Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.22.2.2
Fair Value Measurements
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
 
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values of each financial instrument. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories:
 
Level 1: Quoted market prices in active markets for identical assets or liabilities.
 
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
 
Level 3: Unobservable inputs that are not corroborated by market data.
 
The following table presents our hierarchy for our assets, measured at fair value on a recurring basis, as of September 30, 2022 (dollar amounts in thousands):
 
  Level 1 Level 2 Level 3  
  Quoted Prices
in Active
Markets for
Identical Assets		 Significant
Other
Observable
Inputs		 Significant
Unobservable
Inputs		 Total
Investment securities - trading $ 692  $ —  $ —  $ 692 
Total assets measured at fair value on a recurring basis $ 692  $ —  $ —  $ 692 
 
The following table presents our hierarchy for our assets, measured at fair value on a recurring basis, as of December 31, 2021 (dollar amounts in thousands):
  Level 1 Level 2 Level 3  
  Quoted Prices
in Active
Markets for
Identical Assets		 Significant
Other
Observable
Inputs		 Significant
Unobservable
Inputs		 Total
Investment securities - trading $ 964  $ —  $ —  $ 964 
Total assets measured at fair value on a recurring basis $ 964  $ —  $ —  $ 964 
 
Investment securities - trading — Our trading portfolio consists of various marketable securities that are valued using quoted prices in active markets.
 
For the nine months ended September 30, 2022 and for the year ended December 31, 2021, there were no fair value measurements using significant other observable inputs (Level 2) or significant unobservable inputs (Level 3).
 
The carrying amounts reflected on the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to their short-term nature. The carrying value of our debt approximates fair value due to its recent acquisition and short maturity. During the nine months ended September 30, 2022 and 2021, we did not have any re-measurements of non-financial assets at fair value on a nonrecurring basis subsequent to their initial recognition.