Payments Due by Period
(in thousands of dollars)
----------------------------------------------------------------------------
Contractual Less than After 5
Obligations Total 1 year 1-3 years 4-5 years years
----------------------------------------------------------------------------
Operating leases $ 1,488 $ 459 $ 894 $ 135 -
Other long-term
obligations 113,259 11,922 21,112 80,225 -
----------------------------------------------------------------------------
Total contractual
obligations $114,747 $12,381 $22,006 $80,360 -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Fair Value
The fair values of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued liabilities approximates their carrying values due to their short-term maturity.
The fair value of long-term obligations is determined using the present value of future cash flows under current financing agreements, based on the Company's current estimated borrowing rate for loans with similar terms and conditions.
The fair value of the forward exchange contracts reflects the cash flow due to or from the Company if settlement had taken place on the reporting date.
The fair value of employee and director DSUs is determined in relation to the market price of the Company's common stock on the reporting date taking into account the terms and conditions under which the units were granted.
Financial instruments recorded at fair value on the Consolidated Balance Sheet are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.
The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value.
The following table presents the financial instruments recorded at fair value in the Consolidated Balance Sheet, classified using the fair value hierarchy described above:
October 31, 2011
----------------------------------------------------------------------------
Total Financial
Assets and
Financial
Liabilities
Level 1 Level 2 Level 3 at Fair Value
----------------------------------------------------------------------------
Cash and cash
equivalents $106,999 $- - $106,999
Marketable securities 8,940 - - 8,940
Other asset - (724) - (724)
----------------------------------------------------------------------------
$115,939 $(724) - $115,215
----------------------------------------------------------------------------
----------------------------------------------------------------------------
April 30, 2011
----------------------------------------------------------------------------
Total Financial
Assets and
Financial
Liabilities
Level 1 Level 2 Level 3 at Fair Value
----------------------------------------------------------------------------
Cash and cash
equivalents $97,809 $- - $97,809
Marketable securities 17,021 - - 17,021
Other liability - 1,136 - 1,136
----------------------------------------------------------------------------
$114,830 $1,136 - $115,966
May 1, 2010
----------------------------------------------------------------------------
Total Financial
Assets and
Financial
Liabilities
Level 1 Level 2 Level 3 at Fair Value
----------------------------------------------------------------------------
Cash and cash
equivalents $70,732 $- - $70,732
Marketable securities 30,096 - - 30,096
Other asset - 2,053 - 2,053
Other liability - (992) - (992)
----------------------------------------------------------------------------
$100,828 $1,061 - $101,889
----------------------------------------------------------------------------
----------------------------------------------------------------------------
12. Business Segment Information
