Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value, Liabilities Measured on Recurring Basis

As of June 30, 2024, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows:


	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
	(in thousands)
Assets:

Investments in equity- long term (b)	$	—	$	—	$	—	$	50,220	$	50,220

Total assets	$	—	$	—	$	—	$	50,220	$	50,220

As of December 31, 2023, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows:


	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
	(in thousands)
Assets:
Available for sale securities (short-term) (a)	$	1,954	$	—	$	—	$	—	$	1,954
Investments in equity- long term (b)	—		—		—		46,804		46,804
Total assets	$	1,954	$	—	$	—	$	46,804	$	48,758

Liabilities:
Derivative instruments (c)	—		2,411		—		—		2,411
Total liabilities	$	—	$	2,411	$	—	$	—	$	2,411

(a) Represents the fair value of highly liquid investments with maturities greater than three months, a minimum "A-" rated fixed term deposit and are based on quoted market prices.

(b) To determine the classification of its interests in long-term investments, the Company considered the nature of its investment, the extent of influence over operating and financial decisions and the availability of readily determinable fair values. The Company determined that the interests in funds meet the definition of equity securities without readily determinable fair values, which qualify for the Net Asset Value (NAV) practical expedient in ASC 820 'Fair value measurement'. Any increases or decreases in fair value are recognized in net income in the period.

Fair Value, Assets Measured on Recurring Basis

As of June 30, 2024, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows:


	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
	(in thousands)
Assets:

Investments in equity- long term (b)	$	—	$	—	$	—	$	50,220	$	50,220

Total assets	$	—	$	—	$	—	$	50,220	$	50,220

As of December 31, 2023, the fair value of the major classes of the Company's assets and liabilities measured at fair value on a recurring basis were as follows:


	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
	(in thousands)
Assets:
Available for sale securities (short-term) (a)	$	1,954	$	—	$	—	$	—	$	1,954
Investments in equity- long term (b)	—		—		—		46,804		46,804
Total assets	$	1,954	$	—	$	—	$	46,804	$	48,758

Liabilities:
Derivative instruments (c)	—		2,411		—		—		2,411
Total liabilities	$	—	$	2,411	$	—	$	—	$	2,411

(a) Represents the fair value of highly liquid investments with maturities greater than three months, a minimum "A-" rated fixed term deposit and are based on quoted market prices.