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Fair value measurements | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Fair value measurements | 2022 annual goodwill impairment analysis – Our impairment of goodwill policy can be found under the caption "Note 1: Significant Accounting Policies" in the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K. This policy explains our methodology for assessing the impairment of goodwill. In completing the 2022 annual impairment analysis of goodwill as of July 31, 2022, we elected to perform qualitative analyses for all of our reporting units, with the exception of our Cloud Data Analytics reporting unit. These qualitative analyses evaluated factors, including, but not limited to, economic, market and industry conditions, cost factors and the overall financial performance of the reporting units. We also considered the most recent quantitative analyses completed in prior periods. In completing these assessments, we noted no changes in events or circumstances that indicated that it was more likely than not that the fair value of any reporting unit was less than its carrying amount. The quantitative analysis of our Cloud Data Analytics reporting unit indicated that the estimated fair value of this reporting unit exceeded its carrying value by approximately $46,000, or by 39% above the carrying value of its net assets. As such, no goodwill impairment charges were recorded as a result of our annual impairment analysis. Recurring fair value measurements – Funds held for customers included available-for-sale debt securities (Note 3). These securities included a mutual fund investment that invests in Canadian and provincial government securities and as of December 31, 2021, also included an investment in a Canadian guaranteed investment certificate (GIC) with an original maturity of 2 years. The GIC investment matured during the quarter ended June 30, 2022. The mutual fund investment is not traded in an active market and its fair value is determined by obtaining quoted prices in active markets for the underlying securities held by the fund. The cost of the GIC approximated its fair value, based on estimates using current market rates offered for deposits with similar remaining maturities. Unrealized gains and losses, net of tax, are included in accumulated other comprehensive loss on the consolidated balance sheets. The cost of securities sold is determined using the average cost method. Realized gains and losses are included in revenue on the consolidated statements of comprehensive income and were not significant during the quarters and nine months ended September 30, 2022 and 2021. Information regarding the fair values of our financial instruments was as follows:
|  |  |  |  |  | Fair value measurements using
|  |  |  | September 30, 2022 |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
(in thousands) |  | Balance sheet location |  | Carrying value |  | Fair value |  |  |
Measured at fair value through comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  | Funds held for customers |  | $ | 7,941 |  |  | $ | 7,941 |  |  | $ | — |  |  | $ | 7,941 |  |  | $ | — |
Derivative assets (Note 7) |  | Other current and non-current assets |  | 3,797 |  |  | 3,797 |  |  | — |  |  | 3,797 |  |  | — |
Amortized cost: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | Cash and cash equivalents |  | 45,535 |  |  | 45,535 |  |  | 45,535 |  |  | — |  |  | — |
Cash |  | Funds held for customers |  | 147,614 |  |  | 147,614 |  |  | 147,614 |  |  | — |  |  | — |
Cash |  | Other non-current assets |  | 2,742 |  |  | 2,742 |  |  | 2,742 |  |  | — |  |  | — |
Loans and notes receivable from distributors |  | Other current and non-current assets |  | 14,517 |  |  | 13,090 |  |  | — |  |  | — |  |  | 13,090 |
Long-term debt |  | Current portion of long-term debt and long-term debt |  | 1,670,964 |  |  | 1,597,546 |  |  | — |  |  | 1,597,546 |  |  | — |
|  |  |  |  |  | Fair value measurements using
|  |  |  | December 31, 2021 |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
(in thousands) |  | Balance sheet location |  | Carrying value |  | Fair value |  |  |
Measured at fair value through comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  | Funds held for customers |  | $ | 13,307 |  |  | $ | 13,307 |  |  | $ | — |  |  | $ | 13,307 |  |  | $ | — |
Derivative liability (Note 7) |  | Other non-current liabilities |  | (3,028) |  |  | (3,028) |  |  | — |  |  | (3,028) |  |  | — |
Amortized cost: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | Cash and cash equivalents |  | 41,231 |  |  | 41,231 |  |  | 41,231 |  |  | — |  |  | — |
Cash |  | Funds held for customers |  | 241,488 |  |  | 241,488 |  |  | 241,488 |  |  | — |  |  | — |
Cash |  | Other non-current assets |  | 2,772 |  |  | 2,772 |  |  | 2,772 |  |  | — |  |  | — |
Loans and notes receivable from distributors |  | Other current and non-current assets |  | 21,518 |  |  | 22,344 |  |  | — |  |  | — |  |  | 22,344 |
Long-term debt |  | Current portion of long-term debt and long-term debt |  | 1,682,949 |  |  | 1,728,515 |  |  | — |  |  | 1,728,515 |  |  | — |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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