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FINANCIAL INSTRUMENTS
3 Months Ended
Mar. 31, 2022
Investments, All Other Investments [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
Certain financial assets and liabilities are accounted for at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs used to measure fair value:
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant.
The following tables present the Company’s cash and financial assets that are measured at fair value on a recurring basis for each of the hierarchy levels (in thousands):
March 31, 2022
CostUnrealized GainsAccrued InterestEstimated Fair
Value
Cash & Cash
Equivalents
Investment
Securities
Cash$107,342 $— $— $107,342 $107,342 $— 
Level 1:
Money market accounts10,661 — — 10,661 10,661 — 
Government & agency securities1,401 1,414 — 1,414 
12,062 12,075 10,661 1,414 
Level 2:
Municipal bonds2,625 16 2,643 — 2,643 
Total$122,029 $$24 $122,060 $118,003 $4,057 
December 31, 2021
CostUnrealized GainsAccrued InterestEstimated Fair
Value
Cash & Cash
Equivalents
Investment
Securities
Cash$94,824 $— $— $94,824 $94,824 $— 
Level 1:
Money market accounts9,359 — — 9,359 9,359 — 
Government & agency securities1,401 12 — 1,413 — 1,413 
10,760 12 — 10,772 9,359 1,413 
Level 2:
Municipal bonds3,880 59 3,948 — 3,948 
Total$109,464 $21 $59 $109,544 $104,183 $5,361 
The Company had no realized losses or gains for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the maturities of the Company’s investment securities were less than one year for all the municipal bonds, and government and agency securities.