XML 56 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements
 15 Months Ended
Dec. 31, 2011
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note L: Fair Value Measurements

In accordance with FASB ASC 820-10, Fair Value Measurements and Disclosures, our assets and liabilities, which are carried at fair value, are classified in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Other observable inputs other than quoted market prices.

Level 3: Unobservable inputs that are not corroborated by market data.

The tables below present our financial assets that are measured at fair value on a recurring basis as of December 31, 2011 and 2010 and September 30, 2011 (in thousands):

 

                                 
    December 31, 2011     Fair Value Measurements Using  

Financial assets:

     Level 1     Level 2     Level 3  

Gold collar

   $ 1,073     $ —       $ 1,073     $ —    

Marketable equity securities

     4,807       4,807       —         —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 5,880     $ 4,807     $ 1,073     $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

 

                                 
    December 31, 2010     Fair Value Measurements Using  

Financial assets:

     Level 1     Level 2     Level 3  

Gold collar

   $ —       $ —       $ —       $ —    

Marketable equity securities

     5,192       5,192       —         —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 5,192     $ 5,192     $ —       $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

 

                                 
    September 30, 2011     Fair Value Measurements Using  

Financial assets:

     Level 1     Level 2     Level 3  

Gold collar

   $ —       $ —       $ —       $ —    

Marketable equity securities

     5,366       5,366       —         —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 5,366     $ 5,366     $ —       $ —    
   

 

 

    

 

 

    

 

 

    

 

 

  

We measure the value of our gold collar under Level 2 inputs as defined by FASB ASC 820-10. The valuation is determined using widely accepted valuation techniques which reflect the contractual terms of the transaction, including the period to maturity and uses observable market-based inputs including gold forward curves and implied volatilities. We measure the value of our marketable equity securities under a Level 1 input. These assets are publicly traded equity securities for which market prices are readily available. There were no transfers of assets in or out of Level 1 or Level 2 fair value measurements in the periods presented.