Note 3 - Fair Value Measurements |
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Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, is as follows:
We measure the following financial assets at fair value on a recurring basis. The fair values of these financial assets at December 31, 2016 and 2015, respectively, were as follows (in thousands):
There were no significant transfers between level 1 and level 2 investments during the years ended December 31, 2016 and December 31, 2015. As of December 31, 2016, short-term investments included $37.7 million of available-for-sale securities with contractual maturities of one year or less. As of December 31, 2015, we had cash equivalents consisting of $1.0 million of available-for-sale securities with contractual maturities of less than three months and short-term investments consisting of $56.0 million of available-for-sale securities with contractual maturities of one year or less. The money market funds as of December 31, 2016 and 2015 are included in cash and cash equivalents on the consolidated balance sheet.A company may elect to use fair value to measure accounts and loans receivable, available-for-sale and held-to-maturity securities, equity method investments, accounts payable, guarantees and issued debt. Other eligible items include firm commitments for financial instruments that otherwise would not be recognized at inception and non-cash warranty obligations where a warrantor is permitted to pay a third party to provide the warranty goods or services. If the use of fair value is elected, any upfront costs and fees related to the item such as debt issuance costs must be recognized in earnings and cannot be deferred. The fair value election is irrevocable and generally made on an instrument-by-instrument basis, even if a company has similar instruments that it elects not to measure based on fair value. Unrealized gains and losses on existing items for which fair value has been elected are reported as a cumulative adjustment to beginning retained earnings and any changes in fair value are recognized in earnings. We have elected to not apply the fair value option to our financial assets and liabilities.We consider the carrying amount of cash and cash equivalents, receivables, inventory, prepaid expenses and other current assets, accounts payable and accrued liabilities to be representative of their respective fair values because of the short-term nature of those instruments. Unrealized gains and losses associated with our investments are reported in accumulated other comprehensive loss. For the year ended December 31, 2016, we recorded $23,000 in net unrealized gains associated with our short-term investments. For the year ended December 31, 2015, we recorded $40,000 in net unrealized losses associated with our short-term investments. Realized gains and losses associated with our investments, if any, are reported in the statement of comprehensive loss. There were no December 31, 2016 and 2015. |