Quarterly report pursuant to Section 13 or 15(d)

Fair Value

v2.3.0.15
Fair Value
9 Months Ended
Sep. 30, 2011
Fair Value [Abstract]  
Fair Value

6. Fair Value

Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows:

Level 1 — Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 — Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.

 

The following table presents our financial instruments that were measured at fair value on a recurring basis at September 30, 2011 by level within the fair value hierarchy (in thousands):

 

     September 30, 2011  
     Level 1      Level 2      Level 3      Total  

Financial Assets

           

Money market funds

   $ 23,889       $ —         $ —         $ 23,889   

Commercial paper

     —           3,997         —           3,997   

Corporate bonds

     —           30,500         —           30,500   

U.S. Treasury obligations

     —           1,002         —           1,002   

Government-sponsored enterprise securities

     —           3,015         —           3,015   

Common shares of CO2 Solution

     2,010         —           —           2,010   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 25,899       $ 38,514       $ —         $ 64,413   
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table presents our financial instruments that were measured at fair value on a recurring basis at December 31, 2010 by level within the fair value hierarchy (in thousands):

 

     December 31, 2010  
     Level 1      Level 2      Level 3      Total  

Financial Assets

           

Money market funds

   $ 64,956       $ —         $ —         $ 64,956   

Common shares of CO2 Solution

     1,650         —           —           1,650   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 66,606       $ —         $ —         $ 66,606