XML 24 R13.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, based on the three-tier fair value hierarchy:


	March 31, 2024
	Fair Value		Level I		Level II		Level III
Assets:
Equity securities investments	$	544	$	544	$	—	$	—
Assets to fund deferred compensation liability	20,029		20,029		—		—
Convertible notes receivable	21,607		—		—		21,607
Total assets	$	42,180	$	20,573	$	—	$	21,607
Liabilities:
Deferred compensation liability	$	20,029	$	20,029	$	—	$	—
Total liabilities	$	20,029	$	20,029	$	—	$	—


	December 31, 2023
	Fair Value		Level I		Level II		Level III
Assets:
Equity securities investments	$	517	$	517	$	—	$	—
Assets to fund deferred compensation liability	17,486		17,486		—		—
Convertible notes receivable	17,078		—		—		17,078
Total assets	$	35,081	$	18,003	$	—	$	17,078
Liabilities:
Deferred compensation liability	$	17,486	$	17,486	$	—	$	—
Total liabilities	$	17,486	$	17,486	$	—	$	—

Fair Value of Equity Securities Investments

The fair values of the Company’s equity securities investments consist of funds that invest in listed equity and debt securities which are actively traded and valued based on quoted market prices.

Fair Value of Deferred Compensation Assets and Liability

The fair value of the Company's deferred compensation assets is comprised of investments in funds which are actively traded and based on quoted market prices.

The deferred compensation liability is included in other long-term liabilities in the consolidated balance sheets and its fair market value is based on quoted market prices of the various investment funds in the Company’s rabbi trust that the participants have selected.

Fair Value of Convertible Notes Receivable

The fair value of the convertible notes receivable issued by the Company was estimated using a market yield method with significant inputs that are not observable in the market and thus represents a Level III fair value measurement. The significant inputs in the Company's Level III fair value measurement not supported by market activity included creditworthiness of the borrower, which management believes are appropriately discounted considering the uncertainties associated with these obligations, and are calculated in accordance with the terms of the respective agreement.

- 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 + Details