Print Page  |  Close Window

SEC Filings

10-Q
NN INC filed this Form 10-Q on 11/09/2017
Entire Document
 


Table of Contents

The following table summarizes balance sheet information of the JV itself.

 

     September 30,
2017
     December 31,
2016
 

Current assets

   $ 41,367      $ 31,295  

Non-current assets

     29,176        22,522  
  

 

 

    

 

 

 

Total assets

   $ 70,543      $ 53,817  
  

 

 

    

 

 

 

Current liabilities

   $ 26,746      $ 13,549  
  

 

 

    

 

 

 

Total liabilities

   $ 26,746      $ 13,549  
  

 

 

    

 

 

 

We recognized sales to the JV of less than $0.1 million and approximately $0.2 million during the three-month and nine-month periods ended September 30, 2017. Amounts due to us from the JV were less than $0.1 million as of September 30, 2017, and are included in accounts receivable.

Note 13. Fair Value Measurements

Fair value is an exit price representing the expected amount that an entity would receive to sell an asset or pay to transfer a liability in an orderly transaction with market participants at the measurement date. We followed consistent methods and assumptions to estimate fair values as more fully described in the 2016 Annual Report.

Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, derivatives and long-term debt. As of September 30, 2017, the carrying values of these financial instruments approximated fair value. The fair value of floating-rate debt approximates the carrying amount because the interest rates paid are based on short-term maturities. As of September 30, 2017, we had no fixed-rate debt outstanding.

Fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement.

The following table summarizes assets and liabilities measured at fair value on a recurring basis for the interest rate swap derivative financial instrument:

 

            Fair Value Measurements at September 30, 2017  

Description

   September 30,
2017
     Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
     Significant Other
Observable Inputs
(Level 2)
     Significant
Unobservable
Inputs (Level 3)
 

Derivative asset - current

   $ 10        —        $ 10        —    

Derivative asset - noncurrent

     —          —          —          —    

Derivative liability - current

     (1,479      —          (1,479      —    

Derivative liability - noncurrent

     —          —          —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ (1,469      —        $ (1,469      —    
  

 

 

    

 

 

    

 

 

    

 

 

 

 

18