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Note 10 - Fair Value Measurements

3 Months Ended

Mar. 31, 2025

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). We sold $0.6 million of the PEMEX Notes during the first quarter of 2025 and $8.0 million of the PEMEX Notes during 2024 for their approximate book value. The PEMEX Notes are classified as “available for sale.” As of March 31, 2025, the PEMEX Notes were valued at $0.1 million in our consolidated balance sheet, which is both its amortized cost and approximate fair value (Level 2).