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Note D - Fair Values of Financial Instruments
6 Months Ended
Jun. 30, 2023
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 June 30, 2023, December 31, 2022 and July 9, 2022.

 

           

Fair Value Measurements Using

 

June 30, 2023

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

  $ 577     $ 577     $ --     $ --  
                                 
Financial liabilities                                

Current portion of long-term debt

  $ 7,143     $ --     $ 7,143     $ --  

Long-term debt

  $ 76,809     $ --     $ 76,809     $ --  

 

           

Fair Value Measurements Using

 

December 31, 2022

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

  $ 3,967     $ 3,967     $ --     $ --  
                                 
Financial liabilities                                

Current portion of long-term debt

  $ 7,143     $ --     $ 7,143     $ --  

Long-term debt

  $ 87,738     $ --     $ 87,738     $ --  

 

           

Fair Value Measurements Using

 

July 9, 2022

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

  $ 6,195     $ 6,195     $ --     $ --  
                                 
Financial liabilities                                

Current portion of long-term debt

  $ 7,143     $ --     $ 7,143     $ --  

Long-term debt

  $ 94,040     $ --     $ 94,040     $ --