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Note 9 - Fair Value of Assets and Liabilities
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

9.

Fair Value of Assets and Liabilities:

 

During the nine months ended September 30, 2024, 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 as of  September 30, 2024 since December 31, 2023.

 

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, 2024

 

(in thousands)

 

Level 1

  

Level 2

  

Level 3

  

Total

 

Assets:

                

Metal swaps

 $-  $5,376  $-  $5,376 

Supplemental executive retirement plan

  14,814   -   -   14,814 

Total assets at fair value

 $14,814  $5,376  $-  $20,190 
                 

Liabilities:

                

Metal swaps

 $-  $5,308  $-  $5,308 

Embedded customer derivative

  -   68   -   68 

Fixed Interest rate hedge

  -   544   -   544 

Total liabilities recorded at fair value

 $-  $5,920  $-  $5,920 

 

  

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 derivative

  -   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 at fair value

 $-  $5,224  $-  $5,224 

 

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 $197.3 million and $190.2 million at September 30, 2024 and December 31, 2023, 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.