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Fair Value Measurements
 6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Fair Value Measurements

NOTE 10—FAIR VALUE MEASUREMENTS

 

Financial items measured at fair value are classified in the table below in accordance with the hierarchy established in applicable accounting principles.

 

    As at June 30, 2015  
    Level 1     Level 2     Level 3     Total  
Restricted deposits – current   $ 4,957     $ —     $ —     $ 4,957  
Restricted deposits – non-current     2,991       —       —       2,991  
Derivative assets (liabilities)     39       —       (72 )     (33 )
Total   $ 7,987     $ —     $ (72 )   $ 7,915  

 

    As at December 31, 2014  
    Level 1     Level 2     Level 3     Total  
Restricted deposits – current   $ 467     $ —       $ —       $ 467  
Restricted deposits – non-current     650       —         —         650  
Derivative assets (liabilities)     5       —         (50 )     (45 )
Total   $ 1,122     $ —       $ (50 )   $ 1,072  

 

Current restricted deposits are comprised of $4,457 of security deposits with respect to various performance and bank guarantees provided in the normal course of business for DSIT’s operations that are expected to be released by June 30, 2016. Current restricted deposits also include $500 deposited by Acorn in connection with the GridSense Loan (see Note 4). DSIT has also provided $2,991 of security deposits for guarantees that are expected to be released through the middle of 2018.

 

Derivative assets are forward contracts for the purchase of New Israeli Shekels for which market prices are readily available. Unrealized gains or losses from forward contracts are recorded in Finance income (expense), net.

 

Derivative liabilities are with respect to the fair value of the liability of stock options and warrants outstanding in excess of the Company’s authorized shares.

 

See Note 12 (Subsequent Events) with respect to developments regarding restricted deposits.