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This excerpt taken from the XIDE 10-K filed Jun 29, 2005. (24) FAIR VALUE OF FINANCIAL INSTRUMENTS
The estimated fair value of financial instruments has been determined by the Company using available market information and appropriate methodologies; however, considerable judgment is required in interpreting market data to develop these estimates. Accordingly, 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.
F-53
Table of ContentsEXIDE TECHNOLOGIES AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The methods and assumptions used to estimate the fair value of each class of financial instruments are set forth below:
The Predecessor Company’s 9.125% and 10% Senior Notes and Convertible Senior Subordinated Notes were traded occasionally in public markets.
The carrying values and estimated fair values of these obligations are as follows at March 31, 2005 (Successor Company) and 2004(Predecessor Company):
The carrying value of the Replacement DIP Credit Facility was a reasonable estimate of its fair value at March 31, 2004.
At March 31, 2005, the Company had a liability of $13,165 representing the estimated fair value of an outstanding foreign currency forward contract. At March 31, 2005, the Company recognized an asset of $2,656 representing the estimated fair value of outstanding lead forward contracts. There were no outstanding interest rate, lead or foreign currency contracts at March 31, 2004.
For a discussion of various financial instruments extinguished upon the Company’s emergence from Chapter 11, see Note 2.
This excerpt taken from the XIDE 10-K filed Mar 1, 2005. (24) FAIR VALUE OF FINANCIAL INSTRUMENTS
The estimated fair value of financial instruments has been determined by the Company using available market information and appropriate methodologies; however, considerable judgment is required in interpreting market data to develop these estimates. Accordingly, 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 methods and assumptions used to estimate the fair value of each class of financial instruments are set forth below:
The 9.125% and 10% Senior Notes and Convertible Senior Subordinated Notes are traded occasionally in public markets.
The carrying values and estimated fair values of these obligations are as follows at March 31, 2004 and 2003:
The carrying values of the Replacement DIP Facility, DIP Credit Facility and European Accounts Receivable Securitization facility are reasonable estimates of their fair values.
There are no outstanding interest rate, lead or foreign currency contracts at March 31, 2004.
For a discussion of various financial instruments extinguished upon the Company’s emergence from Chapter 11, see Note 29.
F-47
Table of ContentsEXIDE TECHNOLOGIES AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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