Company: ZEUS
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014325
Chunk: 11

Company: OLYMPIC STEEL INC
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 11
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 Metal swaps  $-  $3,698  $-  $3,698 
 Embedded customer derivative   -   139   -   139 
 Supplemental executive retirement plan   14,798   -   -   14,798 
 Total assets at fair value  $14,798  $3,837  $-  $18,635 
                 
 Liabilities:                 
 Metal swaps  $-  $3,837  $-  $3,837 
 Fixed Interest rate hedge   -   27   -   27 
 Total liabilities recorded at fair value  $-  $3,864  $-  $3,864 

       Value of Items Recorded at Fair Value  
   As of December 31, 2024  
 (in thousands)   Level 1    Level 2    Level 3    Total  
 Assets:                 
 Metal swaps  $-  $3,055  $-  $3,055 
 Embedded customer derivative   -   402   -   402 
 Fixed interest rate hedge   -   254   -   254 
 Supplemental executive retirement plan   15,061   -   -   15,061 
 Total assets at fair value  $15,061  $3,711  $-  $18,772 
                 
 Liabilities:                 
 Metal swaps  $-  $3,457  $-  $3,457 
 Total liabilities at fair value  $-  $3,457  $-  $3,457 

   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 $235.4 million and $272.5 million at  March 31, 2025 and  December 31, 2024, respectively.  Management believes that the ABL Credit Facility’s carrying value approximates its fair value due to the variable interest rate on the ABL Credit Facility.

    10.  Accumulated Other Comprehensive Income: 

   On  August 15, 2024, the Company entered into a two