Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

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Fair Value Measurements
 3 Months Ended
Mar. 31, 2015
Fair Value Measurements [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

 

The Company records its consolidated financial assets and liabilities at fair value. The accounting standard for fair value provides a framework for measuring fair value, and defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting standard establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

 

  •

Level 1—Quoted prices in active markets for identical assets or liabilities. The Company considers a market

to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing

information on an ongoing basis.
  • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
  •

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the

fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation.

 

There were no financial assets or liabilities that required fair value measurements as of March 31, 2015 or December 31, 2014.