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):
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 Companys Level 1 financial assets are based on quoted market prices of the identical underlying security. The fair value of the Companys 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.