Annual report pursuant to Section 13 and 15(d)

Financial Instruments

v3.20.1
Financial Instruments
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Financial Instruments FINANCIAL INSTRUMENTS
Financial instruments are required to be disclosed at fair value in the financial statements.
The fair value of cash, accounts and notes receivable and accounts payable and accrued expenses approximate their carrying amounts due to the short-term maturities of these assets and liabilities.

 
Fair Value at December 31, 2019
 
Carrying amount
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial assets
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$

 
$

 
$

 
$

 
$

Total financial assets
$

 
$

 
$

 
$

 
$

Financial liabilities
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
(0.7
)
 
$
(0.7
)
 
$

 
$

 
$
(0.7
)
Total revolver
(42.2
)
 

 
(42.2
)
 

 
(42.2
)
Total financial liabilities
$
(42.9
)
 
$
(0.7
)
 
$
(42.2
)
 
$

 
$
(42.9
)

 
Fair Value at December 31, 2018
 
Carrying amount
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial assets
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
1.1

 
$
1.1

 
$

 
$

 
$
1.1

Total financial assets
$
1.1

 
$
1.1

 
$

 
$

 
$
1.1

Financial liabilities
 
 
 
 
 
 
 
 
 
Total revolver
$
(99.3
)
 
$

 
$
(99.3
)
 
$

 
$
(99.3
)
Total financial liabilities
$
(99.3
)
 
$

 
$
(99.3
)
 
$

 
$
(99.3
)

The fair values of our net foreign currency contracts were estimated from market quotes, which are considered to be Level 1 inputs.
Total revolver as of December 31, 2019 and 2018, consisted of the outstanding borrowings under the Credit Facility dated December 31, 2018 and amended November 1, 2019, and December 18, 2019. Borrowings under the Credit Facility are quoted in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the liability (Level 2 inputs) and accordingly, the carrying amount approximates fair value.
We do not have any assets or liabilities that are valued using Level 3 unobservable inputs.