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Note 16 - Fair Value Measurements
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
16.
Fair Value Measurements
 
Fair value measurement is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is established, which prioritizes the inputs used in measuring fair value into
three
broad levels as follows:
 
Level
1—Quoted
prices in active markets for identical assets or liabilities.
Level
2—Inputs,
other than the quoted prices in active markets, that are observable either directly or indirectly.
Level
3—Unobservable
inputs based on the Company’s own assumptions.
 
The following tables present the fair value hierarchy for those assets or liabilities measured at fair value on a recurring basis:
 
    Fair Value as of December 31, 2019
(In thousands)   Level 1   Level 2   Level 3   Total
Assets (Liabilities):                                
Interest rate swap agreements   $
-
     $
(603
 )   $
-
     $
(603
 )
 
    Fair Value as of December 31, 2018
(In thousands)   Level 1   Level 2   Level 3   Total
Assets (Liabilities):                                
Interest rate swap agreements   $
-
     $
(170
 )   $
-
     $
(170
 )
 
The Company uses the market approach technique to value its financial liabilities. The Company’s financial assets and liabilities carried at fair value include derivative instruments used to hedge the Company’s interest rate risks. The fair value of the Company’s interest rate swap agreements was based on LIBOR yield curves at the reporting date.