Note 11 - Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

11. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

The Company has estimated the fair value of its financial assets by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

● 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.

Financial Assets Measured at Fair Value on a Recurring Basis

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

	June 30, 2024
	Total		Level 1		Level 2		Level 3
Money market funds	$	192,732	$	192,732	$	-	$	-
Certificates of deposit		165,120		-		165,120		-
Corporate debt securities		22,729		-		22,729		-
U.S. treasuries and government agency bonds		568,921		-		568,921		-
Auction-rate securities backed by student-loan notes		345		-		-		345
Mutual funds and money market funds under deferred compensation plan		58,928		58,928		-		-
Total	$	1,008,775	$	251,660	$	756,770	$	345

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Money market funds	$	135,514	$	135,514	$	-	$	-
Certificates of deposit		127,123		-		127,123		-
Corporate debt securities		95,101		-		95,101		-
U.S. treasuries and government agency bonds		358,409		-		358,409		-
Auction-rate securities backed by student-loan notes		567		-		-		567
Mutual funds and money market funds under deferred compensation plan		54,836		54,836		-		-
Total	$	771,550	$	190,350	$	580,633	$	567

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