XML 28 R17.htm IDEA: XBRL DOCUMENT v3.25.3
Note 9 - Fair Value of Assets and Liabilities
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

9.

Fair Value of Assets and Liabilities:

 

During the nine months ended September 30, 2025, 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, 2025 since December 31, 2024.

 

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, 2025

 

(in thousands)

 

Level 1

  

Level 2

  

Level 3

  

Total

 

Assets:

                

Metal swaps

 $-  $2,130  $-  $2,130 

Embedded customer derivative

  -   87   -   87 

Supplemental executive retirement plan

  17,516   -   -   17,516 

Total assets at fair value

 $17,516  $2,217  $-  $19,733 
                 

Liabilities:

                

Metal swaps

 $-  $2,217  $-  $2,217 

Fixed Interest rate hedge

  -   124   -   124 

Total liabilities recorded at fair value

 $-  $2,341  $-  $2,341 

 

  

Value of Items Recorded at Fair Value

 
  

As of December 31, 2024

 

(in thousands)

 

Level 1

  

Level 2

  

Level 3

  

Total

 

Assets:

                

Metal swaps

 $-  $3,055  $-  $3,055 

Embedded customer derivative

  -   402   -   402 

Fixed interest rate hedge

  -   254   -   254 

Supplemental executive retirement plan

  15,061   -   -   15,061 

Total assets at fair value

 $15,061  $3,711  $-  $18,772 
                 

Liabilities:

                

Metal swaps

 $-  $3,457  $-  $3,457 

Total liabilities at fair value

 $-  $3,457  $-  $3,457 

 

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 $240.9 million and $272.5 million at September 30, 2025 and December 31, 2024, respectively.  Management believes that the ABL Credit Facility’s carrying value approximates its fair value due to its recent refinancing and the variable interest rate on the ABL Credit Facility.