v2.4.0.8
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2014
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

NOTE 6—FAIR VALUE MEASUREMENTS

        Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the entity transacts business. The inputs used to develop these fair value measurements are established in a hierarchy, which ranks the quality and reliability of the information used to determine the fair values. The fair value classification is based on levels of inputs. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories:

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

Level 2:
 
Observable market based inputs or unobservable inputs that are corroborated by market data.

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

        Recurring Fair Value Measurements.    The following table summarizes the fair value hierarchy of the Company's financial assets carried at fair value on a recurring basis as of June 30, 2014:

 
    
   Fair Value Measurements at June 30, 2014 Using  
(In thousands)
  Total Carrying
Value at
June 30, 2014		   Quoted prices in
active market
(Level 1)		   Significant other
observable inputs
(Level 2)		   Significant
unobservable inputs
(Level 3)		  

Other long-term assets:

                          

Money market mutual funds

   $ 201   $ 201   $ —   $ —  

Equity securities, available-for-sale:

                          

RealD Inc. common stock

     15,603     15,603     —     —  

Mutual fund large U.S. equity

     2,906     2,906     —     —  

Mutual fund small/mid U.S. equity

     1,468     1,468     —     —  

Mutual fund international

     791     791     —     —  

Mutual fund balance

     762     762     —     —  

Mutual fund fixed income

     485     485     —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets at fair value

   $ 22,216   $ 22,216   $ —   $ —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

        Valuation Techniques.    The Company's money market mutual funds are invested in funds that seek to preserve principal, are highly liquid, and therefore are recorded on the balance sheet at the principal amounts deposited, which equals fair value. The equity securities, available-for-sale, primarily consist of common stock and mutual funds invested in equity, fixed income, and international funds and are measured at fair value using quoted market prices. See Note 8—Accumulated Other Comprehensive Income for the unrealized gain on the equity securities recorded in accumulated other comprehensive income.

        Other Fair Value Measurement Disclosures.    The Company is required to disclose the fair value of financial instruments that are not recognized at fair value in the statement of financial position for which it is practicable to estimate that value:

 
    
   Fair Value Measurements at June 30, 2014 Using  
(In thousands)
  Total Carrying
Value at
June 30, 2014		   Quoted prices in
active market
(Level 1)		   Significant other
observable inputs
(Level 2)		   Significant
unobservable inputs
(Level 3)		  

Current maturities of corporate borrowings

   $ 15,614   $ —   $ 14,566   $ 1,389  

Corporate borrowings

     1,783,736     —     1,825,742     6,944  

        Valuation Technique.    Quoted market prices and observable market based inputs were used to estimate fair value for Level 2 inputs. The Level 3 fair value measurement represents the transaction price of the corporate borrowings under market conditions.