Note 10 - Fair Value |
9 Months Ended | ||||||||||||
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Sep. 30, 2016 | |||||||||||||
Notes to Financial Statements | |||||||||||||
Fair Value Disclosures [Text Block] | Note 10. Fair Value The Company measures and reports certain financial assets and liabilities at fair value in accordance with the Financial Accounting Standards Board Accounting Standards Codification ASC 820, Fair Value Measurements and Disclosures . 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 on the measurement date. Generally, fair value is based on observable quoted market prices or derived from observable market data when such market prices or data are available. ASC 820 establishes a three level hierarchy used to estimate fair-value which are categorized based on the priority of the inputs used to measure fair value:
As of September 30, 2016 and December 31, 2015, there were no assets or liabilities measured at Level 3 on a recurring basis. The Company's financial instruments, including cash and cash equivalents, contract receivables, and accounts payable are carried at cost, which the Company believes approximates their fair values at September 30, 2016 and December 31, 2015, due to their short maturities. The Company believes the carrying value of other long-term liabilities related to capital expenditure obligations approximates their fair value at September 30, 2016 and December 31, 2015 based on the current rates offered to the Company for similar instruments with comparable maturities (Level 2). The Company believes the carrying value of its lines of credit payable at September 30, 2016 and December 31, 2015 approximate the estimated fair value for debt with similar terms, interest rates, and remaining maturities currently available to companies with similar credit ratings (Level 2). The Company applies the provisions of ASC 820 to its assets and liabilities that are required to be measured at fair value pursuant to other accounting standards, including assets and liabilities resulting from the Company’s nonqualified deferred compensation plan and foreign currency forward contract agreements not eligible for hedge accounting. The impact of the amounts recorded for the nonqualified deferred compensation plan and the forward contract agreements was immaterial to the consolidated financial statements. |