FAIR VALUE ACCOUNTING

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023, as reported in the Consolidated Balance Sheets:

	Fair value as at December 31, 2024						Fair value as at December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total
Marketable securities	$	1,206	$	—	$	1,206	$	1,743	$	—	$	1,743
Warrants		—		411		411		—		—		—
Total marketable securities	$	1,206	$	411	$	1,617	$	1,743	$	—	$	1,743

The Company’s investments as at December 31, 2024 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.

Warrants consist of stock-purchase warrants for public issuers. These warrants are classified within Level 2 of the fair value hierarchy. Their estimated fair value was determined using the Black-Scholes option pricing model and inputs from observable market data.

Long-term debt is recorded at a carrying value of $40.0 million (December 31, 2023 – $40.0 million). The debt is not traded on quoted markets and approximates its fair value based on current market bond yields.

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.