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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2014
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Accounts receivable, accounts payable, and accrued liabilities as of March 31, 2014 and December 31, 2013 approximate their fair value due to the short-term maturities of these financial instruments. The carrying amounts of the long-term debt under the LOC approximates its fair value as of March 31, 2014 and December 31, 2013 due to the short term maturities of the underlying variable rate LIBOR agreements. This represents a Level 2 fair value measurement.

 

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. During the periods presented, there were no transfers between fair value hierarchical levels.

Our Redeemable Preferred Stock was redeemed in February 2014 with proceeds from our IPO, eliminating the associated Put Option. In addition, the redeemable feature of our Redeemable Common Stock was terminated upon the IPO. See Note 1, Organization, “2014 Initial Public Offering,” for further information. As such, corresponding fair values are zero as of March 31, 2014.

 

    
December 31,
2013		      Quoted prices in
active markets
Level 1		      Significant other
observable inputs
Level 2		      Significant
unobservable
inputs
Level 3		  

Put option—Redeemable Preferred Stock

    $ 490       $ —         $ —         $ 490   

Redeemable Common Stock

      81,010         —           —           81,010   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total items measured at fair value on a recurring basis

    $ 81,500       $ —         $ —         $ 81,500   
  

 

 

     

 

 

     

 

 

     

 

 

  

Changes in Fair Value of Recurring Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 were as follows (in thousands):

 

Balance as of December 31, 2013

    $ 81,500   

Adjustments to fair value measurement impacting the Statement of Stockholders’ Deficit and Redeemable Instruments

      8,357   

Adjustments to fair value measurement impacting the Statement of Operations

      (490 ) 

Termination of Redemption Feature on common stock and Put Option

      (89,367 ) 
  

 

 

  

Balance as of March 31, 2014

    $ —