The Company has cash equivalents and investments which are held at fair value as follows:


			Fair Value Measurements as of March 31, 2025 Using
(In thousands)	Fair Value		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents
Money market funds	$	5,539	$	5,539	$	—	$	—
Marketable equity securities
Marketable equity securities – various industries		970		970		—		—
Deferred compensation plan assets		29,003		29,003		—		—
Total	$	35,512	$	35,512	$	—	$	—


			Fair Value Measurements as of December 31, 2024 Using
(In thousands)	Fair Value		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents
Money market funds	$	5,538	$	5,538	$	—	$	—
Marketable equity securities
Marketable equity securities – various industries		1,068		1,068		—		—
Deferred compensation plan assets		30,991		30,991		—		—
Total	$	37,597	$	37,597	$	—	$	—

Market prices are obtained from a variety of industry standard data providers, large financial institutions and other third-party sources. These multiple market prices are used as inputs into a distribution-curve-based algorithm to determine the daily market value of each security.

U.S. GAAP establishes a three-level valuation hierarchy based upon observable and unobservable inputs for fair value measurement of financial instruments:

• Level 1 – Observable outputs; values based on unadjusted quoted prices for identical assets or liabilities in an active market;

• Level 2 – Significant inputs that are observable; values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly and

• Level 3 – Significant unobservable inputs; values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs could include information supplied by investees.