For assets and liabilities measured at fair value on a recurring basis, the fair value measure-
ment by levels within the fair value hierarchy used as of December 31, 2021 and 2020 were
as follows:
December 31, 2021
(in thousands) Total Level 1 Level 2 Level 3
Liabilities:
Interest rate swap S$ (290) S$ - § (290) S$ -
December 31, 2020
(in thousands) Total Level 1 Level 2 Level 3
Liabilities:
Interest rate swap $ (460) S$ - S (460) S$ -
The carrying value of certain financial instruments included in the accompanying Consoli-
dated Balance Sheets, along with the related fair value, as of December 31, 2021 and 2020
was as follows:
2021 2020
Carrying Fair Carrying Fair
(in thousands) Value Value Value Value
Liabilities:
Interest rate swap liability $ (290) $ (290) $ (460) $ (460)
The fair market value of the interest rate swap represents the estimated cost to terminate
this agreement as of December 31, 2021 and 2020 based upon the then-current interest rates
and the related credit risk.
The carrying values of our cash and cash equivalents, restricted cash, accounts receivable and
accounts payable approximate their fair values because of their short-term maturity dates.
The carrying value of CIAC approximates its fair value because it is expected that this is the
amount that will be recovered in future rates. The carrying values of lines of credit and long-
term debt approximate fair value, as interest rates approximate market rates.
Revenue from Contracts with Customers — Non-Regulated Entities
Revenue is recognized when control of the promised goods or services is transferred to
customers, in an amount that reflects the consideration we expect to be entitled to in
exchange for those goods or services.
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