Financial Instruments

12 Months Ended

Dec. 31, 2018

2. Financial Instruments

A summary of financial instruments measured at fair value is as follows (in thousands):



December 31, 2018	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,445		--		--	$	1,445
Restricted securities:
Money market funds		747		--		--		747
Total assets	$	2,192	$	--	$	--	$	2,192


December 31, 2017	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	372	$	--	$	--	$	372
Restricted securities:
Money market funds		776		--		--		776
Total assets	$	1,148	$	--	$	--	$	1,148

We used prices quoted from our investment management companies to determine the Level 1 valuation of our investments in money market funds.

During the year ended December 31, 2017 we initially recorded certain non-financial assets at fair value related to the acquisition JOTEC. Disclosure of this initial fair value determination is included in Note 4 below.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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