Fair Value Measurements
|12 Months Ended|
Dec. 31, 2019
|Fair Value Disclosures [Abstract]|
|Fair Value Measurements||Fair Value Measurements
The following tables present the financial instruments that were measured at fair value on a recurring basis at December 31, 2019 and 2018 by level within the fair value hierarchy (in thousands):
We determine the fair value of Level 1 and Level 2 assets using quoted prices in active markets for identical assets. We estimated the fair value of our investment in 10,000,000 common shares of CO2 Solutions using the market value of common shares as determined by trading on the TSX Venture Exchange, and we classified our investment in CO2 Solutions within the fair value hierarchy as Level using the quoted prices in an active market to determine the fair value.In the third quarter of 2019, we assessed the fair market value of our investment in the common shares of CO2 Solutions and given no available observable market pricing on the TSX Venture Exchange due to CO2 Solutions declaring bankruptcy and the market halting its trading activity, wrote down the investment to zero. See Note 6, "Cash Equivalents and Equity Securities" for more information on the investment in common shares of CO2 Solutions. In 2019, we recognized an unrealized loss of $0.5 million in other expense in the Consolidated Statements of Operations.
The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef