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16. FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2016
Fair Value Disclosures [Abstract] |
Significant assumptions | Significant assumptions used and related fair values for the warrants as of December 31, 2016 were as follows:
Original Issuance |  | Exercise Price |  | Volatility |  |  | Risk Free Interest Rate |  |  | Term (years) |  |  | Market Discount |  |  | Warrants Outstanding |  |  | Fair Value |
07/03/2012 |  | $6.09 |  |  | 40.9% |  |  |  | 0.62% |  |  |  | 0.50 |  |  |  | 11.3% |  |  |  | 211,000 |  |  | $ | 651,000 |
Significant assumptions used and related fair values for the warrants as of December 31, 2015 were as follows:
Original Issuance |  | Exercise Price |  | Volatility |  |  | Risk Free Interest Rate |  |  | Term (years) |  |  | Market Discount |  |  | Warrants Outstanding |  |  | Fair Value |
07/03/2012 |  | $6.09 |  |  | 49.1% |  |  |  | 0.86% |  |  |  | 1.51 |  |  |  | 22.9% |  |  |  | 211,000 |  |  | $ | 200,000 |
12/13/2011 |  | $8.43 |  |  | 48.4% |  |  |  | 0.65% |  |  |  | 0.95 |  |  |  | 18.3% |  |  |  | 138,000 |  |  |  | 73,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 273,000 |
Schedule of fair value measurements | The following table summarizes recurring fair value measurements by level at December 31, 2016 (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Benefit Plan |
|  | Fair |  |  |  |  |  |  |  |  |  |  |  | Percentage |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Allocation |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments(1) |  | $ | 978 |  |  | $ | 978 |  |  | $ | – |  |  | $ | – |  |  |  |  |
Defined benefit plan assets(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(pooled separate accounts): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large U.S. Equity(3) |  |  | 3,134 |  |  |  | – |  |  |  | 3,134 |  |  |  | – |  |  | 25% |
Small/Mid U.S. Equity(4) |  |  | 1,802 |  |  |  | – |  |  |  | 1,802 |  |  |  | – |  |  | 15% |
International Equity(5) |  |  | 2,006 |  |  |  | – |  |  |  | 2,006 |  |  |  | – |  |  | 16% |
Fixed Income(6) |  |  | 5,481 |  |  |  | – |  |  |  | 5,481 |  |  |  | – |  |  | 44% |
|  | $ | 13,401 |  |  | $ | 978 |  |  | $ | 12,423 |  |  | $ | – |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants(7) |  | $ | (651 | ) |  | $ | – |  |  | $ | – |  |  | $ | (651 | ) |  |  |  |
Derivative financial instruments(8) |  |  | (4,115 | ) |  |  | (4,115 | ) |  |  | – |  |  |  | – |  |  |  |  |
|  | $ | (4,766 | ) |  | $ | (4,115 | ) |  | $ | – |  |  | $ | (651 | ) |  |  |  |
The following table summarizes recurring fair value measurements by level at December 31, 2015 (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Benefit Plan |
|  | Fair |  |  |  |  |  |  |  |  |  |  |  | Percentage |
|  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Allocation |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments(1) |  | $ | 2,081 |  |  | $ | 2,081 |  |  | $ | – |  |  | $ | – |  |  |  |  |
Defined benefit plan assets(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(pooled separate accounts): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large U.S. Equity(3) |  |  | 3,662 |  |  |  | – |  |  |  | 3,662 |  |  |  | – |  |  | 29% |
Small/Mid U.S. Equity(4) |  |  | 1,099 |  |  |  | – |  |  |  | 1,099 |  |  |  | – |  |  | 9% |
International Equity(5) |  |  | 1,525 |  |  |  | – |  |  |  | 1,525 |  |  |  | – |  |  | 12% |
Fixed Income(6) |  |  | 6,281 |  |  |  | – |  |  |  | 6,281 |  |  |  | – |  |  | 50% |
|  | $ | 14,648 |  |  | $ | 2,081 |  |  | $ | 12,567 |  |  | $ | – |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants(7) |  | $ | (273 | ) |  | $ | – |  |  | $ | – |  |  | $ | (273 | ) |  |  |  |
Derivative financial instruments(8) |  |  | (1,848 | ) |  |  | (1,848 | ) |  |  | – |  |  |  | – |  |  |  |  |
|  | $ | (2,121 | ) |  | $ | (1,848 | ) |  | $ | – |  |  | $ | (273 | ) |  |  |  |
__________
(1) |  | Included in derivative assets in the consolidated balance sheets.
(2) |  | See Note 10 for accounting discussion.
(3) |  | This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
(4) |  | This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
(5) |  | This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
(6) |  | This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
(7) |  | Included in warrant liabilities at fair value in the consolidated balance sheets.
(8) |  | Included in derivative liabilities in the consolidated balance sheets.
Level 3 fair value schedule |
|  | Warrants |
Balance, December 31, 2013 |  | $ | 8,215 |
Exercises of warrants |  |  | (41,486 | )
Expiration of warrants |  |  | (3 | )
Adjustments to fair value for the period |  |  | 35,260 |
Balance, December 31, 2014 |  | $ | 1,986 |
Exercises of warrants |  |  | (72 | )
Expiration of warrants |  |  | (527 | )
Adjustments to fair value for the period |  |  | (1,114 | )
Balance, December 31, 2015 |  | $ | 273 |
Exercises of warrants |  |  | (179 | )
Adjustments to fair value for the period |  |  | 557 |
Balance, December 31, 2016 |  | $ | 651 |

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