Note 9 - Fair Value of Assets and Liabilities

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

9. Fair Value of Assets and Liabilities :

During the

three

months ended

March 31, 2020,

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 at

March 31, 2020

since

December 

31,

2019.

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 March 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Embedded customer derivative	$	-	$	59	$	-	$	59
Total assets at fair value	$	-	$	59	$	-	$	59
Liabilities:
Metal Swaps	$	-	$	59	$	-	$	59
Fixed interest rate hedge				6,439				6,439
Total liabilities recorded at fair value	$	-	$	6,498	$	-	$	6,498

	Value of Items Recorded at Fair Value
	As of December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Embedded customer derivatives	$	-	$	4	$	-	$	4
Total assets at fair value	$	-	$	4	$	-	$	4
Liabilities:
Metal swaps	$	-	$	4	$	-	$	4
Fixed interest rate hedge		-		3,042		-		3,042
Total liabilities recorded at fair value	$	-	$	3,046	$	-	$	3,046

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

$209.1

million and

$192.9

million at

March 31, 2020

and

December 31, 2019,

respectively. Management believes that its carrying value approximates fair value.