Fair Value Measurements

12 Months Ended

Dec. 31, 2012

Note 6.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established based on three levels of inputs, of which the first two are considered observable and the last unobservable.

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Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets.

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Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily-available pricing sources for comparable instruments.

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Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity's own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

The following table summarizes the Company's assets measured at fair value on a nonrecurring basis as of December 31, 2012 and the losses recognized as a result of this measurement in 2012:

			Fair Value Measurements at the End of
			the Reporting Period Using
			Quoted Prices
			in Active	Significant
			Markets for	Other		Significant
			Identical	Observable		Unobservable		Total
			Assets	Inputs		Inputs		Gains
	12/31/2012		(Level 1)	(Level 2)		(Level 3)		(Losses)

Nonrecurring fair value measurements

Long-lived assets held and used (a)	$	2,900		$	2,900			$	(898	)
Goodwill (b)		-					-		(123	)
Total nonrecurring fair value measurements	$	2,900		$	2,900	$	-	$	(1,021	)

(a) In accordance with ASC Subtopic 360-10, long-lived assets held and used with a carrying amount of $3,748 were written down to their fair value of $2,900, resulting in an impairment charge of $898, which was included in earnings for the period. The Company's management determined the impairment charge by utilizing the sales comparison approach, in which the property was compared to similar properties that had been sold recently, or for which listing prices or offers were known.

(b) In accordance with ASC Subtopic 350-20, goodwill with a carrying amount of $123 was written down to its implied fair value of $0, resulting in an impairment charge of $123, which is included in earnings for the period.

For the year ended December 31, 2011, no assets were adjusted to fair value on a nonrecurring basis.

- Definition

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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+ Details

CHROMCRAFT REVINGTON INC 10-K