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Note 9 - Fair Value Measurements | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Fair Value Disclosures [Text Block] |
9. | Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2). The following are assets and liabilities measured at fair value on a recurring basis (in millions):
|  | Asset/(Liability) Balance |  |  |  |  |
|  | December 31, |  |  |  |  |
|  | 2021 |  |  | 2020 |  |  | Input Level |
Trading investments |  | $ | 26.0 |  |  | $ | 23.1 |  |  |  | 1 |
Interest rate swap |  | $ | 6.3 |  |  | $ | 12.5 |  |  |  | 2 |
Senior notes, net of unamortized discount and debt issuance costs |  | $ | (356.0 | ) |  | $ | (361.3 | ) |  |  | 2 |
The fair value of trading investments has been measured using the market approach (Level 1) and reflect quoted market prices. The fair values of interest rate swap and corresponding senior notes have been measured using the income approach (Level 2), which include relevant interest rate curve inputs. Trading investments are classified in other assets in our Consolidated Balance Sheets. At December 31, 2021, the interest rate swap and senior notes are classified in our Consolidated Balance Sheet in prepaid expenses and other current assets and current portion of long-term debt, respectively. At December 31, 2020, the interest rate swap and senior notes are classified in our Consolidated Balance Sheet in other assets and long-term debt, respectively. Financial Instruments The carrying amount of our senior revolving line of credit and remaining senior notes not measured at fair value on a recurring basis was $945.2 million and $944.1 million at December 31, 2021 and 2020, respectively. The estimated fair value of these liabilities using the income approach (Level 2), based on their net present value, discounted at our current borrowing rate, was $1.04 billion and $1.09 billion at December 31, 2021 and 2020, respectively. The carrying amounts of all other instruments at December 31, 2021 and 2020, approximate their fair value due to the short maturity of these instruments.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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