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Investments
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments
Investments consist of the following:
September 30, 2024December 31, 2023
Cost method investments$22,245 $21,044 
Equity method investments2,479 2,436 
Total investments$24,724 $23,480 
Cost Method Investments
The Company invests in technology development companies, generally in the form of equity interests or convertible notes. In March 2023, the Company acquired an equity interest in Worldsensing, a leading global connectivity hardware platform company for infrastructure monitoring, via contribution of its sensemetrics’ Thread connectivity device business (the “Thread business”) and cash. The non‑cash contribution of the Thread business resulted in an insignificant gain, which was recorded in Other (expense) income, net in the consolidated statements of operations for the nine months ended September 30, 2023.
During the second quarter of 2023, the Company recognized impairment charges of $7,318 to write-down certain cost method investments to their fair value primarily as a result of the investees’ decline in operating performance and the overall decline in the venture investment valuation environment. The impairment charges were recorded in Other (expense) income, net in the consolidated statements of operations for the nine months ended September 30, 2023 (see Note 20).
During the third quarter of 2023, the Company recognized gains on investments of $2,360, which was recorded in Other (expense) income, net in the consolidated statements of operations for the three and nine months ended September 30, 2023 (see Note 20).
During the nine months ended September 30, 2024, the Company invested a total of $807. During the nine months ended September 30, 2023, the Company invested a total of $12,591, including $8,928 of cash and non-cash for its investment in Worldsensing. As of September 30, 2024 and December 31, 2023, the Company’s investment balance in Worldsensing was $8,928.
During the second quarter of 2024, the Company acquired a business from Teralytics Holdings AG (“Teralytics”) for $5,000. As of September 30, 2024, the Company retained its ownership percentage in Teralytics. The carrying value of Teralytics was zero as of September 30, 2024 and December 31, 2023.
Equity Method Investments
The Company is party to joint ventures, which are accounted for using the equity method. No investments were made during the nine months ended September 30, 2024. During the nine months ended September 30, 2023, the Company invested $2,261.