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These excerpts taken from the LLTC 10-Q filed May 6, 2009. Level
1. Valuations based on
quoted prices in active markets for identical assets or liabilities that an
entity has the ability to access.
The
Company’s Level 1 assets consist of investments in money-market funds and United
States Treasury securities.
Level
2. Valuations based on
quoted prices for similar assets or liabilities, quoted prices for identical
assets or liabilities in markets that are not active, or other inputs that are
observable or can be corroborated by observable data for substantially the full
term of the assets or liabilities.
The
Company’s Level 2 assets consist of municipal bonds, obligations of U.S.
government-sponsored enterprises, corporate debt and commercial paper that are
less actively traded in the market, but where quoted market prices exist for
similar instruments that are actively traded. The Company determines the fair
value of its Level 2 assets by obtaining non-binding market prices from its
third-party portfolio managers on the last day of the quarter.
These excerpts taken from the LLTC 10-Q filed Feb 6, 2009. Level
1. Valuations based on
quoted prices in active markets for identical assets or liabilities that an
entity has the ability to access.
The
Company’s Level 1 assets consist of investments in money-market funds and United
States Treasury securities.
Level
2. Valuations based on
quoted prices for similar assets or liabilities, quoted prices for identical
assets or liabilities in markets that are not active, or other inputs that are
observable or can be corroborated by observable data for substantially the full
term of the assets or liabilities.
The
Company’s Level 2 assets consist of municipal bonds, obligations of U.S.
government-sponsored enterprises, corporate debt and commercial paper that are
less actively traded in the market, but where quoted market prices exist for
similar instruments that are actively traded. The Company determines the fair
value of its Level 2 assets by obtaining non-binding market prices from its
third-party portfolio managers on the last day of the quarter.
This excerpt taken from the LLTC 10-Q filed Nov 4, 2008. Level
2. Valuations based on
quoted prices for similar assets or liabilities, quoted prices for identical
assets or liabilities in markets that are not active, or other inputs that are
observable or can be corroborated by observable data for substantially the full
term of the assets or liabilities.
The
Company’s Level 2 assets consist of municipal bonds, obligations of U.S.
government-sponsored enterprises, corporate debt and commercial paper that are
less actively traded in the market, but where quoted market prices exist for
similar instruments that are actively traded. The Company determines the fair
value of its Level 2 assets by obtaining non-binding market prices from its
third-party portfolio managers on the last day of the quarter.
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