XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.24.3

Note 6 - Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2024
Notes to Financial Statements |
Fair Value Disclosures [Text Block] |
6. | 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.
|  | September 30, 2024 |
|  | Carrying value |  |  | Fair value |  |  | Cash and cash equivalents |  |  | Other Current Assets |
Cash |  | $ | 74,555 |  |  | $ | 74,555 |  |  | $ | 74,555 |  |  | $ | - |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 58,208 |  |  |  | 58,208 |  |  |  | 58,208 |  |  |  | - |
Money market funds (Rabbi Trust) |  |  | 685 |  |  |  | 685 |  |  |  | - |  |  |  | 685 |
Subtotal |  |  | 58,893 |  |  |  | 58,893 |  |  |  | 58,208 |  |  |  | 685 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit and time deposits |  |  | 3,329 |  |  |  | 3,708 |  |  |  | 1,503 |  |  |  | 1,827 |
Subtotal |  |  | 3,329 |  |  |  | 3,708 |  |  |  | 1,503 |  |  |  | 1,827 |
Total |  | $ | 136,777 |  |  | $ | 137,156 |  |  | $ | 134,266 |  |  | $ | 2,512 |
|  | December 31, 2023 |
|  | Carrying value |  |  | Fair value |  |  | Cash and cash equivalents |  |  | Other Current Assets |
Cash |  | $ | 57,544 |  |  | $ | 57,544 |  |  | $ | 57,544 |  |  | $ | - |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 31,188 |  |  |  | 31,188 |  |  |  | 31,188 |  |  |  | - |
Money market funds (Rabbi Trust) |  |  | 303 |  |  |  | 303 |  |  |  | - |  |  |  | 303 |
Subtotal |  |  | 31,491 |  |  |  | 31,491 |  |  |  | 31,188 |  |  |  | 303 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit and time deposits |  |  | 3,629 |  |  |  | 3,926 |  |  |  | 639 |  |  |  | 2,990 |
Subtotal |  |  | 3,629 |  |  |  | 3,926 |  |  |  | 639 |  |  |  | 2,990 |
Total |  | $ | 92,664 |  |  | $ | 92,961 |  |  | $ | 89,371 |  |  | $ | 3,293 |
As of September 30, 2024 and December 31, 2023, 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 $0.7 million at September 30, 2024 and $0.3 million at December 31, 2023. Throughout 2024 and 2023, the Company entered into a series of foreign currency forward contracts, the fair values of which were ($0.6) million at September 30, 2024 and $0.5 million at December 31, 2023. The estimated fair value of foreign currency forward contracts is based on quotes received from the applicable counterparty, and represents the estimated amount we would receive or pay to settle the contracts, taking into consideration current exchange rates which can be validated through readily observable data from external sources (Level 2). The Company is a party to two interest rate swap agreements as further described in Note 10, "Derivative Instruments and Hedging Activities". The fair value of the interest rate swap agreements was $2.5 million at September 30, 2024 and $4.0 million at December 31, 2023, which was based on market data, and represents the estimated amount we would receive or pay to settle the agreements, taking into consideration current and projected future interest rates as well as the creditworthiness of the parties, all of which can be validated through readily observable data from external sources (Level 2). The fair values of our derivative financial instruments and their classifications in our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 were as follows:
| Balance Sheet Classification |  | September 30, 2024 |  |  | December 31, 2023 |
Derivative assets: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts: |  |  |  |  |  |  |  |  |
Designated as cash flow hedges | Other current assets |  | $ | 93 |  |  | $ | - |
Non designated as hedging instruments | Other current assets |  |  | - |  |  |  | 486 |
Interest rate swap agreements: |  |  |  |  |  |  |  |  |
Designated as a cash flow hedge | Other assets |  |  | 2,478 |  |  |  | 3,960 |
Total derivative assets |  | $ | 2,571 |  |  | $ | 4,446 |
Derivative liabilities: |  |  |  |  |  |  |  |  |
Foreign currency forward contracts: |  |  |  |  |  |  |  |  |
Designated as cash flow hedges | Other current liabilities |  | $ | - |  |  | $ | 5 |
Not designated as hedging instruments | Other current liabilities |  |  | 728 |  |  |  | - |
Total derivative liabilities |  | $ | 728 |  |  | $ | 5 |
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 nine months ended September 30, 2024 or September 30, 2023. There were no changes to the Company’s valuation techniques used to measure asset fair values on a recurring or nonrecurring basis during the nine months ended September 30, 2024 or September 30, 2023. There were no financial assets accounted for at fair value on a nonrecurring basis as of September 30, 2024 or December 31, 2023. The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, 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 September 30, 2024 and December 31, 2023, the estimated fair value of total debt was $59.9 million at each date, compared to a carrying amount of $60.0 million at each date. The Company did not have any other financial liabilities within the scope of the fair value disclosure requirements as of September 30, 2024. Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets, long-lived assets and the net liability related to the put/call options pursuant to the innolectric investment agreement, 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. Based on the Company's assessment, it was concluded that no triggering events occurred during the nine months ended September 30, 2024 or September 30, 2023.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration