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FAIR VALUE MEASUREMENTS | 3 Months Ended
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Mar. 31, 2020
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS | 12. FAIR VALUE MEASUREMENTS The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows:
| 1. | Level 1 – Quoted market prices in active markets for identical assets or liabilities.
| 2. | Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
| 3. | Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use.
The following table summarizes the valuation of financial instruments measured at fair value on a recurring basis on the balance sheet as of March 31, 2020 and December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements at March 31, 2020 with: |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted prices in | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | active markets | ​ | other | ​ | Significant
​ | ​ | ​ | ​ | ​ | for | ​ | observable | ​ | unobservable
(in thousands) |  | Total |  | identical assets |  | inputs |  | inputs
​ | ​ | ​ | ​ | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments measured at Net Asset Value - Trading securities | ​ | $ | 5,637 | ​ | $ | — | ​ | $ | — | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements at December 31, 2019 with: | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted prices in | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | active markets | ​ | other | ​ | Significant
​ | ​ | ​ | ​ | ​ | for | ​ | observable | ​ | unobservable
(in thousands) |  | Total |  | identical assets |  | inputs |  | inputs
​ |  | ​ | ​ | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Assets: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Investments measured at Net Asset Value - Trading securities | ​ | $ | 6,716 | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ The trading securities are comprised of SERP assets, as described in Note 11, and are recorded primarily at their net cash surrender values calculated using their net asset values, which approximate fair value, as provided by the issuing insurance company. The carrying amount of other financial instruments reported in the consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short-term nature of these instruments.

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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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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