Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Note 19.

Fair Value Measurements

The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were comprised of the following types of instruments at December 31, 2016 and 2017:

	Fair Value Measurements at December 31, 2016 Using
	Level 1		Level 2		Level 3

	(in thousands)
Assets:
Cash and cash equivalents:
Time deposits with original maturities less than three months	$	13,055		-		-
Marketable securities available-for-sale:
Time deposit with original maturities more than three months		-		5,140		-
Money market fund		5,017		-		-
Restricted marketable securities:
Time deposits with original maturities of more than three months		-		324		-
Total	$	18,072		5,464		-
Liabilities:
Short-term debt	$	-		138,000		-
Total	$	-		138,000		-

	Fair Value Measurements at December 31, 2017 Using
	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Cash and cash equivalents:
Time deposits with original maturities less than three months	$	22,559		-		-
Marketable securities available-for-sale:
Time deposit with original maturities more than three months		-		10,358		-
Money market fund		521		-		-
Restricted marketable securities:
Time deposits with original maturities of more than three months		-		470		-
Total	$	23,080		10,828		-

	Fair Value Measurements at December 31, 2017 Using
	Level 1		Level 2		Level 3
	(in thousands)
Liabilities:
Short-term debt	$	-		147,000		-
Total	$	-		147,000		-

Non-financial assets such as goodwill, intangible assets, and property, plant, and equipment are measured at fair value only when an impairment loss is recognized. No such impairments were recognized in 2015, 2016 and 2017.

There were no transfers between Level 1 and Level 2 of fair value hierarchy and no transfers into or out of Level 3 financial instruments during the years ended December 31, 2015, 2016 and 2017.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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