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Note 2 - Fair Value of Financial Instruments
3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

2. Fair Value of Financial Instruments

 

The estimated fair values of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable and other accrued liabilities, approximate their carrying values due to the short-term nature of these instruments. The Company’s marketable securities are classified as available-for-sale and are reported at fair value. Unrealized holding gains and losses are excluded from earnings and are reported net of tax in “accumulated other comprehensive income (loss)” in the Consolidated Balance Sheets until realized. Realized gains and losses are included in “other income (loss), net” in the Consolidated Statements of Operations and are derived using the specific identification method for determining the cost of marketable securities sold.

  

The Companys fair value hierarchy for its cash equivalents and marketable securities was as follows:

 

March 31, 2024

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Money market securities

  $ 5,081     $     $     $ 5,081  

Commercial Paper

          22,222             22,222  

U.S. Treasuries

          14,362             14,362  

Federal agency notes

          5,752             5,752  

Total

  $ 5,081     $ 42,336     $     $ 47,417  

 

December 31, 2023

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Money market securities

  $ 1,515     $     $     $ 1,515  

Commercial Paper

          14,622             14,622  

U.S. Treasuries

          5,953             5,953  

Federal agency notes

          998             998  

Total

  $ 1,515     $ 21,573     $     $ 23,088  

 

The fair value maturities of the Company’s cash equivalents and marketable securities as of March 31, 2024, were as follows:

 

   

Maturities by Period

 
           

Less than

   

1-5

   

5-10

   

More than

 
   

Total

   

1 year

   

years

   

years

   

10 years

 

Cash equivalents and marketable securities

  $ 47,417     $ 47,417     $     $     $  

 

The Company considers all highly liquid marketable securities with original maturities of 90 days or less at the date of acquisition to be cash equivalents. Cash equivalents include commercial paper, U.S. Treasuries, federal agency notes, and money market securities totaling $34,906 and $17,362 at  March 31, 2024 and December 31, 2023, respectively. Cash equivalents are carried at either cost or fair value, depending on the type of security.