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Note 12 - Fair Value of Assets and Liabilities | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Fair Value Disclosures [Text Block] |
12. | Fair Value of Assets and Liabilities:
The Company’s financial instruments include cash and cash equivalents, short-term trade receivables, derivative instruments, accounts payable and debt instruments. For short-term instruments, other than those required to be reported at fair value on a recurring basis and for which additional disclosures are included below, management concluded the historical carrying value is a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization. During 2023 and 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 December 31, 2023. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value as of December 31, 2023 and 2022: Metals swaps and embedded customer derivatives – Determined by using Level 2 inputs that include the price of nickel indexed to the LME. The fair value is determined based on quoted market prices and reflects the estimated amounts the Company would pay or receive to terminate the nickel swaps. Fixed rate interest rate hedge – Based on the present value of the expected future cash flows, considering the risks involved, and using discount rates appropriate for the maturity date. Market observable Level 2 inputs are used to determine the present value of future cash flows. Supplemental executive retirement plan - Determined by the Level 1 inputs that include the readily determinable and available fair value of the mutual funds that comprise the plan assets. The following tables present 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 December 31, 2023 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metal swaps |  | $ | - |  |  | $ | 4,458 |  |  | $ | - |  |  | $ | 4,458 |
Embedded customer derivatives |  | $ | - |  |  | $ | 766 |  |  | $ | - |  |  | $ | 766 |
Fixed interest rate hedge |  | $ | - |  |  | $ | 55 |  |  | $ | - |  |  | $ | 55 |
Supplemental executive retirement plan |  | $ | 11,617 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,617 |
Total assets at fair value |  | $ | 11,617 |  |  | $ | 5,279 |  |  | $ | - |  |  | $ | 16,896 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Metal swaps |  | $ | - |  |  | $ | 5,224 |  |  | $ | - |  |  | $ | 5,224 |
Total liabilities recorded at fair value |  | $ | - |  |  | $ | 5,224 |  |  | $ | - |  |  | $ | 5,224 |
|  | Value of Items Recorded at Fair Value |
|  | As of December 31, 2022 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed interest rate hedge |  | $ | - |  |  | $ | 1,748 |  |  | $ | - |  |  | $ | 1,748 |
Supplemental executive retirement plan |  | $ | 7,676 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,676 |
Total assets at fair value |  | $ | 7,676 |  |  | $ | 1,748 |  |  | $ | - |  |  | $ | 9,424 |
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 $190.2 million and $165.7 million at December 31, 2023 and 2022, 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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