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Note 14 - Fair Values of Financial Instruments
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 14     Fair Values of Financial Instruments

 

The following methods were used to estimate the fair value of all financial instruments recognized in the accompanying balance sheets at amounts other than fair values.

 

Cash and Cash Equivalents and Time Deposits

 

Fair values of cash and cash equivalents approximate cost due to the short period of time to maturity.

 

Notes Payable and Long-term Debt

 

The Company believes the carrying value of borrowings under our senior secured revolving credit facility, due to variable rate interest, adequately reflects the fair value of these instruments. The carrying value of our Term loan at December 31, 2023 was $32.7 million. The estimated fair value of the Term loan was approximately $29.4 million at December 31, 2023, which value was estimated using treasury rates for a similar instrument and is classified as Level 2 within the fair value hierarchy. The carrying value of our Term loan at December 31, 2022 was $39.9 million. The estimated fair value of the Term loan was approximately $34.7 million at December 31, 2022, which value was estimated using treasury rates for a similar instrument and is classified as Level 2 within the fair value hierarchy.

 

The following table presents estimated fair values of the Company’s financial instruments in accordance with FASB ASC 825 at December 31, 2023 and December 31, 2022.

 

    Fair Value Measurements Using  
       

2023

In Thousands

 

Fair Value

   

Quoted Prices in

Active Markets

for Identical

Assets (Level 1)

   

Significant Other

Observable

Inputs (Level 2)

   

Significant

Unobservable

Inputs (Level 3)

 

Financial assets

                               

Cash and cash equivalents

  $ 16     $ 16     $ --     $ --  
                                 

Financial liabilities

                               

Notes Payable and Long-term debt

  $ 47,597     $ --     $ 47,597     $ --  

 

 

    Fair Value Measurements Using  
       

2022

In Thousands

 

Fair Value

   

Quoted Prices in

Active Markets

for Identical

Assets (Level 1)

   

Significant Other

Observable

Inputs (Level 2)

   

Significant

Unobservable

Inputs (Level 3)

 

Financial assets

                               

Cash and cash equivalents

  $ 3,967     $ 3,967     $ --     $ --  
                                 

Financial liabilities

                               

Notes Payable and Long-term debt

  $ 89,744     $ --     $ 89,744     $ --