This excerpt taken from the CSS 10-K filed Jun 5, 2007.
The estimated fair value of financial instruments has been determined by the Company using available market information and appropriate methodologies. The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Certain of these financial instruments are with major financial institutions and expose the Company to market and credit risks and may at times be concentrated with certain counterparties or groups of counterparties. The creditworthiness of counterparties is continually reviewed, and full performance is anticipated.
The assumptions used to estimate the fair value of each class of financial instruments are set forth below:
  •  Cash and cash equivalents, accounts receivable and accounts payable — The carrying amounts of these items are a reasonable estimate of their fair values at March 31, 2007 and 2006.


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  •  Short-term borrowings — Borrowings under the revolving credit facility have variable rates that reflect currently available terms and conditions for similar debt. The carrying amount of this debt is a reasonable estimate of its fair value.
  •  Foreign currency contracts — The fair value is based on quotes obtained from financial institutions. The fair value of foreign currency contracts was immaterial as of March 31, 2007 and 2006.
  •  Long-term debt — The fair value of long-term debt instruments is estimated using a discounted cash flow analysis. As of March 31, 2007, the carrying amount of long-term debt was $30,587,000 and the fair value was estimated to be $29,995,000. As of March 31, 2006, the carrying amount of long-term debt was $40,687,000 and the fair value was estimated to be $40,218,000.
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