YHOO » Topics » Note 13 FAIR VALUE OF FINANCIAL INSTRUMENTS

This excerpt taken from the YHOO 10-Q filed May 8, 2009.

Note 13 FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table set forth the financial assets, measured at fair value, by level within the fair value hierarchy of SFAS 157 as of March 31, 2009 (in thousands):

 

     Fair Value Measurements at Reporting Date Using

Assets

           Level 1                    Level 2                    Total        

Money market funds(1)

   $ 1,048,359    $ —      $ 1,048,359

Available for sale securities

        

U.S. Government and agency securities(1)

     —        1,384,046      1,384,046

Municipal bonds(1)

     —        330,144      330,144

Asset backed-securities(1)

     —        8,907      8,907

Commercial paper(1)

     —        253,806      253,806

Corporate debt securities(1)

     —        64,393      64,393

Corporate equity securities(2)

     86,629      —        86,629
                    

Total assets at fair value

   $ 1,134,988    $ 2,041,296    $ 3,176,284
                    

 

(1)

The money market funds, U.S. government and agency securities, municipal bonds, asset-backed securities, commercial paper, and corporate debt securities are classified as part of either cash and cash equivalents or investments in marketable debt securities in the condensed consolidated balance sheet.

(2)

The corporate equity securities are classified as part of the other long-term assets in the condensed consolidated balance sheet.

The amount of cash and cash equivalents as of March 31, 2009 includes $601 million in cash deposited with commercial banks.

The fair value of the Company’s Level 1 financial assets are based on quoted market prices of the identical underlying security. The fair value of the Company’s Level 2 financial assets are obtained from readily-available pricing sources for the identical underlying security that may not be actively traded. As of March 31, 2009, the Company did not have any significant Level 3 financial assets or liabilities.

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