Fair Value Measurements

12 Months Ended

Dec. 31, 2013

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

The following table summarizes the valuation of our financial instruments recorded on a fair value basis as of December 31, 2013 and 2012.  The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements at December 31, 2013 or 2012.

		Fair Value Measurements
(In thousands)		Total		Quoted Pricesin Active Markets(Level 1)		SignificantOther ObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)
Liability
December 31, 2012
Currency forward contracts	$	(1)	$	-	$	(1)	$	-
December 31, 2013
Currency forward contracts	$	(14)	$	-	$	(14)	$	-

Our foreign currency derivative financial instruments mitigate foreign currency exchange risks and include forward contracts.  The forward contracts are marked-to-market at each balance sheet date with any resulting gain or loss recognized in income as part of the gain or loss on foreign currency exchange rate included under “Other Expense” on the Company’s consolidated statement of operations.  The fair value of the currency forward contracts is determined using Level 2 inputs based on the currency rate in effect at the end of the reporting period.

The fair value of the Company’s debt is based on estimates using standard pricing models and Level 2 inputs, including the Company’s estimated borrowing rate, that take into account the present value of future cash flows as of the consolidated balance sheet date.  The computation of the fair value of these instruments is performed by the Company.  The carrying amounts and estimated fair values of the Company’s long-term debt, including current maturities, are summarized below:

		December 31, 2013				December 31, 2012
(In thousands)		CarryingValue		FairValue		CarryingValue		FairValue
Long-term debt, including current portion	$	3,958	$	3,697	$	3,518	$	3,455

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