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Fair Value | 9 Months Ended
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Sep. 30, 2017
Fair Value Disclosures [Abstract] |
Fair Value | Note 18 - Fair Value Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB provides accounting rules that classify the inputs used to measure fair value into the following hierarchy: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 – Unobservable inputs for the asset or liability. The following tables present the fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016:
| September 30, 2017
| Total | Level 1 | Level 2 | Level 3
Assets: |  |  |  |
Cash and cash equivalents | $ | 125.4 |  | $ | 120.5 |  | $ | 4.9 |  | $ | — |
Cash and cash equivalents measured at net asset value | 11.8 |  | — |  | — |  | — |
Restricted cash | 3.3 |  | 3.3 |  | — |  | — |
Short-term investments | 16.5 |  | — |  | 16.5 |  | — |
Short-term investments measured at net asset value | 0.2 |  | — |  | — |  | — |
Foreign currency hedges | 1.6 |  | — |  | 1.6 |  | — |
Total Assets | $ | 158.8 |  | $ | 123.8 |  | $ | 23.0 |  | $ | — |
Liabilities: |  |  |  |
Foreign currency hedges | $ | 3.9 |  | $ | — |  | $ | 3.9 |  | $ | — |
Total Liabilities | $ | 3.9 |  | $ | — |  | $ | 3.9 |  | $ | — |
| December 31, 2016
| Total | Level 1 | Level 2 | Level 3
Assets: |  |  |  |
Cash and cash equivalents | $ | 129.6 |  | $ | 125.0 |  | $ | 4.6 |  | $ | — |
Cash and cash equivalents measured net asset value | 19.2 |  | — |  | — |  | — |
Restricted cash | 2.7 |  | 2.7 |  | — |  | — |
Short-term investments | 9.4 |  | — |  | 9.4 |  | — |
Short-term investments measured at net asset value | 2.3 |  | — |  | — |  | — |
Foreign currency hedges | 9.9 |  | — |  | 9.9 |  | — |
Total Assets | $ | 173.1 |  | $ | 127.7 |  | $ | 23.9 |  | $ | — |
Liabilities: |  |  |  |
Foreign currency hedges | $ | 2.1 |  | $ | — |  | $ | 2.1 |  | $ | — |
Total Liabilities | $ | 2.1 |  | $ | — |  | $ | 2.1 |  | $ | — |
Cash and cash equivalents are highly liquid investments with maturities of three months or less when purchased and are valued at the redemption value. Short-term investments are investments with maturities between four months and one year and generally are valued at amortized cost, which approximates fair value. A portion of the cash and cash equivalents and short-term investments are valued based on net asset value. The Company uses publicly available foreign currency forward and spot rates to measure the fair value of its foreign currency forward contracts. The Company does not believe it has significant concentrations of risk associated with the counterparties to its financial instruments. 2017 No assets were measured at fair value on a nonrecurring basis for the nine months ended September 30, 2017. 2016 The following table presents those assets measured at fair value on a nonrecurring basis for the nine months ended September 30, 2016 using Level 3 inputs:
| Carrying Value | Fair Value Adjustment | Fair Value
Long-lived assets held for sale: |  |  |
Land | $ | 0.2 |  | $ | (0.2 | ) | $ | — |
Total long-lived assets held for sale | $ | 0.2 |  | $ | (0.2 | ) | $ | — |
Long-lived assets held and used: |  |  |
Altavista bearing plant | $ | 5.6 |  | $ | (3.1 | ) | $ | 2.5 |
Equipment at Benoni bearing plant | 0.5 |  | (0.5 | ) | — |
Total long-lived assets held and used | $ | 6.1 |  | $ | (3.6 | ) | $ | 2.5 |
Assets held for sale of $0.2 million were written down to their fair value of zero during the first quarter of 2016, resulting in an impairment charge of $0.2 million. The fair value of these assets was based on the price that the Company expected to receive when it disposed of these assets. On March 17, 2016, the Company announced the closure of its Altavista bearing plant. The Company completed the closure of this manufacturing facility on March 31, 2017. The Altavista bearing plant, with a carrying value of $5.6 million, was written down to its fair value of $3.2 million during the first quarter of 2016, resulting in an impairment charge of $2.4 million. The fair value for the plant was based on the price that the Company expected to receive from the sale of this facility. During the third quarter of 2016, the Company reevaluated the fair value of this facility. The Altavista bearing plant was written down to its fair value of $2.5 million during the third quarter of 2016, resulting in an additional impairment of $0.7 million. During the second quarter of 2017, this facility was reclassified to assets held for sale and included in other current assets on the Consolidated Balance Sheet. On July 14, 2017, this facility was sold for a pretax gain of approximately $1.6 million. In August 2016, the Company completed the consultation process to close the manufacturing operations in Benoni. The Benoni facility will continue to recondition bearings and assemble rail bearings. Equipment at this facility, with a carrying value of $0.5 million, was written down to its fair value of zero during the third quarter of 2016, resulting in an impairment charge of $0.5 million. The fair value for the equipment was based on the price that the Company expected to receive from the sale of the equipment. Financial Instruments: The Company’s financial instruments consist primarily of cash and cash equivalents, restricted cash, short-term investments, accounts receivable net, accounts payable, trade, short-term borrowings and long-term debt. Due to their short-term nature, the carrying value of cash and cash equivalents, restricted cash, short-term investments, accounts receivable net, accounts payable, trade and short-term borrowings are a reasonable estimate of their fair value. Due to the nature of fair value calculations for variable-rate debt, the carrying value of the Company's long-term variable rate debt is a reasonable estimate of its fair value. The fair value of the Company’s long-term fixed-rate debt, based on quoted market prices, was $723.9 million and $532.2 million at September 30, 2017 and December 31, 2016, respectively. The carrying value of this debt was $684.3 million and $507.3 million at September 30, 2017 and December 31, 2016, respectively. The fair value of long-term fixed-rate debt was measured using Level 2 inputs.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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