Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Investments in marketable equity securities

Investments in marketable equity securities consist of the following:

	As of December 31
(in thousands)	2023		2022
Total cost	$	225,971	$	270,764
Gross unrealized gains	464,182		363,147
Gross unrealized losses	—		(23,990)
Total Fair Value	$	690,153	$	609,921

Gain (loss) on marketable equity securities

The net gain (loss) on marketable equity securities comprised the following:

	Year Ended December 31
(in thousands)	2023		2022		2021
Gain (loss) on marketable equity securities, net	$	138,067	$	(139,589)	$	243,088
Less: Net (gains) losses in earnings from marketable equity securities sold and donated	(5,475)		27,786		(17,830)
Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the year	$	132,592	$	(111,803)	$	225,258

Summarized Financial Data of Nonconsolidated Affiliates

The summarized balance sheet data of the private equity fund investments consists of the following:

	As of December 31
(in thousands)	2023		2022
Investments in securities, at estimated fair value	$	1,528,908	$	1,974,189
Other current assets	28,505		19,072
Total assets	$	1,557,413	$	1,993,261
Total liabilities	$	6,963	$	3,945
Total partners’ capital	1,550,450		1,989,316
Total liabilities and partners’ capital	$	1,557,413	$	1,993,261

The summarized operating data of the private equity fund investments was as follows:

	Year Ended December 31
(in thousands)	2023		2022		2021
Net investment loss	$	(13,820)	$	(14,129)	$	(13,324)
Net realized gain on investments	194,324		162,644		190,368
Net change in unrealized (depreciation) appreciation on investments	(449,553)		(66,333)		1,043,627
(Decrease) increase in net assets from operations	$	(269,049)	$	82,182	$	1,220,671

The summarized balance sheet data of the operating entity investments consists of the following:

	As of December 31
(in thousands)	2023		2022
Current assets	$	166,783	$	174,027
Noncurrent assets	520,439		542,625
Total assets	$	687,222	$	716,652
Current liabilities	$	126,396	$	126,365
Noncurrent liabilities	374,127		386,425
Total liabilities	$	500,523	$	512,790
Noncontrolling interests	$	(33,162)	$	(26,593)

The summarized operating data of the operating entity investments was as follows:

	Year Ended December 31
(in thousands)	2023		2022		2021
Net sales	$	458,541	$	459,949	$	358,928
Gross profit	183,207		196,481		146,312
Net (loss) income	(37,169)		3,206		135,241
Net (loss) income attributable to the entity	(30,694)		5,124		102,829