ASSETS AND LIABILITIES MEASURED AT FAIR VALUE

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  A fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).  The three levels of the fair value hierarchy are described below:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.  The valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.  There have been no changes in the methodologies used at December 31, 2015.  There were no transfers between levels during 2015 and 2014.

									2015
	Assets and Liabilities at Fair Value								Total
	as of December 31, 2015								Gains
	Total		(Level 1)		(Level 2)		(Level 3)		(Losses)
Recurring Fair Value Measurement:
Liabilities:
Second Priority Senior Secured Notes (1)	$	234,175	$	—	$	234,175	$	—	$	—
Non-recurring Fair Value Measurements:
Asset:
Intangible assets, net (2)	$	46,582	$	—	$	—	$	46,582	$	—
Goodwill (3)	$	86,784	$	—	$	—	$	86,784	$	—

(1) The fair value of the Company's senior secured notes was determined using the last market price transaction in the year ended December 31, 2015 of 100%.

(2) The fair values of intangibles relating to the 2012 acquisitions of TASS and Valent were determined by third parties in connection with the purchase and recorded at those values.

(3) The Company performed its annual impairment analysis of goodwill during the fourth quarter of 2015 and determined no adjustments to the carrying value were necessary.

									2014
	Assets and Liabilities at Fair Value								Total
	as of December 31, 2014								Gains
	Total		(Level 1)		(Level 2)		(Level 3)		(Losses)
Recurring Fair Value Measurement:
Liabilities:
Interest rate derivatives (1)	$	—	$	—	$	—	$	—	$	(793	)
Second Priority Senior Secured Notes (2)	$	245,000	$	—	$	—	$	245,000	$	—
Non-recurring Fair Value Measurements:
Asset:
Intangible assets, net (3)	$	50,940	$	—	$	—	$	50,940	$	—
Goodwill (4)	$	86,784	$	—	$	—	$	86,784	$	(26,439	)

(1) In 2014, the Company terminated and settled its interest rate derivatives in conjunction with the settlement of its then existing credit agreement.

(2) The Company's senior secured notes were outstanding but not registered at December 31, 2014. Using a qualitative approach, the Company determined the fair value of the notes at December 31, 2014 was equal to the amount for which they were issued.

(3) The fair values of intangibles relating to the 2012 acquisitions of TASS and Valent were determined by third parties in connection with the purchase and recorded at those values.

(4) During the fourth quarter of 2014, the Company performed its annual impairment analysis of goodwill. As a result of the analysis, the goodwill related to the Engineering Services reporting unit was deemed impaired, and a $26,439 impairment charge was recorded in the Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2014.