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Note 10 - Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]

10.

Accumulated Other Comprehensive Income:

 

On  August 15, 2024, the Company entered into a two-year forward starting fixed rate interest rate hedge in order to eliminate the variability of cash interest payments on $75 million of the outstanding SOFR based borrowings under the ABL Credit Facility. The interest rate hedge fixed the rate at 3.82%. The fair value of the interest rate hedge of $0.5 million, net of tax of $0.1 million, is included in "Accumulated other comprehensive income" on the Consolidated Balance Sheets at  September 30, 2024. 

 

On January 10, 2019, the Company entered into a five-year forward starting fixed rate interest rate hedge in order to eliminate the variability of cash interest payments on $75 million of the outstanding LIBOR based borrowings under the ABL Credit Facility. On January 3, 2023, the Company amended the interest rate hedge agreement to use SOFR as the reference rate and updated the fixed rate to 2.42% from 2.57%. The interest rate hedge agreement ended on January 10, 2024.