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Fair Value Accounting | 12 Months Ended
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Dec. 31, 2019
Fair Value Accounting |
Fair Value Accounting | 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 December 31, 2019 |
|  | Total |  | Level 1 |  | Level 3 |
Other investments |  | $ | 3,676 |  | $ | 3,676 |  | $ | — |
|  | Fair value at December 31, 2018 |
|  | Total |  | Level 1 |  | Level 3 |
Other investments |  | $ | 5,462 |  | $ | 5,462 |  | $ | — |
Used mill equipment (non-recurring) |  | $ | 5,500 |  | $ | — |  | $ | 5,500 |
Our marketable securities and investment in Midas Gold Shares and Nusantara Resources 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 mill equipment is classified as Level 3 of the fair value hierarchy as its value at 2018 was based on an independent third-party valuation. This valuation was based on unobservable inputs obtained by our valuation specialists and reviewed by the Company. These inputs may change as economic and industry conditions evolve. The mill equipment is included in plant and equipment on the Consolidated Balance Sheets for each period presented. There were no m aterial transfers between levels nor were there any changes in valuation methods in 2019.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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