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FAIR VALUE

12 Months Ended

Dec. 31, 2014

FAIR VALUE.

NOTE 20 - FAIR VALUE

The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2014 and 2013. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, we classify assets and liabilities based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Disclosures concerning financial instruments measured at fair value are as follows (in thousands):

		Fair Value Measurements at December 31, 2014 using
		Level 1			Level 2			Level 3			Total
Assets:
Assets held for sale		$	—		$	300		$	—		$	300
Interest rate swaps (asset)		—			66			—			66
Liabilities:
Interest rate swaps (liability)		—			1,957			—			1,957

		Fair Value Measurements at December 31, 2013 using
		Level 1			Level 2			Level 3			Total
Assets:
Assets held for sale		$	—		$	12,224		$	—		$	12,224
Interest rate swaps (asset)		—			253			—			253
Liabilities:
Interest rate swaps (liability)		—			1,772			—			1,772

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during 2014 or 2013.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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