Fair Value Disclosures [Text Block] |
4. FAIR VALUE MEASUREMENTS
The following table details the fair value of the financial assets measured on a recurring basis (in thousands):
| | December 31, 2022 | |
| | Total | | | Level 1 | | | Level 2 | | | Level 3 | |
Money market funds | | $ | 15,462 | | | $ | 15,462 | | | $ | - | | | $ | - | |
Certificates of deposit | | | 130,467 | | | | - | | | | 130,467 | | | | - | |
Corporate debt securities | | | 292,586 | | | | - | | | | 292,586 | | | | - | |
Commercial paper | | | 17,928 | | | | - | | | | 17,928 | | | | - | |
U.S. treasuries and government agency bonds | | | 8,285 | | | | - | | | | 8,285 | | | | - | |
Auction-rate securities backed by student-loan notes | | | 1,711 | | | | - | | | | - | | | | 1,711 | |
Mutual funds and money market funds under deferred compensation plan | | | 43,933 | | | | 43,933 | | | | - | | | | - | |
Total | | $ | 510,372 | | | $ | 59,395 | | | $ | 449,266 | | | $ | 1,711 | |
| | December 31, 2021 | |
| | Total | | | Level 1 | | | Level 2 | | | Level 3 | |
Money market funds | | $ | 14,328 | | | $ | 14,328 | | | $ | - | | | $ | - | |
Certificates of deposit | | | 141,478 | | | | - | | | | 141,478 | | | | - | |
Corporate debt securities | | | 386,883 | | | | - | | | | 386,883 | | | | - | |
U.S. treasuries and government agency bonds | | | 7,456 | | | | - | | | | 7,456 | | | | - | |
Auction-rate securities backed by student-loan notes | | | 2,401 | | | | - | | | | - | | | | 2,401 | |
Mutual funds and money market funds under deferred compensation plan | | | 31,786 | | | | 31,786 | | | | - | | | | - | |
Total | | $ | 584,332 | | | $ | 46,114 | | | $ | 535,817 | | | $ | 2,401 | |
● | Level 1 —includes instruments with quoted prices in active markets for identical assets. |
● | Level 2 —includes instruments for which the valuations are based upon quoted market prices in active markets involving similar assets or inputs other than quoted prices that are observable for the assets. The market inputs used to value these instruments generally consist of market yields, recently executed transactions, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Pricing sources may include industry standard data providers, security master files from large financial institutions, and other third-party sources used to determine a daily market value. |
● | Level 3 —includes instruments for which the valuations are based on inputs that are unobservable and significant to the overall fair value measurement. |
Redemptions and changes in the fair value of the auction-rate securities classified as Level 3 assets were not material for the periods presented.
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