
36,245
Debt securities issued by the U.S. Treasury and other U.S. government
corporations and agencies —
26,844
—
26,844
Debt securities issued by states of the United States and political subdivisions of
the states —
2,093
—
2,093
Corporate debt securities —
91,467
—
91,467
Total assets measured at fair value $ 248,890
$ 172,276
$ —
$ 421,166
Liabilities:
Contingent consideration $ —
$ —
$ 15,000
$ 15,000
Contingent interest derivative —
742
—
742
Total liabilities measured at fair value $ —
$ 742
$ 15,000
$ 15,742
At the end of each reporting period, management reviews the inputs to measure the fair value measurements of financial and non-financial assets and liabilities to determine
when transfers between levels are deemed to have occurred. For the year ended December 31, 2015 , there were no transfers that have occurred between levels. On September 30,
2014, management reevaluated the inputs of its Level 1 assets used in determining fair value and transferred $206.9 million of financial instruments from Level 1 to Level 2. The
Company determined the fair value of such transfer as of the end of the reporting period.
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