FAIR VALUE ACCOUNTING

9 Months Ended

Sep. 30, 2023

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING

NOTE 15 FAIR VALUE ACCOUNTING

As required by accounting guidance, certain assets and liabilities on the Consolidated Balance Sheets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Assets and liabilities measured at fair value on a recurring basis.

The following table identifies certain of the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at September 30, 2023 and December 31, 2022, as reported in the Consolidated Balance Sheets:

	Fair value as at September 30, 2023						Fair value as at December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
Marketable equity securities	$	40,833	$	—	$	40,833	$	1,133	$	—	$	1,133
Total investments	$	40,833	$	—	$	40,833	$	1,133	$	—	$	1,133

Marketable equity securities that the Company holds are exchange-traded and are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the investment is calculated as the quoted market price of the marketable equity security multiplied by the number of shares held by the Company.

The fair value of financial assets and liabilities held at September 30, 2023 were assumed to approximate their carrying values due to their historically negligible credit losses.

Debt is recorded at a carrying value of $40.0 million (December 31, 2022 – $64.0 million). The debt is not traded on quoted markets and approximates its fair value based on recent refinancing.