Fair Value Measurements
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5. Fair Value Measurements

The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2015 and 2014 by level within the fair value hierarchy. As required by ASC 820-10, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The following is a summary of items that the Company measures at fair value on a recurring basis:

 

 

 

Fair Value at December 31, 2015

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency exchange contracts

 

$

—

 

 

$

600

 

 

$

—

 

 

$

600

 

Total current assets at fair value

 

$

—

 

 

$

600

 

 

$

—

 

 

$

600

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency exchange contracts

 

$

—

 

 

$

74

 

 

$

—

 

 

$

74

 

Interest rate swap contracts

 

 

—

 

 

 

1,177

 

 

 

—

 

 

 

1,177

 

PM contingent liabilities

 

 

—

 

 

 

—

 

 

 

1,187

 

 

 

1,187

 

Convertible debt- Perella  ( See Note 13) (nonrecurring)

 

 

—

 

 

 

14,286

 

 

 

—

 

 

 

14,286

 

Valla contingent consideration

 

 

—

 

 

 

—

 

 

 

199

 

 

 

199

 

Total liabilities at fair value

 

$

—

 

 

$

15,537

 

 

$

1,386

 

 

$

16,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at December 31, 2014

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency exchange contracts

 

$

—

 

 

$

268

 

 

$

—

 

 

$

268

 

Total current assets at fair value

 

$

—

 

 

$

268

 

 

$

—

 

 

$

268

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency exchange contracts

 

$

—

 

 

$

29

 

 

$

—

 

 

$

29

 

Convertible debt- Terex ( See Note 13) (nonrecurring)

 

 

—

 

 

 

6,607

 

 

 

—

 

 

 

6,607

 

Valla contingent consideration

 

 

—

 

 

 

—

 

 

 

204

 

 

 

204

 

Total liabilities at fair value

 

$

—

 

 

$

6,636

 

 

$

204

 

 

$

6,840

 

 

The carrying value of the amounts reported in the Consolidated Balance Sheets for cash, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company’s revolving credit facilities and working capital borrowing, approximate fair value due to the short periods during which these amounts are outstanding.

The book and fair value of the Company’s term debt was $79,912 and $79,912 for the year ended December 31, 2015, and $42,266 and $42,074 for the year ending December 31, 2014. The book and fair value of the Company’s capital leases was $6,854 and $9,214 for the year ended December 31, 2015 and $4,341 and $4,960 for the year ending December 31, 2014. There is no difference between the book value and the fair value for amount recorded in connection with a long-term legal settlement, which was $960 and $1,007 for the periods ending December 31, 2015 and 2014, respectively.

Fair Value Measurements

ASC 820-10 classifies the inputs used to measure fair value into the following hierarchy:

 

 

 

 

 

 

 

 

Level 1

-

 

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

 

 

 

 

Level 2

-

 

Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

 

 

 

 

Level 3

-

 

Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity)

 

Fair value of the forward currency contracts are determined on the last day of each reporting period using observable inputs, which are supplied to the Company by the foreign currency trading operation of its bank and are Level 2 items.