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Note 10 - Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 10 – Fair Value Measurements

 

The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. This accounting standard establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs that may be used to measure fair value:

 

Level 1  – The valuation is based on quoted prices in active markets for identical instruments.

Level 2 – The valuation is based on observable inputs such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model–based valuation techniques for which all significant assumptions are observable in the market.

Level 3 – The valuation is based on unobservable inputs that are supported by minimal or no market activity and that are significant to the fair value of the instrument. Level 3 valuations are typically performed using pricing models, discounted cash flow methodologies, or similar techniques that incorporate management’s own estimates of assumptions that market participants would use in pricing the instrument, or valuations that require significant management judgment or estimation.

 

A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

 

The following table summarizes fair value measurements by level at September 30, 2025 and December 31, 2024 for assets and liabilities measured at fair value on a recurring basis (in thousands):

 

  

Fair Value Measurements Using

 

September 30, 2025

 

Fair

Value

  

Quoted

Prices in

Active
Markets

For Identical

Assets

(Level 1)

  

Significant

Other

Observable

Inputs

(Level 2)

  

Significant

Unobservable

Inputs

(Level 3)

 

Cash and cash equivalents

 $130,629  $130,629  $–  $– 

Restricted cash and cash equivalents

  20,905   20,905   –   – 

Marketable equity securities

  184,236   184,236   –   – 

Corporate debt securities

  63,095   34,482   28,613   – 

Asset–backed securities

  12,942   –   12,942   – 

U.S. Treasury securities

  43,771   43,771   –   – 

State and municipal securities

  3,104   796   2,308   – 

Total financial assets

 $458,682  $414,819  $43,863  $– 

 

  

Fair Value Measurements Using

 

December 31, 2024

 

Fair

Value

  

Quoted

Prices in

Active

Markets

For Identical

Assets

(Level 1)

  

Significant

Other

Observable

Inputs

(Level 2)

  

Significant

Unobservable

Inputs

(Level 3)

 

Cash and cash equivalents

 $76,121  $76,121  $–  $– 

Restricted cash and cash equivalents

  20,801   20,801   –   – 

Marketable equity securities

  163,254   163,254   –   – 

Corporate debt securities

  57,471   43,656   13,815   – 

Asset–backed securities

  14,410   –   14,410   – 

U.S. Treasury securities

  44,186   44,186   –   – 

State and municipal securities

  3,737   806   2,931   – 

Total financial assets

 $379,980  $348,824  $31,156  $–