XML 63 R10.htm IDEA: XBRL DOCUMENT
v2.4.1.9

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 3 Months Ended
--- | ---
Mar. 31, 2015
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | NOTE B — FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Financial Instruments The following table presents the components of cash and cash equivalents, short-term investments, and restricted cash:
|  | March 31 |  | December 31 |
|  | 2015 |  | 2014 |
|  | (in thousands) |
Cash and cash equivalents |  |  |  |  |
Cash deposits(1) |  | $ | 103,579 |  | $ | 99,615 |
Variable rate demand notes(1)(2) |  | 16,342 |  | 16,326 |
Money market funds(3) |  | 46,101 |  | 41,101 |
Total cash and cash equivalents |  | $ | 166,022 |  | $ | 157,042 |
Short-term investments |  |  |  |  |
Certificates of deposit(1) |  | $ | 45,980 |  | $ | 45,909 |
Restricted cash(4) |  |  |  |  |
Cash deposits(1) |  | $ | 1,386 |  | $ | 1,386 |
| (1) |  | Recorded at cost plus accrued interest, which approximates fair value.
| (2) |  | Amounts may be redeemed on a daily basis with the original issuer.
| (3) |  | Recorded at fair value as determined by quoted market prices (see amounts presented in the table of financial assets measured at fair value within this Note).
| (4) |  | Amounts restricted for use are subject to change based on the requirements of the Company’s collateralized facilities (see Note E).
The Company’s financial instruments in other long-term assets are presented in the table of financial assets and liabilities measured at fair value within this Note. Concentrations of Credit Risk of Financial Instruments The Company is potentially subject to concentrations of credit risk related to its cash, cash equivalents, and short-term investments. The Company reduces credit risk by maintaining its cash deposits primarily in FDIC-insured accounts and placing its unrestricted short-term investments primarily in FDIC-insured certificates of deposit with varying original maturities of ninety-one days to one year. However, certain cash deposits and certificates of deposit may exceed federally insured limits. Cash and cash equivalents totaling $84.7 million and $77.3 million were not FDIC insured at March 31, 2015 and December 31, 2014, respectively. Fair Value Disclosure of Financial Instruments Fair value disclosures are made in accordance with the following hierarchy of valuation techniques based on whether the inputs of market data and market assumptions used to measure fair value are observable or unobservable:
| · |  | Level 1 — Quoted prices for identical assets and liabilities in active markets.
| · |  | Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
| · |  | Level 3 — Unobservable inputs (Company’s market assumptions) that are significant to the valuation model.
Fair value and carrying value disclosures of financial instruments are presented in the following table:
|  | March 31 |  | December 31 |
|  | 2015 |  | 2014 |
|  | (in thousands) |
|  | Carrying |  | Fair |  | Carrying |  | Fair |
|  | Value |  | Value |  | Value |  | Value |
Credit Facility(1) |  | $ | 70,000 |  | $ | 70,000 |  | $ | — |  | $ | — |
Term Loan(2) |  | — |  | — |  | 70,000 |  | 70,000 |
Accounts receivable securitization borrowings(3) |  | 35,000 |  | 35,000 |  | — |  | — |
Notes payable(4) |  | 49,547 |  | 49,565 |  | 56,759 |  | 56,743 |
|  | $ | 154,547 |  | $ | 154,565 |  | $ | 126,759 |  | $ | 126,743 |
| (1) |  | The revolving credit facility under the Company’s Amended and Restated Credit Agreement (the “Credit Facility”), which was entered into in January 2015, carries a variable interest rate based on LIBOR, plus a margin, that is considered to be priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy).
| (2) |  | The Term Loan, which was entered into on June 15, 2012 and converted to borrowings under the Credit Facility on January 2, 2015, carried a variable interest rate based on LIBOR, plus a margin, that was considered to be priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy).
| (3) |  | Borrowings under the Company’s accounts receivable securitization program, which was entered into in February 2015, carries a variable interest rate based on LIBOR, plus a margin, that is considered to be priced at market for debt instruments having similar terms and collateral requirements (Level 2 of the fair value hierarchy).
| (4) |  | Fair value of the notes payable was determined using a present value income approach based on quoted interest rates from lending institutions with which the Company would enter into similar transactions (Level 2 of the fair value hierarchy).
Assets and Liabilities Measured at Fair Value on Recurring Basis The following table presents the assets and liabilities that are measured at fair value on a recurring basis.
|  | March 31 |  | December 31 |
|  | 2015 |  | 2014 |
|  | (in thousands) |
Assets: |  |  |  |  |
Money market funds(1)(3) |  | $ | 46,101 |  | $ | 41,101 |
Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan(2)(3) |  | 2,001 |  | 2,968 |
|  | $ | 48,102 |  | $ | 44,069 |
Liabilities: |  |  |  |  |
Interest rate swap(4) |  | $ | 1,175 |  | $ | 576 |
| (1) |  | Included in cash and cash equivalents.
| (2) |  | Nonqualified deferred compensation plan investments consist of U.S. and international equity mutual funds, government and corporate bond mutual funds, and money market funds which are held in a trust with a third-party brokerage firm. Quoted market prices are used to determine fair values of the investments which are included in other long-term assets, with a corresponding liability reported within other long-term liabilities.
| (3) |  | Fair value measured using quoted prices of identical assets in active markets (Level 1 of the fair value hierarchy).
| (4) |  | The interest rate swap fair value was determined by discounting future cash flows and receipts based on expected interest rates observed in market interest rate curves (Level 2 of the fair value hierarchy) adjusted for estimated credit valuation considerations reflecting nonperformance risk of the Company and the counterparty (Level 3 of the fair value hierarchy). The Company assessed Level 3 inputs as insignificant to the valuation at March 31, 2015 and December 31, 2014 and considers the interest rate swap valuation in Level 2 of the fair value hierarchy.

X
- Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13504-108611 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration