FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

7. FAIR VALUE MEASUREMENT

The Company’s financial instruments consist of cash and cash equivalents, short-term investments, trade and notes receivables, accounts payable, and other short-term liabilities. The carrying amounts of these financial instruments approximate their fair values. The Company has financial instruments related to its defined benefit pension plan and deferred compensation plan detailed in note 13.

The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant non-observable inputs.

The following table presents our nonqualified deferred compensation plan assets using the fair value hierarchy as of December 31, 2015.

	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	140	$	140	$	—	$	—
Total	$	140	$	140	$	—	$	—

The following table presents our nonqualified deferred compensation plan assets using the fair value hierarchy as of December 31, 2014.

	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	62	$	62	$	—	$	—
Total	$	62	$	62	$	—	$	—

Cash and cash equivalents, which are used to pay benefits and deferred compensation plan administrative expenses, are held in Money Market Funds.

At December 31, 2015 the Deferred Compensation Plan had 70 life insurance policies with a net face value of $42.2 million. The cash surrender value of these life insurance policies had a net realizable value of $12.9 million and $12.7 million at December 31, 2015 and 2014, respectively. The total deferred compensation plan assets, recorded in other assets on the Company’s consolidated statements of financial position, were $14.0 million and $13.7 million at December 31, 2015 and 2014, respectively.