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Fair Value Measures and Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

As of March 31, 2023, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):

			Level 1			Level 2			Level 3			Investments Measured at Net Asset Value			Total
			(in thousands)
Assets:
Available for sale securities (short-term) (a)			1,653			—			—			—			1,653
Available for sale investments (long-term) (b)			—			—			—			32,052			32,052
Total assets			$	1,653		$	—		$	—		$	32,052		$	33,705
Liabilities:
Derivative instruments (c)			—			7,485			—			—			7,485
Total Liabilities			$	—		$	7,485		$	—		$	—		$	7,485

As of December 31, 2022, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):

			Level 1			Level 2			Level 3			Investments Measured at Net Asset Value			Total
			(in thousands)
Assets:
Available for sale securities (short-term) (a)			1,713			—			—			—			1,713
Available for sale investments (long-term) (b)			—			—			—			32,631			32,631
Derivative instruments (c)			—			12			—			—			12
Total assets			$	1,713		$	12		$	—		$	32,631		$	34,356
Liabilities:
Derivative instruments (c)			—			3,670			—			—			3,670
Total Liabilities			$	—		$	3,670		$	—		$	—		$	3,670

(a) Represents the fair value of investments in highly liquid investments with maturities of greater than three months and a minimum "A-" rated fixed term deposits and are based on quoted market prices.

(b) To determine the classification of its interests in long-term investments, the Company considered the nature of its investment, the extent of influence over operating and financial decisions and the availability of readily determinable fair values. The Company determined that the interests in funds meet the definition of equity securities without readily determinable fair values, which qualify for the Net Asset Value (NAV) practical expedient in ASC 820 'Fair value measurements and disclosures'. Any increases or decreases in fair value are recognized in net income in the period.

(c) Represents the fair value of interest rate cap and interest rate swap agreements. The fair value of the agreements are the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread.

Fair Value, Assets Measured on Recurring Basis

As of March 31, 2023, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):

			Level 1			Level 2			Level 3			Investments Measured at Net Asset Value			Total
			(in thousands)
Assets:
Available for sale securities (short-term) (a)			1,653			—			—			—			1,653
Available for sale investments (long-term) (b)			—			—			—			32,052			32,052
Total assets			$	1,653		$	—		$	—		$	32,052		$	33,705
Liabilities:
Derivative instruments (c)			—			7,485			—			—			7,485
Total Liabilities			$	—		$	7,485		$	—		$	—		$	7,485

As of December 31, 2022, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):

			Level 1			Level 2			Level 3			Investments Measured at Net Asset Value			Total
			(in thousands)
Assets:
Available for sale securities (short-term) (a)			1,713			—			—			—			1,713
Available for sale investments (long-term) (b)			—			—			—			32,631			32,631
Derivative instruments (c)			—			12			—			—			12
Total assets			$	1,713		$	12		$	—		$	32,631		$	34,356
Liabilities:
Derivative instruments (c)			—			3,670			—			—			3,670
Total Liabilities			$	—		$	3,670		$	—		$	—		$	3,670

(a) Represents the fair value of investments in highly liquid investments with maturities of greater than three months and a minimum "A-" rated fixed term deposits and are based on quoted market prices.

(b) To determine the classification of its interests in long-term investments, the Company considered the nature of its investment, the extent of influence over operating and financial decisions and the availability of readily determinable fair values. The Company determined that the interests in funds meet the definition of equity securities without readily determinable fair values, which qualify for the Net Asset Value (NAV) practical expedient in ASC 820 'Fair value measurements and disclosures'. Any increases or decreases in fair value are recognized in net income in the period.

(c) Represents the fair value of interest rate cap and interest rate swap agreements. The fair value of the agreements are the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread.

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- References

No definition available.

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X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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