Annual report pursuant to Section 13 and 15(d)

FAIR VALUE

v3.24.0.1
FAIR VALUE
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
 
The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values of each financial instrument. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories:
 
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs that are not corroborated by market data.
 
The following table presents our hierarchy for assets measured at fair value on a recurring basis as of December 31, 2023 (dollar amounts in thousands):
  Level 1 Level 2 Level 3  
  Quoted Prices
in Active
Markets for
Identical Assets		 Significant
Other
Observable
Inputs		 Significant
Unobservable
Inputs		 Total
Restricted investment securities - trading $ 747  $ —  $ —  $ 747 
Total assets measured at fair value on a recurring basis $ 747  $ —  $ —  $ 747 
 
The following table presents our hierarchy for assets measured at fair value on a recurring basis as of December 31, 2022 (dollar amounts in thousands):
  Level 1 Level 2 Level 3  
  Quoted Prices
in Active
Markets for
Identical Assets		 Significant
Other
Observable
Inputs		 Significant
Unobservable
Inputs		 Total
Restricted investment securities - trading $ 702  $ —  $ —  $ 702 
Total assets measured at fair value on a recurring basis $ 702  $ —  $ —  $ 702 
 
Restricted investment securities - trading — Our trading portfolio consists of various marketable securities that are valued using quoted prices in active markets.
 
For the years ended December 31, 2023 and 2022, there were no fair value measurements using significant other observable inputs (Level 2) or significant unobservable inputs (Level 3).
During the years ended December 31, 2023 and 2022, we did not have any re-measurements of non-financial assets at fair value on a nonrecurring basis subsequent to their initial recognition.