XML 127 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value of Financial Instruments
 12 Months Ended
Apr. 30, 2014
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
13. FAIR VALUE OF FINANCIAL INSTRUMENTS

We use a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, and Level 3, defined as unobservable inputs that are not corroborated by market data.

We use valuation techniques that maximize the use of market prices and observable inputs and minimize the use of unobservable inputs. In measuring the fair value of our financial assets and liabilities, we rely on market data or assumptions which we believe market participants would use in pricing an asset or a liability.

Our financial instruments include cash and cash equivalents, accounts receivable-trade, restricted trust and escrow accounts, interest rate derivatives, trade payables and long-term debt. The carrying values of cash and cash equivalents, restricted cash, trade receivables and trade payables approximate their respective fair values. See Note 10 for disclosure over the fair value of debt.

As of April 30, 2014, our financial assets and liabilities that are measured at fair value on a recurring basis include the following:

 

     Fair Value Measurement at April 30, 2014 Using:  
     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		      Significant Other
Observable Inputs
(Level 2)		      Significant
Unobservable Inputs
(Level 3)		  

Assets:

         

Restricted assets

    $   681       $ —         $   —     
  

 

 

     

 

 

     

 

 

  

Liabilities:

         

Interest rate derivatives

    $ —         $   2,770       $ —     
  

 

 

     

 

 

     

 

 

  

 

As of April 30, 2013, our financial assets and liabilities that are measured at fair value on a recurring basis include the following:

 

     Fair Value Measurement at April 30, 2013 Using:  
     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		      Significant Other
Observable Inputs
(Level 2)		      Significant
Unobservable Inputs
(Level 3)		  

Assets:

         

Restricted assets

    $   545       $ —         $   —     
  

 

 

     

 

 

     

 

 

  

Liabilities:

         

Interest rate derivatives

    $ —         $   4,229       $ —     
  

 

 

     

 

 

     

 

 

  

As of April 30, 2014, our assets and liabilities that are measured at fair value on a non-recurring basis include the following:

 

     Fair Value Measurement at April 30, 2014 Using:  
     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		      Significant Other
Observable Inputs
(Level 2)		      Significant
Unobservable Inputs
(Level 3)		  

Assets:

         

Asset group – CARES

    $   —         $   —         $   650   
  

 

 

     

 

 

     

 

 

  

As of April 30, 2014, our financial assets and liabilities recorded at fair value on a non-recurring basis include our assets related to CARES, a joint venture that owns and operates a water and leachate treatment facility for the natural gas drilling industry in Pennsylvania. The fair value of our remaining CARES asset group was measured using an in-exchange valuation premise under the market approach derived from quoted prices of similar assets, adjusted based on qualitative factors specific to the asset.

As of April 30, 2013, our assets and liabilities that are measured at fair value on a non-recurring basis include the following:

 

     Fair Value Measurement at April 30, 2013 Using:  
     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		      Significant Other
Observable Inputs
(Level 2)		      Significant
Unobservable Inputs
(Level 3)		  

Assets:

         

Asset group held-for-sale – Bio Fuels

    $   —         $   —         $ 61   
  

 

 

     

 

 

     

 

 

  

Liabilities:

         

Guaranty

    $ —         $ —         $   2,073   
  

 

 

     

 

 

     

 

 

  

As of April 30, 2013, our financial assets and liabilities recorded at fair value on a non-recurring basis include our guaranty of GreenFiber’s modified and restated loan and security agreement and our assets related to BioFuels, a construction and demolition material processing facility located in Lewiston, Maine, which was classified as held-for-sale as of April 30, 2013. The fair value of our guaranty was determined based on the value of the contribution required to satisfy the guaranty and pay off the term loan in May 2013. The fair value of our BioFuels asset group was measured based on the asset group’s highest and best use using an in-exchange valuation premise under the market approach, utilizing the estimated purchase consideration of the asset group and consideration of costs to be incurred to sell.