Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v2.4.1.9
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Financial Instruments at Carrying and Fair Value

 

The following table summarizes the respective carrying and fair values at:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

`

 

 

 

 

 

December 31,

 

 

2014

 

2013

 

 

Carrying Value

 

Fair Value

 

 

Carrying Value

 

Fair Value

Credit Facility

 

$

35,000 

 

$

35,000 

 

$

22,000 

 

$

22,000 

Second Lien Loan

 

 

300,000 

 

 

300,000 

 

 

 

 

13% Senior Notes due 2016 (a)

 

 

 

 

 

 

53,748 

 

 

50,299 

  Total

 

$

335,000 

 

$

335,000 

 

$

75,748 

 

$

72,299 

(a)

The fair value, using Level 2 inputs, was based upon estimates provided by an independent investment banking firm. 2013 fair value was determined only in relation to the $48,481 face value outstanding of the 13% Senior Notes. The remaining $5,267 represented the deferred credit, which was excluded from the fair value calculation. See Note 5 for additional information. 

Fair Value Liabilities Measured on Recurring Basis

 

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

Balance Sheet Presentation

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (current)

 

Fair value of derivatives

 

$

 

$

27,850 

 

$

 

$

27,850 

Derivative financial instruments (non-current)

 

Other assets, net

 

 

 

 

 

 

 

 

    Sub-total assets

 

 

 

$

 

$

27,850 

 

$

 

$

27,850 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (current)

 

Fair value of derivatives

 

$

 

$

(1,249)

 

$

 

$

(1,249)

Derivative financial instruments (non-current)

 

Other long-term liabilities

 

 

 

 

 

 

 

 

    Sub-total liabilities

 

 

 

$

 

$

(1,249)

 

$

 

$

(1,249)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net assets (liabilities)

 

 

 

$

 

$

26,601 

 

$

 

$

26,601 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

Balance Sheet Presentation

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (current)

 

Fair value of derivatives

 

$

 

$

60 

 

$

 

$

60 

Derivative financial instruments (non-current)

 

Other assets, net

 

 

 

 

 

 

 

 

    Sub-total assets

 

 

 

$

 

$

60 

 

$

 

$

60 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (current)

 

Fair value of derivatives

 

$

 

$

(1,036)

 

$

 

$

(1,036)

Derivative financial instruments (non-current)

 

Other long-term liabilities

 

 

 

 

(72)

 

 

 

 

(72)

    Sub-total liabilities

 

 

 

$

 

$

(1,108)

 

$

 

$

(1,108)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net assets (liabilities)

 

 

 

$

 

$

(1,048)

 

$

 

$

(1,048)