Fair Value Accounting

9 Months Ended

Sep. 30, 2016

8. 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 September 30, 2016
	Total		Level 1		Level 3
Marketable securities	$	131	$	131	$	—
Other investments (Midas Gold Shares)		5,384		5,384		—


	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

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 Condensed Consolidated Balance Sheets for each period presented.

The mill equipment is classified as Level 3 of the fair value hierarchy as its value at December 31, 2015 was based on a third party assessment of the projected sale value less costs to sell giving full consideration to current market conditions and an orderly sale process. As of September 30, 2016, the used mill equipment is not classified as held for sale for accounting purposes and there is no indication that the carrying value of the used mill equipment may not be recoverable, consequently no fair value assessment is required for the period ended September 30, 2016. The mill equipment is included in plant and equipment on the Condensed Consolidated Balance Sheets for each period presented.

There have been no transfers between levels in 2016, nor have there been any changes in valuation techniques.