XML 58 R21.htm IDEA: XBRL DOCUMENT
v2.4.1.9

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2015
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
Schedule of financial instruments and the methods and assumptions used in estimating fair value disclosures |
|  | 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).
Schedule of financial instruments disclosed at fair value |
|  | 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).
Schedule of financial assets and liabilities 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
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -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 11 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -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 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration