Note 8 - Marketable Securities

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Investment [Text Block]

Note 8 – Marketable Securities

The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of  September 30, 2022 and December 31, 2021:

	September 30, 2022
(in thousands)	Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. municipal securities	$	17,991	$	-	$	(494	)	$	17,497
Corporate debt securities		9,602		-		(259	)		9,343
U.S. government agency securities		25,780		-		(787	)		24,993
Certificates of deposit/time deposits		1,189		-		(11	)		1,178
Commercial paper		1,500		-		(1	)		1,499
Total marketable securities	$	56,062	$	-	$	(1,552	)	$	54,510

	December 31, 2021
(in thousands)	Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. municipal securities	$	12,549	$	-	$	(70	)	$	12,479
Corporate debt securities		9,303		-		(44	)		9,259
U.S. government agency securities		2,500		-		(12	)		2,488
Certificates of deposit/time deposits		1,687		7		-			1,694
Commercial paper		-		-		-			-
Total marketable securities	$	26,039	$	7	$	(126	)	$	25,920

Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.

The  September 30, 2022 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

	September 30,
(in thousands)	2022
Due in one year or less	$	25,253
Due after one year through five years		29,257
Total marketable securities	$	54,510