Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Disclosures

Fair Value Measurements and Disclosures
6 Months Ended
Jun. 30, 2017
Fair Value Measurements and Disclosures [Abstract]  
Fair Value Measurements and Disclosures

Note 10—Fair Value Measurements and Disclosures


Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company's own credit risk.


Inputs used in measuring fair value are prioritized into a three-level hierarchy based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. The fair-value hierarchy requires the use of observable market data when available and consists of the following levels:


  Level 1—Quoted prices for identical instruments in active markets;


  Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and


  Level 3—Valuations derived from valuation techniques in which one or more significant inputs are unobservable.


As of June 30, 2017, there were no investments that required fair value measurement disclosure.