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Investments | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | 5. INVESTMENTS Debt Securities and Other Investments The Company did no t have any debt securities and other investments as of June 30, 2024. Realized gains and losses on sales of debt securities are computed under the specific identification method. The following tab le presents the gross realized gains and losses related to its debt securities:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Gross realized gain on debt securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Gross realized loss on debt securities |  |  | — |  |  |  | (27 | ) |  |  | — |  |  |  | (39 | )
Total loss recognized, net |  | $ | — |  |  | $ | (27 | ) |  | $ | — |  |  | $ | (35 | )
Realized and unrealized gains and losses related to marketable equity securities were as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Unrealized gain on equity securities held |  | $ | 4 |  |  | $ | 1,288 |  |  | $ | 127 |  |  | $ | 2,535 |
Realized gain on equity securities sold |  |  | 868 |  |  |  | 1 |  |  |  | 2,998 |  |  |  | 14 |
Total gain recognized, net |  | $ | 872 |  |  | $ | 1,289 |  |  | $ | 3,125 |  |  | $ | 2,549 |
Income generated from marketable equity securities was recorded as interest and dividend income in the Condensed Consolidated Statements of Loss. U.S. GAAP establishes a three-level valuation hierarchy based upon observable and unobservable inputs for fair value measurement of financial instruments: • Level 1 – Observable outputs; values based on unadjusted quoted prices for identical assets or liabilities in an active market; • Level 2 – Significant inputs that are observable; values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly and • Level 3 – Significant unobservable inputs; values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs could include information supplied by investees. The Company’s cash equivalents and investments held at fair value are categorized into this hierarchy as follows:
|  |  |  |  | Fair Value Measurements as of June 30, 2024 Using |
(In thousands) |  | Fair Value |  |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,433 |  |  | $ | 5,433 |  |  | $ | — |  |  | $ | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 955 |  |  |  | 955 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 29,204 |  |  |  | 29,204 |  |  |  | — |  |  |  | — |
Total |  | $ | 35,592 |  |  | $ | 35,592 |  |  | $ | — |  |  | $ | — |
|  |  |  |  | Fair Value Measurements as of December 31, 2023 Using |
(In thousands) |  | Fair Value |  |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,302 |  |  | $ | 5,302 |  |  | $ | — |  |  | $ | — |
Marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities – various industries |  |  | 905 |  |  |  | 905 |  |  |  | — |  |  |  | — |
Deferred compensation plan assets |  |  | 26,838 |  |  |  | 26,838 |  |  |  | — |  |  |  | — |
Total |  | $ | 33,045 |  |  | $ | 33,045 |  |  | $ | — |  |  | $ | — |
Market prices are obtained from a variety of industry standard data providers, large financial institutions and other third-party sources. These multiple market prices are used as inputs into a distribution-curve-based algorithm to determine the daily market value of each security.

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