Note 2 - Summary of Significant Accounting Policies - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Disclosure of Long-term Debt (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Steel hedging instrument (d)

$ 517

$ 1,732

Steel Hedging Instrument [Member]

Steel hedging instrument (d)

Fair Value, Recurring [Member]

Non-qualified benefit plan assets (a)

^[1]

12,038

10,482

Total Assets

12,786

12,822

Long-term debt (c)

^[2]

144,018

147,526

Total Liabilities

144,018

147,580

Fair Value, Recurring [Member] | Interest Rate Swap [Member]

Interest rate swaps,assets (b)

^[3]

698

2,340

Fair Value, Recurring [Member] | Steel Hedging Instrument [Member]

Steel hedging instrument (d)

^[4]

Steel hedging instrument (d)

$ 0

$ 54

[1]	Included in Non-qualified benefit plan assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amounts of these insurance policies approximates their fair value and is considered a Level 2 input. The Company had outstanding loans of $427 and $546 against these Non-qualified benefit plan assets as of December 31, 2025 and December 31, 2024, respectively, included in Other long-term liabilities on the Consolidated Balance Sheets.
[2]	The fair value of the Company’s long-term debt, including current maturities, approximates its carrying value and is considered a Level 2 input. Long-term debt is recorded at carrying amount, net of discount and deferred debt issuance costs, as disclosed on the face of the balance sheet.
[3]	Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g., interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made on each swap using observable market credit spreads. Thus, inputs used to determine fair value of the interest rate swap are Level 2 inputs. Interest rate swaps of $461 and $237 at December 31, 2025 are included in Prepaid and other current assets and Other long-term assets, respectively. Interest rate swaps of $1,712 and $628 at December 31, 2024 are included in Prepaid and other current assets and Other long-term assets, respectively.
[4]	Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g., market prices). Model inputs are changed only when corroborated by market data. Thus, inputs used to determine fair value of the commodity hedging instrument are Level 2 inputs. Steel hedging instruments of $50 at December 31, 2025 are included in Prepaid and other current assets. Steel hedging instruments of $54 at December 31, 2024 are included in Accrued expenses and other current liabilities.

DOUGLAS DYNAMICS, INC 10-K