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Fair Value Measurement (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Fair Value Measurement |
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| Schedule of information about assets and liabilities that are measured at fair value on a recurring basis |
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Fair Value Measurements at Reporting Date Using
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Description
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Year Ended
December 31,
2014
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Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
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Significant Other
Observable
Inputs (Level 2)
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Significant
Unobservable
Inputs (Level 3)
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Investment in preferred shares of a private entity
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$
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39,484,906
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—
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—
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$
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39,484,906
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| Summary of quantitative inputs and assumptions used |
The following table summarizes the quantitative inputs and assumptions used for investment in preferred shares of a private entity categorized in Level 3 of the fair value hierarchy as of December 31, 2014:
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Financial Assets
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Fair Value
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Valuation Techniques
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Unobservable Inputs
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Rate
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Investment in preferred shares of a private entity
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$
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39,484,906
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Discounted cash flow & option pricing method
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Discount Rate
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21.5
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%
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Discount for Lack of Marketability (“DLOM”)
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9.0
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%
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Terminal growth rate
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3.0
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%
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| Summary of changes in financial assets measured at fair value using Level 3 inputs |
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Level 3 Financial Assets at Fair
Value Year Ended 31,
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2013
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2014
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$
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$
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Balance as of January 1,
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—
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—
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Purchased
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—
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25,719,808
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Changes in Gains Included in Other Comprehensive Income
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—
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13,765,098
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Balance as of December 31
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—
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39,484,906
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Unrealized Gains
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—
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13,765,098
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