Fair Value Accounting

12 Months Ended

Dec. 31, 2015

11. Fair Value Accounting

The following table sets forth the Company’s assets measured at fair value by level within the fair value hierarchy. As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.


	Fair value at December 31, 2015
	Total		Level 1		Level 3
Marketable securities	$	61	$	61	$	—
Other investments (Midas Gold Shares)		1,798		1,798		—
Used mill equipment (non-recurring)		6,500		—		6,500


	Fair value at December 31, 2014
	Total		Level 1		Level 3
Marketable securities	$	137	$	137	$	—
Other investments (Midas Gold Shares)		6,163		6,163		—
Used mill equipment (non-recurring)		6,500		—		6,500

Our marketable securities and investment in Midas Gold Shares are classified as Level 1 of the fair value hierarchy as they are valued at quoted market prices in an active market. Marketable securities are included in other current assets on the Consolidated Balance Sheets for each period presented.

The used mill equipment value is based on third party assessments of the projected sale value, net of commissions and other costs to sell, giving full consideration to current market conditions and an orderly sale process.

At December 31, 2015, the assets classified within Level 3 of the fair value hierarchy represent 78% of the total assets measured at fair value. There were no transfers between levels nor were there any changes in valuation methods in 2015.