Annual report pursuant to Section 13 and 15(d)

Fair Value Of Measurements

v3.20.4
Fair Value Of Measurements
12 Months Ended
Dec. 31, 2020
Fair Value Of Measurements [Abstract]  
Fair Value Of Measurements NOTE 9. FAIR VALUE MEASUREMENTS

We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows:

Level 1- inputs to the valuation methodology are quoted market prices for identical assets or liabilities in active markets.

Level 2- inputs to the valuation methodology include quoted prices in markets that are not active or model inputs that are

               observable either directly or indirectly for substantially the full term of the asset or liability.

Level 3- inputs to the valuation methodology are based on prices or valuation techniques that are unobservable.

Assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019 were as follows:

December 31, 2020

Level 1

Level 2

Level 3

Total

Assets

Forward exchange contracts

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Liabilities

Forward exchange contracts

$

-

$

1,629

$

-

$

1,629

$

-

$

1,629

$

-

$

1,629

December 31, 2019

Level 1

Level 2

Level 3

Total

Assets

Forward exchange contracts

$

-

$

226

$

-

$

226

$

-

$

226

$

-

$

226

Liabilities

Forward exchange contracts

$

-

$

181

$

-

$

181

$

-

$

181

$

-

$

181

Derivative financial instruments are recorded at fair value based on current market pricing models. No nonrecurring fair value measurements existed at December 31, 2020 and 2019.