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Fair Value Measurements
 3 Months Ended
Mar. 31, 2014
Fair Value Measurements  
Fair Value Measurements

(17) Fair Value Measurements

 

The following table illustrates the Company’s financial assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets. Recognized gains and losses are recorded in other income, net on the Company’s condensed consolidated statements of income. During the three months ended March 31, 2014, there were no transfers of financial assets or liabilities within the fair value hierarchy.

 

The financial assets and liabilities carried at fair value on a recurring basis at March 31, 2014 follow (in thousands):

 

Financial Instrument

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Marketable equity securities

 

$

35

 

$

35

 

$

—

 

$

—

 

Interest-rate swap assets(1)

 

2,035

 

—

 

2,035

 

—

 

Interest-rate swap liabilities(1)

 

(8,292

)

—

 

(8,292

)

—

 

Currency swap liabilities(1)

 

(3,254

)

—

 

(3,254

)

—

 

Warrants(1)

 

167

 

—

 

—

 

167

 

 

 

$

(9,309

)

$

35

 

$

(9,511

)

$

167

 

 

(1)          Interest rate and currency swaps as well as common stock warrant fair values are determined based on observable and unobservable market assumptions utilizing standardized derivative pricing models.