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Note 5 - Fair Value Measurements
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
5.
FAIR VALUE MEASUREMENTS
 
Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement date.  Entities are required to use a fair value hierarchy which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.  There are
three
levels of inputs that
may
be used to measure fair value:
 
Level
1
– Observable inputs such as quoted market prices in active markets;
 
Level
2
– Inputs other than quoted prices in active markets that are either directly or indirectly observable; and
 
Level
3
– Unobservable inputs about which little or
no
market data exists, therefore requiring an entity to develop its own assumptions.
 
As of
March 31, 2020
and
December 31, 2019
, our available-for-sale securities primarily consisted of investments held in a rabbi trust which are intended to fund the Company’s Supplemental Executive Retirement Plan (“SERP”) obligations.  These securities are measured at fair value using quoted prices in active markets for identical assets (Level
1
) inputs and amounted to
$1.0
million at
March 31, 2020
and
$1.1
million at
December 31, 2019
.  The Company does
not
have any financial assets measured at fair value on a recurring basis categorized as Level
3,
and there were
no
transfers in or out of Level
1,
Level
2
or Level
3
during the
three
months ended
March 31, 2020
or
March 31, 2019
.  There were
no
changes to the Company’s valuation techniques used to measure asset fair values on a recurring or nonrecurring basis during the
three
months ended
March 31, 2020
or
March 31, 2019
.
 
There were
no
financial assets accounted for at fair value on a nonrecurring basis as of
March 31, 2020
or
December 31, 2019
.
 
The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, restricted cash, accounts payable and accrued expenses, which are
not
measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature.  The fair value of the Company’s long-term debt is estimated using a discounted cash flow method based on interest rates that are currently available for debt issuances with similar terms and maturities.  At
March 31, 2020
and
December 31, 2019
, the estimated fair value of total debt was
$141.4
million and
$146.4
million, respectively, compared to a carrying amount of
$135.1
million and
$143.7
million, respectively.  The Company did
not
have any other financial liabilities within the scope of the fair value disclosure requirements as of
March 31, 2020
.
 
Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets and long-lived assets, are accounted for at fair value on a nonrecurring basis.  These items are tested for impairment upon the occurrence of a triggering event or in the case of goodwill, on at least an annual basis.  There were
no
triggering events that occurred during the
three
months ended
March 31, 2020
that would warrant interim impairment testing.