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FAIR VALUE MEASUREMENTS.
3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS.

We determine the fair value of our cash equivalents and certain investments using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical securities.
Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources.
Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. We do not value any investments using Level 3 inputs.

These levels are not necessarily an indication of the risk or liquidity associated with our investments. There have been no transfers between the levels. The following table summarizes our investments (in millions) that are recognized in our condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs.
 
Level 1
 
Level 2
December 31, 2016
 
 
 
Cash equivalents
$
1,052.3

 
$

Available-for-sale sponsored investment portfolios
709.0

 

Sponsored investment portfolios held as trading
60.3

 
15.1

Total
$
1,821.6

 
$
15.1

 
 
 
 
March 31, 2017
 
 
 
Cash equivalents
$
1,408.8

 
$

Available-for-sale sponsored investment portfolios
706.3

 

Sponsored investment portfolios held as trading
64.2

 
16.9

Total
$
2,179.3

 
$
16.9



The table above excludes investments held by consolidated sponsored investment portfolios which are presented separately on our condensed consolidated balance sheets and are detailed in Note 5.