Quarterly report pursuant to Section 13 or 15(d)

Fair Value Of Measurements

v3.3.0.814
Fair Value Of Measurements
 9 Months Ended
Sep. 30, 2015
Fair Value Of Measurements [Abstract]  
Fair Value Of Measurements

NOTE 10.  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 September 30, 2015 and December 31, 2014 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2015

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 Marketable securities

 

$
9,235 

 

$

 -

 

$

 -

 

$
9,235 

 Forward exchange contracts

 

 

 -

 

 
3,150 

 

 

 -

 

 
3,150 

 

 

$
9,235 

 

$
3,150 

 

$

 -

 

$
12,385 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 Forward exchange contracts

 

$

 -

 

$

 -

 

$

 -

 

$

 -

 

 

$

 -

 

$

 -

 

$

 -

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 Marketable securities

 

$
9,902 

 

$

 -

 

$

 -

 

$
9,902 

 Forward exchange contracts

 

 

 -

 

 
3,512 

 

 

 -

 

 
3,512 

 

 

$
9,902 

 

$
3,512 

 

$

 -

 

$
13,414 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 Forward exchange contracts

 

$

 -

 

$
90 

 

$

 -

 

$
90 

 

 

$

 -

 

$
90 

 

$

 -

 

$
90 

 

 

 

 

 

 

 

 

 

 

 

 

 

The carrying value of cash, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values due to the short-term nature and liquidity of these financial instruments.  Marketable securities are recorded at fair value based on quoted market prices.  Derivative financial instruments are recorded at fair value based on current market pricing models.  The Company estimates that, based on current market conditions, the fair value of its long-term debt obligations under its revolving credit facility and senior subordinated notes payable approximate the carrying values at September 30, 2015 and December 31, 2014.