|
3.
Disclosures about Fair Value of Financial Instruments:
The following methods and assumptions were used to estimate the fair
value of each class of financial instruments for which it is practicable to estimate that value:
|
Cash:
|
the
carrying amount equals fair value.
|
|
Interest
rate swap agreement:
|
the
fair value is estimated by obtaining quotes from brokers.
|
|
Interest
rate cap agreement:
|
the
fair value is estimated by obtaining quotes from brokers.
|
|
Long-term
debt:
|
the
fair value is estimated based on current rates offered to the Company for debt of the same
remaining maturities.
|
The estimated fair values of the Company’s financial instruments are as follows:
|
|
2000
|
1999
|
|
|
|
|
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
|
Amount
|
Value
|
Amount
|
Value
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Cash
|
$
|
167
|
$
|
167
|
$
|
28
|
$
|
28
|
|
Interest rate cap in a net asset position
|
|
24
|
|
1
|
|
43
|
|
112
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Long–term debt
|
|
68,872
|
|
65,601
|
|
69,975
|
|
64,433
|
|
Due to banks
|
|
103,800
|
|
103,800
|
|
104,500
|
|
104,500
|
|
Interest rate swap in a net liability position
|
|
--
|
|
245
|
|
--
|
|
--
|
|
