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Note 10 - Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

(10)

FAIR VALUE MEASUREMENTS

Other Financial Instruments

Our primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio. In the second quarter of 2022, we agreed with PEMEX, the Mexican national oil company, to exchange $8.6 million in accounts receivable for an equal face amount of seven-year 8.75% PEMEX corporate bonds (PEMEX Note). In 2024, $2.2 million of the PEMEX Note were sold for approximately $2.2 million. The PEMEX Notes are classified as “available for sale.” For the three and nine months ended September 30, 2024, we recorded $0.1 and $0.3 million, respectively, in mark-to-market gains in other comprehensive income, valuing the PEMEX Notes at $6.4 million in our consolidated balance sheet, which is both its amortized cost and approximate fair value, as of September 30, 2024. The PEMEX Notes mark-to-market valuations are considered to be Level 2.