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Fair Value Measurement
9 Months Ended
Sep. 30, 2017
Fair Value Measurement  
Fair Value Measurement

Note 2 — Fair Value Measurement    

 

Refer to Note 3 of the Company’s audited financial statements for the year ended December 31, 2016, which is included as Exhibit 13.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC, for a discussion regarding fair value measurement.

 

Level 1 – Quoted prices for identical assets and liabilities in active markets.

 

Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

 

Level 3 – Unobservable inputs for the asset or liability.

 

The Company had no transfers between Level 1, Level 2 or Level 3 assets during the nine months ended September 30, 2017 and 2016.

 

As of September 30, 2017, the Company had recorded goodwill in the amount of $3.3 billion. The Company performed its annual impairment testing of its goodwill balance as of May 31, 2017, and this test did not indicate any impairment. The fair value of the reporting units substantially exceeds their carrying value.