v3.26.1
Note D - Fair Values of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note D – Fair Values of Financial Instruments

 

Accounting Standard Codification (“ASC”) 820, “Fair Value Measurement and Disclosures,” outlines a valuation framework and creates a fair value hierarchy for assets and liabilities as follows:

 

 

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Level 1: Observable inputs such as quoted prices in active markets;
 

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Level 2: Inputs other than quoted prices in active markets that are either directly or indirectly observable; and
 

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Level 3: Unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.

 

Due to their short-term nature, the fair value of cash and cash equivalents, accounts receivable, accounts payable and certain other liabilities approximated their carrying values at March 31, 2026, December 31, 2025 and March 31, 2025. The Company believes the carrying value of borrowings under our senior secured revolving credit facility, due to variable rate interest, adequately reflects the fair value of these instruments.

 

The Company discloses the fair value of its term loan using Level 2 inputs, which are estimated using treasury rates for a similar instrument, as follows:

 

   

March 31, 2026

    

December 31, 2025

    

March 31, 2025

  

In thousands

  

Carrying

Value

    

Fair Value

    

Carrying

Value

    

Fair Value

    

Carrying

Value

    

Fair Value

  
                                                 

Term Loan Facility

   $ 16,667     $ 16,105     $ 18,452     $ 17,689     $ 23,810     $ 22,197