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Fair Value Measures
 3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measures
Fair Value Measures
The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company utilizes the suggested accounting guidance for the three levels of inputs that may be used to measure fair value:
Level 1 -
Observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2 -
Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and
Level 3 -
Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions
The Company has assessed that the fair value of cash and short-term deposits, trade receivables, trade payables, capital lease and other financing obligations, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The following table shows the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy:
 
March 31, 2018
December 31, 2017
 
Carrying Amount
Fair Value
Carrying Amount
Fair Value
(in thousands)
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Financial liabilities not measured at fair value
 
 
 
 
 
 
 
 
ABL Facility (see Note 7)
$
(334,541
)
$
—

$
(347,275
)
$
—

$
(297,323
)
$
—

$
(310,000
)
$
—

Notes (see Note 7)
(291,067
)
—

(311,196
)
—

(290,687
)
—

(310,410
)
—

Total
$
(625,608
)
$
—

$
(658,471
)
$
—

$
(588,010
)
$
—

$
(620,410
)
$
—


There were no transfers of financial instruments between the three levels of the fair value hierarchy during the three months ended March 31, 2018. The fair value of the Company’s ABL Facility is primarily based upon observable market data such as market interest rates. The fair value of the Company’s Notes is based on their last trading price at the end of each period obtained from a third party.