FAIR VALUE ACCOUNTING

12 Months Ended

Dec. 31, 2023

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING

NOTE 16 FAIR VALUE ACCOUNTING

As required by accounting guidance, certain assets and liabilities 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 tables identify the Company’s assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy as at December 31, 2023 and 2022, as reported in the Consolidated Balance Sheets:

	Fair value as at December 31, 2023						Fair value as at December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
Marketable equity securities	$	1,743	$	—	$	1,743	$	1,133	$	—	$	1,133
Total investments	$	1,743	$	—	$	1,743	$	1,133	$	—	$	1,133

The Company’s investments as at December 31, 2023 mainly consist of marketable equity securities, which 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 investments is calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company.

Long-term 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.

The fair values of other financial assets and liabilities were assumed to approximate their carrying values due to their short-term nature and historically negligible credit losses.