XML 21 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Note D - Fair Values of Financial Instruments
9 Months Ended
Oct. 02, 2021
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note D – Fair Values of Financial Instruments


 

The following methods were used to estimate the fair value of all financial instruments recognized in the accompanying balance sheets at amounts other than fair values.

 

Cash and Cash Equivalents

 

Fair values of cash and cash equivalents approximate cost due to the short period of time to maturity.

 

Long-term Debt

 

Fair values of long-term debt is estimated based on borrowing rates currently available to the Company for bank loans with similar terms and maturities and determined through the use of a discounted cash flow model.

 

The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall in accordance with FASB ASC 825 at October 2, 2021, December 26, 2020 and October 3, 2020.

 

      

Fair Value Measurements Using

 

October 2, 2021

In thousands

 

Carrying

Amount

  

Quoted Prices in

Active Markets

for Identical

Assets (Level 1)

  

Significant Other

Observable Inputs

(Level 2)

  

Significant

Unobservable

Inputs

(Level 3)

 

Financial assets

                

Cash and cash equivalents

 $6,492  $6,492  $--  $-- 
                 

Financial liabilities

                

Current portion of long-term debt

 $7,143  $--  $7,143  $-- 

Long-term debt

 $51,874  $--  $51,874  $-- 

 

      

Fair Value Measurements Using

 

December 26, 2020

In thousands

 

Carrying

Amount

  

Quoted Prices in

Active Markets

for Identical

Assets (Level 1)

  

Significant Other

Observable Inputs

(Level 2)

  

Significant

Unobservable

Inputs

(Level 3)

 

Financial assets

                

Cash and cash equivalents

 $3,505  $3,505  $--  $-- 
                 

Financial liabilities

                

Long-term debt

 $30,073  $--  $30,073  $-- 

 

      

Fair Value Measurements Using

 

October 3, 2020

In thousands

 

Carrying

Amount

  

Quoted Prices in

Active Markets

for Identical

Assets (Level 1)

  

Significant Other

Observable Inputs

(Level 2)

  

Significant

Unobservable

Inputs

(Level 3)

 

Financial assets

                

Cash and cash equivalents

 $6,811  $6,811  $--  $--