Assets and liabilities measured at fair value are based the valuation techniques identified in the table below. The valuation techniques are:


(a)	Market approach—prices and other relevant information generated by market transactions involving identical or comparable assets.

(b)

The valuations of the interest rate swaps intended to mitigate the Company’s interest rate risk are determined with the assistance of a third-party financial institution using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument. This analysis utilizes observable market-based inputs, including interest rate curves and interest rate volatility, and reflects the contractual terms of these instruments, including the period to maturity.


(c)	The valuations of foreign currency forward contracts are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument. This analysis utilizes observable market-based inputs, including commodity forward curves, and reflects the contractual terms of these instruments, including the period to maturity.

(d)

The valuations of municipal bonds are determined utilizing standard pricing procedures of the Company’s investment brokerage firm, which include various third-party pricing services. These procedures also require specific price monitoring practices as well as pricing review reports, valuation oversight, and pricing challenge procedures to maintain an accurate representation of investment fair market value.

The following tables present financial assets and liabilities at December 31, 2014 and December 31, 2013 for which the Company measures fair value on a recurring basis, by level, within the fair value hierarchy:



December 31, 2014	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Money market mutual funds	$	6,824	$	6,824	$	—	$	—	(a)
Government agency bonds	3,502		3,502		—		—		(a)
United States treasuries	4,006		4,006		—		—		(a)
Corporate notes	4,667		4,667		—		—		(a)
Certificates of deposit	4,155		4,155		—		—		(a)
Municipal bonds	1,359		—		1,359		—		(d)
Liabilities
Interest rate swaps	$	295	$	—	$	295	$	—	(b)
December 31, 2013	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets
Money market mutual funds	$	19,957	$	19,957	$	—	$	—	(a)
Government agency bonds	8,041		8,041		—		—		(a)
United States treasuries	7,509		7,509		—		—		(a)
Corporate notes	8,453		8,453		—		—		(a)
Certificates of deposit	2,426		2,426		—		—		(a)
Foreign currency forward contracts	114		—		114		—		(c)
Liabilities
Interest rate swaps	$	332	$	—	$	332	$	—	(b)