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Fair Value Measurements
12 Months Ended
Dec. 31, 2013
Fair Value Measurements  
Fair Value Measurements

2. Fair Value Measurements

        The Company uses the three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level 1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

        As of December 31, 2013 and 2012, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs.