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Note 19 - Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

NOTE 19 ACCUMULATED OTHER COMPREHENSIVE LOSS

The tables below detail the change in the balance of each component of accumulated other comprehensive loss, net of tax, for the three and nine months ended September 30, 2024 and September 30, 2023 as relates to shareholders' equity attributable to common shareholders on the consolidated balance sheets.

(in thousands)		Three months ended September 30, 2024
		Unrealized Gains (Losses) on Available-for-Sale Investments				Foreign Currency Translation Adjustments				Change in Fair Value of Debt Attributable to Instrument-Specific Credit Risk				Total Accumulated Other Comprehensive Loss

Balance at June 30, 2024		$	(1,590	)		$	(3,286	)		$	3,350			$	(1,526	)

Other comprehensive income (loss) arising during the period			887				—				(46	)			841
Amounts reclassified from accumulated other comprehensive loss			(48	)			—				—				(48	)
Amounts reclassified from noncontrolling interest			(29	)			—				—				(29	)
Net current-period other comprehensive income (loss)			810				—				(46	)			764

Balance at September 30, 2024		$	(780	)		$	(3,286	)		$	3,304			$	(762	)

(in thousands)		Three months ended September 30, 2023
		Unrealized Losses on Available-for-Sale Investments				Foreign Currency Translation Adjustments				Change in Fair Value of Debt Attributable to Instrument-Specific Credit Risk				Total Accumulated Other Comprehensive Loss

Balance at June 30, 2023		$	(2,326	)		$	(3,286	)		$	4,354			$	(1,258	)

Other comprehensive (loss) income arising during the period			(30	)			—				84				54
Amounts reclassified from accumulated other comprehensive loss			(66	)			—				—				(66	)
Net current-period other comprehensive (loss) income			(96	)			—				84				(12	)

Balance at September 30, 2023		$	(2,422	)		$	(3,286	)		$	4,438			$	(1,270	)

(in thousands)		Nine months ended September 30, 2024
		Unrealized Gains (Losses) on Available-for-Sale Investments				Foreign Currency Translation Adjustments				Change in Fair Value of Debt Attributable to Instrument-Specific Credit Risk				Total Accumulated Other Comprehensive Loss

Balance at January 1, 2024		$	(1,596	)		$	(3,286	)		$	3,342			$	(1,540	)

Other comprehensive income arising during the period			935				—				(38	)			897
Amounts reclassified from accumulated other comprehensive loss			(90	)			—				—				(90	)
Amounts reclassified from noncontrolling interest			(29	)			—				—				(29	)
Net current-period other comprehensive income			816				—				(38	)			778

Balance at September 30, 2024		$	(780	)		$	(3,286	)		$	3,304			$	(762	)

(in thousands)		Nine months ended September 30, 2023
		Unrealized Gains (Losses) on Available-for-Sale Investments				Foreign Currency Translation Adjustments				Change in Fair Value of Debt Attributable to Instrument-Specific Credit Risk				Total Accumulated Other Comprehensive Income (Loss)

Balance at January 1, 2023		$	(2,464	)		$	(3,286	)		$	32,355			$	26,605

Other comprehensive income (loss) arising during the period			164				—				(740	)			(576	)
Amounts reclassified from accumulated other comprehensive income (loss)			(122	)			—				(27,177	)			(27,299	)
Net current-period other comprehensive income (loss)			42				—				(27,917	)			(27,875	)

Balance at September 30, 2023		$	(2,422	)		$	(3,286	)		$	4,438			$	(1,270	)

It should be noted that the unaudited consolidated statements of comprehensive loss present the components of other comprehensive income (loss), net of tax, only for the three and nine months ended September 30, 2024 and September 30, 2023 and inclusive of the components attributable to noncontrolling interests in consolidated subsidiaries.

Components of accumulated other comprehensive loss were reclassified to the following lines of the unaudited consolidated statements of operations for the three and nine months ended September 30, 2024 and September 30, 2023:

(in thousands)		Three months ended September 30,								Nine months ended September 30,
		2024				2023				2024				2023
Reclassification of accumulated other comprehensive loss from unrealized gains (losses) on available-for-sale investments to:
Net realized gains		$	48			$	66			$	90			$	122
Reclassification of accumulated other comprehensive income from change in fair value of debt attributable to instrument-specific credit risk to:
(Loss) gain on extinguishment of debt			—				—				—				27,177
(Loss) income from continuing operations before income tax expense (benefit)			48				66				90				27,299
Income tax expense (benefit)			—				—				—				—
(Loss) income from continuing operations, net of taxes			48				66				90				27,299
Income from discontinued operations, net of taxes			—				—				—				—
Net (loss) income		$	48			$	66			$	90			$	27,299

As further discussed in Note 11, "Debt," during the first quarter of 2023, the Company completed the repurchases of five TruPs. The unaudited consolidated statements of comprehensive loss for the nine months ended September 30, 2023 includes a reclassification adjustment of $27.2 million from accumulated other comprehensive income to gain on extinguishment of debt related to the instrument-specific credit risk portion of the repurchased TruPs.