Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value [Line Items]

Fair Value Disclosures [Text Block]

4.  Fair Value

The Company carries the cash surrender value of life insurance related to its deferred compensation arrangements at fair value.  Under ASC 820, the fair value of all assets and liabilities is determined using a three-tier fair value hierarchy.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

•	Level 1 –	Inputs to the valuation methodology based on unadjusted quoted market prices in active markets that are accessible at the measurement date.
•	Level 2 –	Inputs to the valuation methodology that include quoted market prices that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.
•	Level 3 –	Inputs to the valuation methodology that are unobservable and significant to the fair value measurement.

Based on this hierarchy, the Company determined the fair value of the cash surrender value of life insurance, a Level 2 based on observable inputs primarily from the counter party.  The Company’s cash surrender value of life insurance had a carrying amounts of $34,000 and $33,000 at December 31, 2023 and 2022, respectively, which was included in Other Assets in the Consolidated Balance Sheets.  The carrying amounts of cash equivalents, receivables and accounts payable approximate fair value due to the short maturities of these items.  The fair value of the Notes, using observable inputs, was $121,000 at December 31, 2023 and 2022.  The fair value of the Debentures, using observable inputs, was $88,000 at December 31, 2023 and 2022, respectively.  The fair value of the Company’s remaining long-term debt including current portion approximates its carrying value of $3.8 million at December 31, 2023 and $3.7 million at December 31, 2022.