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 were as follows (in thousands):
There were no significant transfers between Level 1 and 2 investments during the years ended December 31, 2017 and December 31, 2016. As of December 31, 2017, cash equivalents included $49.4 million of available-for-sale securities with contractual maturities of three months or less, and short-term investments included $27.8 million of available-for-sale securities with contractual maturities of three months to one year. As of December 31, 2016, we had short-term investments consisting of $37.7 million of available-for-sale securities with contractual maturities of three months to one year. The money market funds as of December 31, 2017 and 2016 are included in cash and cash equivalents on the consolidated balance sheets.Unrealized gains and losses associated with our investments are reported in accumulated other comprehensive loss. For the years ended December 31, 2017 and 2016, we recorded $7,000 and $23,000, respectively, 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 statements of operations and comprehensive loss. There were no December 31, 2017, 2016 and 2015. |