Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The following table presents the Company’s financial assets and financial liabilities that are measured and recognized at fair value on a recurring basis, classified under the appropriate level of fair value hierarchy, as of March 31, 2012 and March 31, 2011. The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements at March 31, 2012 or March 31, 2011.

			March 31, 2012
				Quoted Prices in Active
				Markets for Identical		Significant Other		Significant
	Balance at			Items		Observable Inputs		Unobservable Inputs
(In thousands)	March 31, 2012			(Level 1)		(Level 2)		(Level 3)
Liability for foreign currency
derivative financial instruments
(including forward contracts)	$	7	$	-	$	7	$	-
			March 31, 2011
				Quoted Prices in Active
				Markets for Identical		Significant Other		Significant
	Balance at			Items		Observable Inputs		Unobservable Inputs
(In thousands)	March 31, 2011			(Level 1)		(Level 2)		(Level 3)
Liability for foreign currency
derivative financial instruments
(including forward contracts)	$	3	$	-	$	3	$	-

Our foreign currency derivative financial instruments mitigate foreign exchange risks and include forward contracts.

The fair value of the Company’s debt is based on estimates using standard pricing models that take into account the present value of future cash flows as of the balance sheet date. The computation of the fair value of these instruments is generally performed by the Company. The carrying amounts and estimated fair values of the Company’s long-term debt, including current maturities, are summarized below:

	March 31, 2012				December 31, 2011
	Carrying		Fair		Carrying		Fair
(In thousands)	Value		Value		Value		Value
Long-term debt, including current portion	$	3,329	$	3,246	$	3,481	$	3,391
Long-term debt – convertible debentures		1,450		1,446		1,450		1,436
	$	4,779	$	4,692	$	4,931	$	4,827

The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents, trade receivables, payables and accrued liabilities, accrued income taxes and short-term borrowings approximate fair value due to the short term nature of these instruments. Accordingly, these items have been excluded from the above table.