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Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

As of December 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:

			Level 1			Level 2			Level 3			Investments Measured at Net Asset Value			Total
			(in thousands)
Assets:
Available for sale securities (short-term) (a)			$	1,954		$	—		$	—		$	—		$	1,954
Available for sale investments (long-term) (b)			—			—			—			46,804			46,804
Derivative instruments (c)			—			—			—			—			—
Total assets			$	1,954		$	—		$	—		$	46,804		$	48,758
Liabilities:
Derivative instruments (c)			—			2,411			—			—			2,411
Total Liabilities			$	—		$	2,411		$	—		$	—		$	2,411

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:

			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 highly liquid investments with maturities greater than three months, a minimum "A-" rated fixed term deposit and are based on quoted market prices.

(b) To determine the classification of 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 at December 31, 2023 and December 31, 2022 meet the definition of equity securities without readily determinable fair values. The Company concluded that the interests held at December 31, 2023 and December 31, 2022 qualify for the NAV practical expedient in ASC 820. Any increases or decreases in fair value are recognized in net income in the period.

(c) Represents the fair value of the interest rate caps and the interest rate swap.

Fair Value, Assets Measured on Recurring Basis

As of December 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:

			Level 1			Level 2			Level 3			Investments Measured at Net Asset Value			Total
			(in thousands)
Assets:
Available for sale securities (short-term) (a)			$	1,954		$	—		$	—		$	—		$	1,954
Available for sale investments (long-term) (b)			—			—			—			46,804			46,804
Derivative instruments (c)			—			—			—			—			—
Total assets			$	1,954		$	—		$	—		$	46,804		$	48,758
Liabilities:
Derivative instruments (c)			—			2,411			—			—			2,411
Total Liabilities			$	—		$	2,411		$	—		$	—		$	2,411

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:

			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 highly liquid investments with maturities greater than three months, a minimum "A-" rated fixed term deposit and are based on quoted market prices.

(b) To determine the classification of 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 at December 31, 2023 and December 31, 2022 meet the definition of equity securities without readily determinable fair values. The Company concluded that the interests held at December 31, 2023 and December 31, 2022 qualify for the NAV practical expedient in ASC 820. Any increases or decreases in fair value are recognized in net income in the period.

(c) Represents the fair value of the interest rate caps and the interest rate swap.

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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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