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FAIR VALUE DISCLOSURES | 6 Months Ended
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Jun. 30, 2021
FAIR VALUE DISCLOSURES |
FAIR VALUE DISCLOSURES | 14. 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 six 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 in the balance sheets as of June 30, 2021 and December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at June 30, 2021 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: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities | ​ | $ | 184 | ​ | $ | 184 | ​ | $ | — | ​ | $ | —
Investments measured at net asset value | ​ | $ | 31,183 | ​ |  |  | ​ |  |  | ​ |  |
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities | ​ | $ | 132 | ​ | $ | 132 | ​ | $ | — | ​ | $ | —
Investments measured at net asset value | ​ | $ | 32,039 | ​ |  |  | ​ |  |  | ​ |  |
​ The Company determines the fair value of equity securities that have a readily determinable fair value 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 comprised of the SERP assets, 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 or investment 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 quarter ended June 30, 2021, 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 June 30, 2021 and December 31, 2020. Borrowings under our revolving credit facility are typically based on the quote from the lender (level 2 inputs), which approximates fair value, and bear variable interest rates as described in Note 11. 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 it will elect this option for financial instruments acquired in the future. The Company’s real estate classified as held for sale has been stated at fair value less costs. The fair value measurement was based on observable market data that includes estimated values per square foot involving comparable properties in similar locations. The non-recurring fair value measurement of both these asset categories are reflected in the table below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at June 30, 2021 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, 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 | ​ | $ | —
​

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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=117815213&loc=d3e19207-110258 + Details
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