The carrying amounts of the Company's cash and cash equivalents, accounts receivable, accounts payable and current accrued liabilities approximate their fair value as recorded due to the short-term maturity of these instruments, which approximates fair value. The Company’s outstanding obligations on its ABL credit facility are deemed to be at fair value as the interest rates on these debt obligations are variable and consistent with prevailing rates. The Company believes the carrying values of its capital lease obligations represent fair value.

 

The Company's long-term debt instruments are recorded at their carrying values in the consolidated balance sheet, which differ from their respective fair values. The fair values of the long-term debt instruments are derived from Level inputs.  The fair value amount of the Long-term debt instruments at and at is presented in the table below based on the prevailing interest rates and trading activity of the Term loans.

 

		January 31,								October 31,
		2020								2019
(in thousands)		Carrying Value				Fair Value				Carrying Value				Fair Value
Term loans		$	396,871			$	395,631			$	402,094			$	394,052
Capital lease obligations			546				546				568				568

 

In connection with the acquisition of Camfaud in former Camfaud shareholders were eligible to receive earnout payments (“deferred consideration”) of up to million if certain Earnings before interest, taxes, depreciation, and amortization ("EBITDA") targets were met. In accordance with ASC the Company reviewed the deferred consideration on a quarterly basis in order to determine its fair value. Changes in the fair value of the liability are recorded within general and administrative expenses in the consolidated statement of income in the period in which the change was made. The Company estimated the fair value of the deferred consideration based on its probability assessment of Camfaud’s EBITDA achievements during the year earnout period. In developing these estimates, the Company considered its revenue and EBITDA projections, its historical results, and general macro-economic environment and industry trends. This fair value measurement was based on significant revenue and EBITDA inputs observed in the market, which represents a Level measurement. The fair value of the deferred consideration was million at which also represented the date at which the -year earnout period ended. The deferred consideration was paid out during the fiscal quarter and as such, the liability longer exists at

 

The Company's non-financial assets, which primarily consist of property and equipment, goodwill and other intangible assets, are required to be carried at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis or whenever events or changes in circumstances indicate that their carrying value be fully recoverable (and at least annually for goodwill and indefinite lived intangibles), non-financial instruments are assessed for impairment and, if applicable, written down to and recorded at fair value.