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Note 10 - Fair Value Measurements
6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

10. FAIR VALUE MEASUREMENTS

 

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

 

   

June 30, 2023

 
   

Total

   

Level 1

   

Level 2

   

Level 3

 

Money market funds

  $ 47,814     $ 47,814     $ -     $ -  

Certificates of deposit

    124,043       -       124,043       -  

Corporate debt securities

    183,695       -       183,695       -  

Commercial paper

    11,376       -       11,376        

U.S. treasuries and government agency bonds

    114,413       -       114,413       -  

Auction-rate securities backed by student-loan notes

    649       -       -       649  

Mutual funds and money market funds under deferred compensation plan

    49,578       49,578       -       -  

Total

  $ 531,568     $ 97,392     $ 433,527     $ 649  

 

 

   

December 31, 2022

 
   

Total

   

Level 1

   

Level 2

   

Level 3

 

Money market funds

  $ 15,462     $ 15,462     $ -     $ -  

Certificates of deposit

    130,467       -       130,467       -  

Corporate debt securities

    292,586       -       292,586       -  

Commercial paper

    17,928       -       17,928       -  

U.S. treasuries and government agency bonds

    8,285       -       8,285       -  

Auction-rate securities backed by student-loan notes

    1,711       -       -       1,711  

Mutual funds and money market funds under deferred compensation plan

    43,933       43,933       -       -  

Total

  $ 510,372     $ 59,395     $ 449,266     $ 1,711  

 


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.