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Fair value measurements | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair value measurements | 2023 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 2022 Form 10-K. This policy explains our methodology for assessing the impairment of goodwill. In completing the 2023 annual impairment analysis as of July 31, 2023, we elected to perform qualitative analyses for all of our reporting units. 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. As such, no goodwill impairment charges were recorded as a result of our 2023 annual impairment analysis. Recurring fair value measurements – Funds held for customers and cash and cash equivalents 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, 2022, included a domestic money market fund. 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 money market fund held as of December 31, 2022, which was traded in an active market, approximated its fair value because of the short-term nature of the investment. 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 (loss) income and were not material for the quarters or nine months ended September 30, 2023 and 2022. Information regarding the fair values of our financial instruments was as follows:
|  |  |  |  |  | Fair value measurements using
|  |  |  | September 30, 2023 |  | 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 (loss) income: |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  | Funds held for customers |  | $ | 8,068 |  |  | $ | 8,068 |  |  | $ | — |  |  | $ | 8,068 |  |  | $ | — |
Derivative assets (Note 7) |  | Other non-current assets |  | 13,002 |  |  | 13,002 |  |  | — |  |  | 13,002 |  |  | — |
Amortized cost: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | Cash and cash equivalents |  | 42,189 |  |  | 42,189 |  |  | 42,189 |  |  | — |  |  | — |
Cash |  | Funds held for customers |  | 143,893 |  |  | 143,893 |  |  | 143,893 |  |  | — |  |  | — |
Cash |  | Other non-current assets |  | 2,907 |  |  | 2,907 |  |  | 2,907 |  |  | — |  |  | — |
Loans and notes receivable from distributors |  | Other current assets and other non-current assets |  | 13,421 |  |  | 12,279 |  |  | — |  |  | — |  |  | 12,279 |
Long-term debt |  | Current portion of long-term debt and long-term debt |  | 1,632,435 |  |  | 1,561,272 |  |  | — |  |  | 1,561,272 |  |  | — |
|  |  |  |  |  | Fair value measurements using
|  |  |  | December 31, 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 |  | Cash and cash equivalents |  | $ | 5,000 |  |  | $ | 5,000 |  |  | $ | 5,000 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities |  | Funds held for customers |  | 8,126 |  |  | 8,126 |  |  | — |  |  | 8,126 |  |  | — |
Derivative assets (Note 7) |  | Other current assets and other non-current assets |  | 3,593 |  |  | 3,593 |  |  | — |  |  | 3,593 |  |  | — |
Amortized cost: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | Cash and cash equivalents |  | 35,435 |  |  | 35,435 |  |  | 35,435 |  |  | — |  |  | — |
Cash |  | Funds held for customers |  | 294,165 |  |  | 294,165 |  |  | 294,165 |  |  | — |  |  | — |
Cash |  | Other non-current assets |  | 2,815 |  |  | 2,815 |  |  | 2,815 |  |  | — |  |  | — |
Loans and notes receivable from distributors |  | Other current assets and other non-current assets |  | 14,220 |  |  | 13,315 |  |  | — |  |  | — |  |  | 13,315 |
Long-term debt |  | Current portion of long-term debt and long-term debt |  | 1,644,276 |  |  | 1,574,417 |  |  | — |  |  | 1,574,417 |  |  | — |

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