XML 36 R17.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Fair Value of Financial Assets and Liabilities | 6 Months Ended
--- | ---
Jun. 30, 2018
Fair Value Disclosures [Abstract] |
Fair Value of Financial Assets and Liabilities | NOTE I – FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The Company measures and records certain assets and liabilities at fair value. A fair value hierarchy is used for those assets and liabilities measured at fair value that distinguishes between assumptions based on market data, (observable inputs), and the Company’s assumptions (unobservable inputs). The hierarchy consists of the following three levels:
Level 1 | Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets.
Level 2 | Inputs other than Level 1 inputs that are either directly or indirectly observable, which may include:
| o | Quoted prices for similar assets in active markets;
| o | Quoted prices for identical or similar assets or liabilities in inactive markets;
| o | Inputs other than quoted prices that are observable for the asset or liability; and
| o | Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 | Inputs to the valuation methodology are unobservable and developed using estimates and assumptions developed by the Company which reflect those that a market participant would use.
The following table summarizes the Company’s assets and liabilities, recorded and measured at fair value, in the consolidated balance sheets as of June 30, 2018 (there were no financial instruments measured at fair value at December 31, 2017):
Description |  | Balance as of June 30, 2018 |  |  | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 1,737 |  |  | $ | 1,737 |  |  | $ | 0 |  |  | $ | 0 |
Total Assets |  | $ | 1,737 |  |  | $ | 1,737 |  |  | $ | 0 |  |  | $ | 0 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Supplemental profit sharing plan |  |  | 4,632 |  |  |  | 0 |  |  |  | 4,632 |  |  |  | 0 |
Total Liabilities |  | $ | 4,632 |  |  | $ | 0 |  |  | $ | 4,632 |  |  | $ | 0 |
During the six months ended June 30, 2018, the Company invested $4.7 million in marketable securities, principally equity-based mutual funds, to mitigate the risk associated with the investment returns on the Company’s Supplemental Profit Sharing Plan discussed below. These marketable securities are comprised of available-for-sale securities. During the quarter ended June 30, 2018, the Company sold $3.0 million from the available-for-sale securities to fund a Corporate Owned Life Insurance Policy (“COLI”), resulting in the $1.7 million of available-for-sale securities reported. The balances are reported at fair value within Other assets on the Company’s consolidated balance sheet as of June 30, 2018. Changes in the fair value of the securities of less than $.1 million were recognized within Other income, net within the consolidated statements of income for the six-month period ended June 30, 2018. At June 30, 2018, the cash surrender value of the COLI was $3.0 million and is recorded in Other assets on the Company’s consolidated balance sheet. The Company has a non-qualified Supplemental Profit Sharing Plan for its executives. The liability for this unfunded Supplemental Profit Sharing Plan was $4.6 million and $4.8 million at June 30, 2018 and December 31, 2017, respectively, and is recorded within Other noncurrent liabilities on the Company’s consolidated balance sheets. During January 2018, the Company amended the Supplemental Profit Sharing Plan to allow the participants the ability to hypothetically invest their proportionate award into various investment options, which primarily includes mutual funds. The company then credits earnings, gains and losses to the participants’ deferred compensation account balances based on the investments selected by the participants. The Company measures the fair value of the Supplemental Profit Sharing Plan liability using the market values of the participants’ underlying investment accounts.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration