Fair Value of Financial Instruments |
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Fair Value of Financial Instruments | Fair Value of Financial Instruments Recurring Fair Value Measurements The following tables represent the financial assets and (liabilities) measured at fair value on a recurring basis as of January 1, 2017 and March 31, 2016 and the basis for that measurement:
The fair values of lead forward contracts are calculated using observable prices for lead as quoted on the London Metal Exchange (“LME”) and, therefore, were classified as Level 2 within the fair value hierarchy, as described in Note 1, Summary of Significant Accounting Policies to the Company's consolidated financial statements included in its 2016 Annual Report. The fair values for foreign currency forward contracts are based upon current quoted market prices and are classified as Level 2 based on the nature of the underlying market in which these derivatives are traded. Financial Instruments The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate carrying value due to their short maturities. The fair value of the Company’s short-term debt and borrowings under the 2011 Credit Facility (as defined in Note 9), approximate their respective carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2. The Company's 5.00% Senior Notes due 2023 (the “Notes”), with an original face value of $300,000, were issued in April 2015. The fair value of these Notes represent the trading values based upon quoted market prices and are classified as Level 2. The Notes were trading at approximately 101% and 96% of face value on January 1, 2017 and March 31, 2016, respectively. The carrying amounts and estimated fair values of the Company’s derivatives and Notes at January 1, 2017 and March 31, 2016 were as follows:
(2) The fair value amount of the Notes at January 1, 2017 and March 31, 2016 represent the trading value of the Notes.
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