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Fair Value Measurements
 9 Months Ended
Sep. 30, 2014
Fair Value disclosures  
Fair Value Measurements

(18) 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 nine months ended September 30, 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 September 30, 2014 follow (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Instrument(1) 

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

 

Marketable equity securities

 

$
26 

 

$
26 

 

$

 —

 

$

 —

 

Interest-rate swap assets

 

 
1,447 

 

 

 —

 

 
1,447 

 

 

 —

 

Interest-rate swap liabilities

 

 
(7,580)

 

 

 —

 

 
(7,580)

 

 

 —

 

Currency swap assets

 

 
484 

 

 

 —

 

 
484 

 

 

 —

 

Currency swap liabilities

 

 
(1,337)

 

 

 —

 

 
(1,337)

 

 

 —

 

Warrants

 

 
69 

 

 

 —

 

 

 —

 

 
69 

 

 

 

$
(6,891)

 

$
26 

 

$
(6,986)

 

$
69 

 

(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.