Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

`

 

 

 

 

 

September 30, 2014

 

December 31, 2013

 

 

Carrying Value

 

Fair Value

 

 

Carrying Value

 

Fair Value

Credit Facility

 

$

20,000 

 

$

20,000 

 

$

22,000 

 

$

22,000 

Second Lien Loan

 

 

82,500 

 

 

82,500 

 

 

 

 

13% Senior Notes due 2016 (a)

 

 

 

 

 

 

53,748 

 

 

50,299 

Total

 

$

102,500 

 

$

102,500 

 

$

75,748 

 

$

72,299 

 

(a)

Fair value is calculated only in relation to the $48,481 principal outstanding of the Senior Notes at December 31, 2013 and excludes the remaining $5,267 deferred credit. The fair value of the Senior Notes, which is valued using Level 2 inputs, is based upon estimates provided by an independent investment banking firm. See Note 4 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2014

 

Balance Sheet Presentation

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (current)

 

Fair value of derivatives

 

$

 

$

4,842 

 

$

 

$

4,842 

Derivative financial instruments (non-current)

 

Other long-term assets

 

 

 

 

1,169 

 

 

 

 

1,169 

    Sub-total assets

 

 

 

$

 

$

6,011 

 

$

 

$

6,011 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (current)

 

Fair value of derivatives

 

$

 

$

(465)

 

$

 

$

(465)

Derivative financial instruments (non-current)

 

Other long-term liabilities

 

 

 

 

(865)

 

 

 

 

(865)

    Sub-total liabilities

 

 

 

$

 

$

(1,330)

 

$

 

$

(1,330)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net assets (liabilities)

 

 

 

$

 

$

4,681 

 

$

 

$

4,681 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 long-term assets

 

 

 

 

 

 

 

 

    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)