Annual report pursuant to Section 13 and 15(d)

Fair Value Of Measurements

v3.7.0.1
Fair Value Of Measurements
 12 Months Ended
Dec. 31, 2016
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 December 31, 2016 and December 31, 2015 were as follows:















 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2016



 

Level 1

 

Level 2

 

Level 3

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

  Forward exchange contracts

 

 

 -

 

 

 1,281 

 

 

 -

 

 

 1,281 



 

$

 -

 

$

 1,281 

 

$

 -

 

$

 1,281 



 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

  Forward exchange contracts

 

$

 -

 

$

 -

 

$

 -

 

$

 -



 

$

 -

 

$

 -

 

$

 -

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2015



 

Level 1

 

Level 2

 

Level 3

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

  Marketable securities

 

$

 9,824 

 

$

 -

 

$

 -

 

$

 9,824 

  Forward exchange contracts

 

 

 -

 

 

 905 

 

 

 -

 

 

 905 



 

$

 9,824 

 

$

 905 

 

$

 -

 

$

 10,729 



 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

  Forward exchange contracts

 

$

 -

 

$

 25 

 

$

 -

 

$

 25 



 

$

 -

 

$

 25 

 

$

 -

 

$

 25 



Nonrecurring Fair Value Measurements



There were no assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2016.  Assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2015 were as follows:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2015



 

Level 1

 

Level 2

 

Level 3

 

Total

 

Total Losses



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

 -

 

$

 -

 

$

 -

 

$

 -

 

$

 29,507 



The Company has certain assets that are measured at fair value on a nonrecurring basis when impairment indicators are present.  The categorization of the framework used to estimate the fair value of the assets is considered a Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value.  The assets are adjusted to fair value only when the carrying values exceed the fair values.  As discussed above, based on the results of the Company’s annual impairment tests completed during the year ended December 31, 2015, the Company determined that goodwill was impaired.  As a result, we recognized impairment charges during the year ended December 31, 2015. No nonrecuuring fair value measurements existed for the year ended December 31, 2016.