Aarons 2015 Annual Report Download - page 72
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Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes financial liabilities measured at fair value on a recurring basis:
Deferred Compensation Liability $ —
$ (11,576)
$ —
$ —
$ (12,677)
$ —
The Company maintains a deferred compensation plan as described in Note 16 to these consolidated financial statements. The liability representing benefits
accrued for plan participants is valued at the quoted market prices of the participants’ investment elections, which consist of equity and debt "mirror" funds.
As such, the Company has classified the deferred compensation liability as a Level 2 liability.
Non-Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following table summarizes non-financial assets measured at fair value on a nonrecurring basis:
Assets Held for Sale $ —
$ 6,976
$ —
$ —
$ 6,356
$ —
The highest and best use of these assets held for sale is as real estate land parcels for development or real estate properties for use or lease; however, the
Company has chosen not to develop or use these properties. Assets held for sale are written down to fair value less cost to sell, and the adjustment is recorded
in other operating expense (income), net.
Certain Financial Assets and Liabilities Not Measured at Fair Value
The following table summarizes the fair value of assets (liabilities) that are not measured at fair value in the consolidated balance sheets, but for which the fair
value is disclosed:
Perfect Home Notes 1$ —
$ —
$ 22,226
$ —
$ —
$ 21,311
Fixed-Rate Long Term Debt 2—
(395,618)
—
—
(429,049)
—
1 The Perfect Home notes were initially measured at cost. The Company periodically reviews the carrying amount utilizing company-specific transactions or
changes in Perfect Home's financial performance to determine if fair value adjustments are necessary.
2 The fair value of fixed-rate long term debt is estimated using the present value of underlying cash flows discounted at a current market yield for similar
instruments. The carrying amount of fixed-rate long term debt was $375.0 million and $400.0 million at December 31, 2015 and December 31, 2014,
respectively.
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