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Fair Value Measurements
 3 Months Ended
Mar. 31, 2013
Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

The following tables present our assets and liabilities carried at fair value that are measured on a recurring basis:

 

Description    Fair Value
at
March 31,
2013		      Fair Value Measurements
at March 31, 2013 Using		  
      Level
1		      Level
2		      Level
3		  

Assets:

            

Available-for-sale securities

    $ 240       $ 240         —        —  

Liabilities:

            

Derivative financial instruments

    $ 176         —      $ 176        —  

 

Description    Fair Value at
December 31,
2012		      Fair Value Measurements
at December 31, 2012 Using		  
      Level
1		      Level
2		      Level
3		  

Assets:

            

Available-for-sale securities

    $ 226       $ 226         —        —  

Liabilities:

            

Derivative financial instruments

    $ 197         —       $ 197         —  

The following is a description of the valuation techniques used for these assets and liabilities, as well as the level of input used to measure fair value:

Available-for-sale securities – the investments are exchange-traded equity securities. Fair values for these investments are based on closing stock prices from active markets and are therefore classified within Level 1 of the fair value hierarchy. The fair value of available-for-sale securities is included in other assets in our condensed consolidated balance sheets.

Derivative financial instruments – the derivatives are foreign currency forward contracts. Fair value is based on observable market inputs, such as forward rates, in active markets and therefore the derivatives are classified within Level 2 of the valuation hierarchy. The fair value of the derivative financial instruments is included in accrued expenses and other current liabilities in our condensed consolidated balance sheet.

There were no transfers in or out of Level 1 and Level 2 during the quarter ended March 31, 2013.