XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.20.4

Fair Value Disclosures | 12 Months Ended
--- | ---
Dec. 31, 2020
Fair Value Disclosures |
Fair Value Disclosures | Note 11: Fair Value Disclosures The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows:
| 1. | Level 1 – Quoted market prices in active markets for identical assets or liabilities.
| 2. | Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
| 3. | Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use.
The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of December 31, 2020 and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at December 31, 2020 with:
​ | ​ | ​ | ​ | Quoted prices in | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | active markets | ​ | other | ​ | Significant
​ | ​ | ​ | ​ | for identical | ​ | observable | ​ | unobservable
(in thousands) |  | Total |  | assets |  | inputs |  | inputs
​ | ​ |  | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-sale securities – equity securities | ​ | $ | 132 | ​ | $ | 132 | ​ | $ | — | ​ | $ | —
Investments measured at net asset value - trading securities | ​ | $ | 32,039 | ​ |  |  | ​ |  |  | ​ |  |
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at December 31, 2019 with:
​ | ​ | ​ | ​ | Quoted prices in | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | active markets | ​ | other | ​ | Significant
​ | ​ | ​ | ​ | for identical | ​ | observable | ​ | unobservable
(in thousands) |  | Total |  | assets |  | inputs |  | inputs
​ |  |  |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available-for-sale securities – equity securities | ​ | $ | 237 | ​ | $ | 237 | ​ | $ | — | ​ | $ | —
Investments measured at net asset value - trading securities | ​ | $ | 28,476 | ​ |  |  | ​ |  |  | ​ |  |
​ The Company determines the fair value of marketable securities classified as available-for-sale through quoted market prices. The total fair value is the final closing price, as defined by the exchange in which the asset is actively traded, on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Marketable securities classified as trading are comprised of the SERP assets, as described in Note 13, and are recorded primarily at their net cash surrender values, calculated using their net asset values, which approximates fair value, as provided by the issuing insurance company. Significant observable inputs, in addition to quoted market prices, were used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the year ended December 31, 2020 there were no significant transfers in or out of levels 1, 2 or 3. Under the Company’s revolving credit facility, there was no balance outstanding at December 31, 2020 and 2019. Outstanding balances based on the quote from the lender (level 2 inputs) is similar to the fair value as of the same date. The borrowings under our revolving credit facility bear variable interest rates as described in Note 9. The Company is subject to interest rate risk on the variable component of the interest rate. The carrying amounts of other financial instruments reported in the balance sheet for current assets and current liabilities approximate their fair values because of the short maturity of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether or not it will elect this option for financial instruments it may acquire in the future. The Company’s real estate classified as held for sale has been stated at fair value less costs to sell since the fair value less costs to sell is lower than its carrying amount. The non-recurring fair value measurement was completed in the third quarters of 2020 and 2019 and determined based on observable market data that includes price per square foot involving comparable properties in similar locations and reflected in the tables below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at December 31, 2020 with:
​ |  | ​ | ​ |  | Quoted prices in |  | Significant |  | ​ | ​
​ | ​ | ​ | ​ | ​ | active markets | ​ | other | ​ | Significant
​ | ​ | ​ | ​ | ​ | for identical | ​ | observable | ​ | unobservable
(in thousands) | ​ | Total | ​ | assets | ​ | inputs | ​ | inputs
​ | ​ | ​ | ​ | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Assets held for sale | ​ | $ | 4,032 | ​ | $ | — | ​ | $ | 4,032 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Fair Value Measurements at December 31, 2019 with:
​ | ​ | ​ | ​ | ​ | Quoted prices | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in active | ​ | other | ​ | Significant
​ | ​ | ​ | ​ | ​ | markets for | ​ | observable | ​ | unobservable
(in thousands) |  | Total |  | identical assets |  | inputs |  | inputs
​ | ​ | ​ | ​ | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Assets: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Assets held for sale | ​ | $ | 5,385 | ​ | $ | — | ​ | $ | 5,385 | ​ | $ | —
​

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration