Fair Value Accounting

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Accounting

8. FAIR VALUE ACCOUNTING

U.S. GAAP defines “fair value” as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):

● Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

● Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including 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 by correlation or other means.

● Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable.

The following table presents information about assets that were recorded at fair value as of September 30, 2015 and December 31, 2014, and indicate the fair value hierarchy:

	September 30, 2015
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Short-term available-for-sale investments	$	222	$		$		$	222
Restricted cash		3,941		-		-		3,941
Mineral properties		-		-		2,123		2,123
Total assets recorded at fair value	$	4,163	$	-	$	2,123	$	6,286

	December 31, 2014
	Level 1		Level 2		Level 3		Total
Assets
Restricted cash	$	3,941	$	-	$	-	$	3,941
Total assets recorded at fair value	$	3,941	$	-	$	-	$	3,941