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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Investments The following is a summary of our investments measured at fair value at June 30, 2023:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Unclassified
|  | (In thousands) |  |
Equity securities |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | 7,294 |  |  | $ | — |  |  | $ | 7,294 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | 1,706 |  |  | 1,706 |  |  | — |  |  | — |  |  | — |
Total |  | $ | 9,000 |  |  | $ | 1,706 |  |  | $ | 7,294 |  |  | $ | — |  |  | $ | — |
The following is a summary of our investments measured at fair value at December 31, 2022:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Unclassified
|  | (In thousands) |  |
Equity securities |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | 6,341 |  |  | $ | — |  |  | $ | 6,341 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |
U.S. Government and agency securities |  | 3,253 |  |  | 3,253 |  |  | — |  |  | — |  |  | — |
Corporate bonds |  | 2,265 |  |  | 1,714 |  |  | 551 |  |  | — |  |  | — |
Asset-backed securities and collateralized mortgage obligations |  | 42 |  |  | — |  |  | 42 |  |  | — |  |  | — |
Total |  | $ | 11,901 |  |  | $ | 4,967 |  |  | $ | 6,934 |  |  | $ | — |  |  | $ | — |
We estimate the fair value of investments based on quoted market prices. For investments for which there are no quoted market prices, we derive fair values from available yield curves for investments of similar quality and terms. Derivatives Level 2 derivative assets and liabilities currently consist of FX forward contracts. Where applicable, the value of these derivative assets and liabilities is computed by discounting the projected future cash flow amounts to present value using market-based observable inputs, including FX forward and spot rates, interest rates and counterparty performance risk adjustments. At June 30, 2023 and December 31, 2022, we had FX forward contracts outstanding to purchase or sell foreign currencies, primarily Canadian dollars and Euros, with a total fair value of $(8.0) million and $1.2 million, respectively. Derivative assets and liabilities are included in Accounts receivable – other and Accounts payable, respectively, on our condensed consolidated balance sheets. Other Financial Instruments We used the following methods and assumptions in estimating our fair value disclosures for our other financial instruments, as follows: Cash and cash equivalents and restricted cash and cash equivalents. The carrying amounts that we have reported in the accompanying condensed consolidated balance sheets for Cash and cash equivalents and Restricted cash and cash equivalents approximate their fair values due to their highly liquid nature. Long-term and short-term debt. We base the fair values of debt instruments, including our 4.125% senior notes due 2028 (the "Senior Notes due 2028") and our 4.125% senior notes due 2029 (the "Senior Notes due 2029"), on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. At June 30, 2023 and December 31, 2022, the fair value of the Senior Notes due 2028 was $365.0 million and $358.0 million, respectively, and the fair value of the Senior Notes due 2029 was $359.3 million and $352.0 million, respectively. The fair value of our remaining debt instruments approximated their carrying values at June 30, 2023 and December 31, 2022.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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