Fair Value

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value

Note 2- Fair Value

ASC Subtopic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market-corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based upon observable inputs used in the valuation techniques, the Company is required to provide information according to the fair value hierarchy.

The fair value hierarchy ranks the quality and reliability of the information used to determine fair values into three broad levels as follows:

Level 1: Valuations for assets and liabilities traded in active markets from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2: Valuations for assets and liabilities traded in less active dealer or broker markets.  Valuations are obtained from third-party pricing services for identical or similar assets or liabilities.

Level 3: Valuations for assets and liabilities include certain unobservable inputs in the assumptions and projections used in determining the fair value assigned to such assets or liabilities.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The valuation methodologies used for the Company's financial instruments measured on a recurring basis at fair value, including the general classification of such instruments pursuant to the valuation hierarchy, is set forth in the tables below.

(in thousands)	As of December 31, 2016				Fair Value Measurements
	Carrying Amount		Fair Value		Level 1	Level 2	Level 3
Liabilities:
Deferred acquisition cost	$	789	$	789			$	789

(in thousands)	As of December 31, 2015				Fair Value Measurements
	Carrying Amount		Fair Value		Level 1	Level 2	Level 3
Liabilities:
Deferred acquisition cost	$	1,902	$	1,902			$	1,902

The following is a rollforward of deferred acquisition costs in 2015 and 2016.

(in thousands)	Acquisition of Polar		2015 Acquisition (1)		Total Deferred Acquisition Cost Payable
Balance at January 1, 2015	$	667	$	—	$	667
2015 Acquisition (1)		—		1,982		1,982
Payments		—		(445)		(445)
Total adjustments included in earnings		—		(302)		(302)
Balance at December, 31, 2015	$	667	$	1,235	$	1,902
Payments		(667)		(1,010)		(1,677)
Total adjustments included in earnings		—		564		564
Balance at December 31, 2016	$	—	$	789	$	789

(1) Represents acquisition of a supplier of refrigerants and compressed gases in January 2015.