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Fair Value Of Financial Instruments
3 Months Ended
Mar. 31, 2014
Fair Value Of Financial Instruments [Abstract]  
Fair Value Of Financial Instruments

CAI INTERNATIONAL, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(9)Fair Value of Financial Instruments

 

The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. The Company’s senior secured notes of $90.6 million, asset-backed notes of $352.9 million and collateralized financing obligations of $109.0  million as of March 31, 2014 were estimated to have a fair value of approximately  $89.5 million, $349.3 million and $106.4  million, respectively, based on the fair value of estimated future payments calculated using prevailing interest rates. The fair value of these financial instruments would be categorized as Level 3 of the fair value hierarchy.  Management believes that the balances of the Company’s revolving credit facilities of $328.5 million, term loans totaling  $279.3  million,  net investment in direct finance leases of  $94.5  million and capital lease obligations of $4.8 million approximate their fair values as of March 31, 2014. The fair value of these financial instruments would be categorized as Level 3 of the fair value hierarchy.