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Note 9 - Fair Value of Assets and Liabilities | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Fair Value Disclosures [Text Block] |
9. | Fair Value of Assets and Liabilities:
During the nine months ended September 30, 2022, there were no transfers of financial assets between Levels 1, 2 or 3 fair value measurements. There have been no changes in the methodologies used at September 30, 2022 since December 31, 2021. The following table presents information about the Company’s assets and liabilities that were measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company:
|  | Value of Items Recorded at Fair Value |
|  | As of September 30, 2022 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metal Swaps |  | $ | - |  |  | $ | 1,501 |  |  | $ | - |  |  | $ | 1,501 |
Embedded customer derivative |  |  | - |  |  |  | 295 |  |  |  | - |  |  |  | 295 |
Fixed interest rate hedge |  |  | - |  |  |  | 1,675 |  |  |  | - |  |  |  | 1,675 |
Total assets at fair value |  | $ | - |  |  | $ | 3,471 |  |  | $ | - |  |  | $ | 3,471 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metal Swaps |  | $ | - |  |  | $ | 1,796 |  |  | $ | - |  |  | $ | 1,796 |
Total liabilities recorded at fair value |  | $ | - |  |  | $ | 1,796 |  |  | $ | - |  |  | $ | 1,796 |
|  | Value of Items Recorded at Fair Value |
|  | As of December 31, 2021 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metal swaps |  | $ | - |  |  | $ | 2,286 |  |  | $ | - |  |  | $ | 2,286 |
Total assets at fair value |  | $ | - |  |  | $ | 2,286 |  |  | $ | - |  |  | $ | 2,286 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metal swaps |  | $ | - |  |  | $ | 2,178 |  |  | $ | - |  |  | $ | 2,178 |
Embedded customer derivatives |  |  | - |  |  |  | 108 |  |  |  | - |  |  |  | 108 |
Fixed interest rate hedge |  |  | - |  |  |  | 2,661 |  |  |  | - |  |  |  | 2,661 |
Total liabilities recorded at fair value |  | $ | - |  |  | $ | 4,947 |  |  | $ | - |  |  | $ | 4,947 |
The value of the items not recorded at fair value represent the carrying value of the liabilities. The carrying value of the ABL Credit Facility was $244.2 million and $327.8 million at September 30, 2022 and December 31, 2021, respectively. Management believes that the ABL Credit Facility’s carrying value approximates its fair value due to the variable interest rate on the ABL Credit Facility.

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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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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