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Fair Value Measures and Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

As of March 31, 2024, 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)			$	1,955		$	—		$	—		$	—		$	1,955
Available for sale investments (long-term) (b)			—			—			—			51,164			51,164
Derivative instruments (c)			—			8,225			—			—			8,225
Total assets			$	1,955		$	8,225		$	—		$	51,164		$	61,344
Liabilities:
Derivative instruments (c)			—			270			—			—			270
Total liabilities			$	—		$	270		$	—		$	—		$	270

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
Total assets			$	1,954		$	—		$	—		$	46,804		$	48,758
Liabilities:
Derivative instruments (c)			—			2,411			—			—			2,411
Total liabilities			$	—		$	2,411		$	—		$	—		$	2,411

(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'. 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 March 31, 2024, 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)			$	1,955		$	—		$	—		$	—		$	1,955
Available for sale investments (long-term) (b)			—			—			—			51,164			51,164
Derivative instruments (c)			—			8,225			—			—			8,225
Total assets			$	1,955		$	8,225		$	—		$	51,164		$	61,344
Liabilities:
Derivative instruments (c)			—			270			—			—			270
Total liabilities			$	—		$	270		$	—		$	—		$	270

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
Total assets			$	1,954		$	—		$	—		$	46,804		$	48,758
Liabilities:
Derivative instruments (c)			—			2,411			—			—			2,411
Total liabilities			$	—		$	2,411		$	—		$	—		$	2,411

(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'. 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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X

- 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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