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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2011

Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation

Assets measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, include:



(Dollars in thousands)	Carrying amount as of December 31, 2013			Level 1		Level 2			Level 3
Pension assets	$	171,218		$	119,277	$	38,584		$	13,357
Foreign currency contracts	(77		)	—		(77		)	—
Copper derivative contracts	984			—		984			—
Interest rate swap	(296		)	—		(296		)	—



(Dollars in thousands)	Carrying amount as of December 31, 2012			Level 1		Level 2			Level 3
Pension assets	$	143,540		$	98,269	$	29,869		$	15,402
Foreign currency contracts	15			—		15			—
Copper derivative contracts	267			—		267			—
Interest rate swap	(361		)	—		(361		)	—

Assets measured at fair value on a nonrecurring basis

The following table presents information about our assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. This Level 3 asset represents the investment in Solicore, Inc. The valuation is based on the most recent round of capital financing that occurred in the fourth quarter of 2013, resulting in a $4.6 million impairment of the asset to the $0.5 million current market value. See Note 9 - Investment for further details.



(Dollars in thousands)	Carrying amount as of December 31, 2013		Level 1		Level 2		Level 3
Solicore investment	$	507	$	—	$	—	$	507

The table below sets forth a summary of changes in the fair value of the Solicore investment Level 3 assetfor the year ended December 31, 2013.



(Dollars in thousands)	Solicore investment

Balance at beginning of year	$	5,000
Cash investment	127
Impairment reported in earnings	(4,620		)
Balance at end of year	$	507

Reconciliation of assets measured at fair value on a recurring basis using unobservable inputs (Level 3)

The reconciliation of our assets measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:



(Dollars in thousands)	Auction Rate Securities
Balance at December 31, 2011	$	25,960
Cash received for redemptions below par	(25,438		)
Reclassified from other comprehensive income	2,723
Reported in earnings	(3,245		)
Balance at December 31, 2012	$	—

Rollforward of credit losses recognized in earnings

Below is a roll forward of credit losses recognized in earnings for the year ended December 31, 2011.



(Dollars in thousands)	Credit Losses
Balance at December 31, 2010	$	917
Credit losses recorded	278
Reduction in credit losses due to redemptions	(82		)
Balance at December 31, 2011	$	1,113

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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