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Investments
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments

5. INVESTMENTS

Debt Securities and Other Investments

The Company did not have any debt securities and other investments as of September 30, 2024.

Realized gains and losses on sales of debt securities are computed under the specific identification method. The following table presents the gross realized gains and losses related to its debt securities:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

     Gross realized gain on debt securities

 

$

—

 

 

$

5

 

 

$

—

 

 

$

9

 

     Gross realized loss on debt securities

 

 

—

 

 

 

(317

)

 

 

—

 

 

 

(355

)

Total loss recognized, net

 

$

—

 

 

$

(312

)

 

$

—

 

 

$

(346

)

Realized and unrealized gains and losses related to marketable equity securities were as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

     Unrealized gain (loss) on equity securities held

 

$

1,372

 

 

$

(1,130

)

 

$

4,371

 

 

$

1,404

 

     Realized (loss) gain on equity securities sold

 

 

10

 

 

 

(1

)

 

 

136

 

 

 

13

 

Total gain (loss) recognized, net

 

$

1,382

 

 

$

(1,131

)

 

$

4,507

 

 

$

1,417

 

 

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 September 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

 

$

5,500

 

 

$

5,500

 

 

$

—

 

 

$

—

 

Marketable equity securities

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities – various industries

 

 

1,035

 

 

 

1,035

 

 

 

—

 

 

 

—

 

Deferred compensation plan assets

 

 

30,471

 

 

 

30,471

 

 

 

—

 

 

 

—

 

Total

 

$

37,006

 

 

$

37,006

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

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.