Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments

v2.4.0.6
Financial Instruments
3 Months Ended
Mar. 31, 2013
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]  
Financial Instruments Disclosure [Text Block]
Financial Instruments

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and trade accounts receivable. The Company does not generally require collateral from its customers. Concentrations of credit risk with respect to trade accounts receivable on a consolidated basis are limited due to the large number of entities comprising the Company’s customer base and their dispersion across many different industries.  However, while not significant to the Company on a consolidated basis, four customers accounted for approximately 65.6% of FASI’s operating revenue for the three months ended March 31, 2013.   
 
Fair Value of Financial Instruments

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Accounts receivable and accounts payable: The carrying amounts reported in the balance sheet for accounts receivable and accounts payable approximate their fair value based on their short-term nature.
 
The Company’s senior credit facility bears interest at LIBOR plus 1.1% based upon covenants related to total indebtedness to earnings.  Using interest rate quotes and discounted cash flows, the Company estimated the fair value of its outstanding debt and capital lease obligations as follows:
 
 
 
March 31, 2013
 
 
Carrying Value
 
Fair Value
Other debt and capital leases
 
$
219

 
$
268



The Company's fair value calculations for the above financial instruments are classified within level 3 of the fair value hierarchy.