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Note 10 - Fair Value Measurements
9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

10. FAIR VALUE MEASUREMENTS

 

The following tables summarize the fair value of the financial assets measured on a recurring basis (in thousands): 

 

   

September 30, 2022

 
   

Total

   

Level 1

   

Level 2

   

Level 3

 

Money market funds

  $ 71,159     $ 71,159     $ -     $ -  

Certificates of deposit

    126,532       -       126,532       -  

Corporate debt securities

    286,065       -       286,065       -  

U.S. treasuries and government agency bonds

    7,240       -       7,240       -  

Auction-rate securities backed by student-loan notes

    2,083       -       -       2,083  

Mutual funds and money market funds under deferred compensation plan

    29,140       29,140       -       -  

Total

  $ 522,219     $ 100,299     $ 419,837     $ 2,083  

 

 

   

December 31, 2021

 
   

Total

   

Level 1

   

Level 2

   

Level 3

 

Money market funds

  $ 14,328     $ 14,328     $ -     $ -  

Certificates of deposit

    141,478       -       141,478       -  

Corporate debt securities

    386,883       -       386,883       -  

U.S. treasuries and government agency bonds

    7,456       -       7,456       -  

Auction-rate securities backed by student-loan notes

    2,401       -       -       2,401  

Mutual funds and money market funds under deferred compensation plan

    31,786       31,786       -       -  

Total

  $ 584,332     $ 46,114     $ 535,817     $ 2,401  

 

 


Level 1 —includes instruments with quoted prices in active markets for identical assets.

Level 2 —includes instruments for which the valuations are based upon quoted market prices in active markets involving similar assets or inputs other than quoted prices that are observable for the assets. The market inputs used to value these instruments generally consist of market yields, recently executed transactions, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Pricing sources  may include industry standard data providers, security master files from large financial institutions, and other third-party sources used to determine a daily market value.

Level 3 —includes instruments for which the valuations are based on inputs that are unobservable and significant to the overall fair value measurement.

 

Redemptions and changes in the fair value of the auction-rate securities classified as Level 3 assets were not material for the periods presented.