Annual report pursuant to Section 13 and 15(d)

Financial Instruments

v3.10.0.1
Financial Instruments
12 Months Ended
Dec. 31, 2018
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 receivable, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturities of these assets and liabilities.

 
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 debt
$
(99.3
)
 
$

 
$
(99.3
)
 
$

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

 
$
(99.3
)
 
$

 
$
(99.3
)

 
Fair Value at December 31, 2017
 
Carrying amount
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial liabilities
 
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
(0.8
)
 
$
(0.8
)
 
$

 
$

 
$
(0.8
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
(0.3
)
 
(0.3
)
 

 

 
(0.3
)
Total debt
(85.0
)
 

 
(85.0
)
 

 
(85.0
)
Total financial liabilities
$
(86.1
)
 
$
(1.1
)
 
$
(85.0
)
 
$

 
$
(86.1
)

Total debt as of December 31, 2018 , consisted of the outstanding borrowings under the Credit Facility dated December 31, 2018. 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.
Total debt as of December 31, 2017 consisted primarily of the outstanding borrowings under the ABL Facility. Borrowings under the ABL Facility were 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.
The fair values of our net foreign currency contracts were estimated from market quotes, which are considered to be Level 1 inputs.
We do not have any assets or liabilities that are valued using Level 3 unobservable inputs.