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EXCEL - IDEA: XBRL DOCUMENT - HI TECH PHARMACAL CO INCFinancial_Report.xls
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v2.4.0.6
Fair Value Measurements
6 Months Ended
Oct. 31, 2012
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS

17. FAIR VALUE MEASUREMENTS:

The accounting guidance under ASC “Fair Value Measurements and Disclosures” (“ASC 820-10”) utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those levels is as follows:

 

   

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

 

   

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

 

   

Level 3: Significant unobservable inputs.

The Company’s financial liabilities subject to fair value measurements as of October 31, 2012 was as follows:

 

                 

Fair Value Measurements Using Fair Value Hierarchy

 
    Fair Value     Level 3  

Contingent payment liability

  $ 8,927,000     $ 8,927,000  
   

 

 

   

 

 

 

The Company’s financial liabilities subject to fair value measurements as of April 30, 2012 were as follows:

 

                 

Fair Value Measurements Using Fair Value Hierarchy

 
    Fair Value     Level 3  

Contingent payment liability

  $ 10,103,000     $ 10,103,000  
   

 

 

   

 

 

 

The following table presents the roll forward of the Company’s contingent payment liability as of October 31, 2012.

 

         

Contingent payment liability – May 1, 2012

  $     10,103,000  

Payments on contingent liability

    (1,438,000

Interest expense

    262,000  
   

 

 

 

Contingent payment liability – October 31, 2012

  $ 8,927,000  
   

 

 

 

The fair value of the contingent payment liability was estimated using the present value of management’s projection of the expected payments pursuant to the term of the Tussicaps® agreement (see Note 8). The present value of the contingent liability was computed using a discount rate of 5.2%.

The carrying value of certain financial instruments such as cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to their short-term nature of their underlying terms. The carrying value of the long-term debt approximate its fair value based upon its variable market interest rates, which approximates current market interest.