XML 45 R30.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Fair Value Measurement of Assets and Liabilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Fair Value Disclosures [Abstract] |
Summary of Company's Financial Instruments, Fair Value on a Recurring Basis | The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis in accordance with the authoritative guidance for fair value measurements as of December 31, 2015 (in thousands):
|  | Balance as of December 31, 2015 |  | Level 1
Assets: |  |  |  |
Cash equivalents |  |  |  |
Money market funds |  | $ | 35 |  |  | $ | 35 |
Total cash equivalents |  | 35 |  |  | 35 |
Short-term investments |  | 1,267 |  |  | 1,267 |
Total assets at fair value |  | $ | 1,302 |  |  | $ | 1,302 |
The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis in accordance with the authoritative guidance for fair value measurements as of December 31, 2014 (in thousands):
|  | Balance as of December 31, 2014 |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |
Money market funds |  | $ | 1,134 |  |  | $ | 1,134 |  |  | $ | — |
Certificates of deposit |  | 980 |  |  | — |  |  | 980 |
Total cash equivalents |  | $ | 2,114 |  |  | $ | 1,134 |  |  | $ | 980 |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis | Fair Value Measurement of Assets and Liabilities Fair value is defined as the price that would 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). A fair value measurement reflects the assumptions market participants would use in pricing an asset or liability based on the best available information. These assumptions include the risk inherent in a particular valuation technique (such as a pricing model) and the risks inherent in the inputs to the model. The Company classifies inputs to measure fair value using a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) and is defined as follows:
Level 1: | Pricing inputs are based on quoted market prices for identical assets or liabilities in active markets (e.g., NYSE or NASDAQ). Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2: | Pricing inputs include benchmark yields, trade data, reported trades and broker dealer quotes, two-sided markets and industry and economic events, yield to maturity, Municipal Securities Rule Making Board reported trades and vendor trading platform data. Level 2 includes those financial instruments that are valued using various pricing services and broker pricing information including Electronic Communication Networks and broker feeds.
Level 3: | Pricing inputs include significant inputs that are generally less observable from objective sources, including the Company’s own assumptions.
The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There have been no transfers of assets or liabilities between fair value measurement classifications during the year ended December 31, 2015. The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis in accordance with the authoritative guidance for fair value measurements as of December 31, 2015 (in thousands):
|  | Balance as of December 31, 2015 |  | Level 1
Assets: |  |  |  |
Cash equivalents |  |  |  |
Money market funds |  | $ | 35 |  |  | $ | 35 |
Total cash equivalents |  | 35 |  |  | 35 |
Short-term investments |  | 1,267 |  |  | 1,267 |
Total assets at fair value |  | $ | 1,302 |  |  | $ | 1,302 |
The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis in accordance with the authoritative guidance for fair value measurements as of December 31, 2014 (in thousands):
|  | Balance as of December 31, 2014 |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |
Money market funds |  | $ | 1,134 |  |  | $ | 1,134 |  |  | $ | — |
Certificates of deposit |  | 980 |  |  | — |  |  | 980 |
Total cash equivalents |  | $ | 2,114 |  |  | $ | 1,134 |  |  | $ | 980 |
As of December 31, 2015 and 2014, the Company had no outstanding foreign currency exchange forward contracts. During the year ended December 31, 2015, the Company recorded a foreign currency gain on foreign currency denominated transactions of approximately $1.1 million, net of the non-cash change in acquisition-related escrow, primarily related to an outstanding intercompany loan that Ctrack has with one of its subsidiaries, which is remeasured at each reporting period and payable upon demand, partially offset by foreign currency losses on foreign currency denominated bank accounts. During the years ended December 31, 2014 and 2013 foreign currency losses on foreign currency denominated transactions of approximately $0.2 million and $0.2 million, respectively. The losses primarily related to foreign currency losses on foreign currency denominated bank accounts. All recorded gains and losses on foreign exchange transactions are recorded in other expense, net, within the consolidated statements of operations. Other Financial Instruments On June 10, 2015, the Company issued $120.0 million of 5.50% convertible senior notes due 2020 (the “Convertible Notes”) (see Note 6). Interest is payable semi-annually in arrears on January 15 and December 15 of each year, beginning on December 15, 2015. The fair value of the liability component of the Convertible Notes, which approximated its carrying value due to the recent issuance of such Convertible Notes, was $82.5 million as of December 31, 2015. The debt and equity components of the Convertible Notes were measured using Level 3 inputs and are not measured on a recurring basis.

X
- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258 Reference 4: 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_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + 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),(b) -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 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration