Financial Instruments

12 Months Ended

Dec. 31, 2020

Investments All Other Investments [Abstract]

Financial Instruments

2. Financial Instruments

Our financial instruments consist primarily of cash and cash equivalents, receivables and certain other assets, foreign debt, and accounts payable, which approximate fair value at December 31, 2020 and 2019, due to their short-term nature or variable, market-driven interest rates.

The fair value of the debt issued under our Credit Agreement was $74.0 million and $67.3 million at December 31, 2020 and 2019, respectively. The fair value was determined considering market conditions, our credit worthiness and the current terms of our debt, which is considered Level 2 on the fair value hierarchy.

At December 31, 2020 and 2019, the Company had cash and cash equivalents of $36.0 million and $35.6 million, respectively, of which $28.0 million and $27.4 million, respectively, was held outside of the United States, principally in the Netherlands, United Kingdom, China, and Canada.

Concentrations of credit risk:

Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents, and accounts receivable. We maintain cash and cash equivalents with various major financial institutions. We perform periodic evaluations of the financial institutions in which our cash is invested. Concentrations of credit risk with respect to trade and contract receivables are limited due to the large number of customers and various geographic areas. Additionally, we perform ongoing credit evaluations of our customers’ financial condition.