FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS:
For certain of the Company’s financial instruments and account groupings, including cash, short-term investments, accounts receivable, costs in excess of billings, accounts payable, accrued wages and other employee costs, billings in excess of cost, unearned revenue, and other accrued liabilities, the carrying value approximates fair value.
Listed below are the Company’s assets and liabilities and their fair values, which were measured at fair value on a recurring basis, as of March 31, 2015 and December 31, 2014. The Company uses trading prices near the balance sheet date to determine the fair value of its assets measured on a recurring basis. The fair value of contingent consideration payable that was classified as Level 3 relates to the Company's probability assessments of expected future revenues related to the RTI Advanced Powder Materials acquisition. The contingent consideration is to be paid over the next 10 years, and there is no limit to the potential amount of contingent consideration. There were no transfers between levels for the three months ended March 31, 2015.
The Company's assets and liabilities and their fair values as of March 31, 2015 were as follows:
 
 
Quoted
Market Prices
(Level 1)
 
Significant
Other Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
Assets measured on a recurring basis as of March 31, 2015:
 
 
 
 
 
 
 
 
Commercial Paper
 
$
—

 
$
129,895

 
$
—

 
$
129,895

Total
 
$
—

 
$
129,895

 
$
—

 
$
129,895

Liabilities measured on a recurring basis as of March 31, 2015:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
—

 
$
—

 
$
995

 
$
995

Total
 
$
—

 
$
—

 
$
995

 
$
995


The Company's assets and liabilities and their fair values as of December 31, 2014 were as follows:
 
 
Quoted
Market Prices
(Level 1)
 
Significant
Other Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Fair Value
Assets measured on a recurring basis as of December 31, 2014:
 
 
 
 
 
 
 
 
Commercial Paper
 
$
—

 
$
148,383

 
$
—

 
$
148,383

Total
 
$
—

 
$
148,383

 
$
—

 
$
148,383

Liabilities measured on a recurring basis as of December 31, 2014:
 
 
 
 
 
 
 
 
Contingent Consideration
 
$
—

 
$
—

 
$
1,000

 
$
1,000

Total
 
$
—

 
$
—

 
$
1,000

 
$
1,000


The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows:
 
 
March 31, 2015
 
December 31, 2014
 
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Cash and cash equivalents
 
$
209,025

 
$
209,025

 
$
182,059

 
$
182,059

Current portion of long-term debt
 
$
113,121

 
$
127,372

 
$
111,645

 
$
119,522

Long-term debt
 
$
348,031

 
$
473,702

 
$
345,012

 
$
405,886


The fair value of long-term debt was estimated based on significant observable inputs, including recent trades and trading levels of the outstanding debt on March 31, 2015 and December 31, 2014 (Level 2).