Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Notes)

v3.8.0.1
Financial Instruments (Notes)
12 Months Ended
Dec. 31, 2017
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]  
Financial Instruments Disclosure [Text Block]
Financial Instruments

Off Balance Sheet Risk

At December 31, 2017, the Company had letters of credit outstanding totaling $7,932.

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 revolving credit facility and term loan bear variable interest rates plus additional basis points based upon covenants related to total indebtedness to earnings. As the term loan bears a variable interest rate and there have been no significant changes to our credit rating, the carrying value approximates fair value. Using interest rate quotes and discounted cash flows, the Company estimated the fair value of its outstanding capital lease obligations as follows:
 
December 31,
2017
 
December 31,
2016
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Capital lease obligations
$
724

 
$
744

 
$
1,072

 
$
1,139



The Company's fair value estimates for the above financial instruments are classified within level 3 of the fair value hierarchy as defined in the FASB Codification.