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Financial Instruments and Fair Value Measurement | 12 Months Ended
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Dec. 31, 2023
Financial Instruments And Fair Value Measurement [Abstract] |
Financial Instruments and Fair Value Measurement | 3) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT Cash Flow Hedges: When applicable, we measure our interest rate swaps at fair value on a recurring basis. The fair value of our interest rate swaps is based on quotes from our counterparties. We consider those inputs to be “level 2” in the fair value hierarchy as outlined in the authoritative guidance for disclosures in connection with derivative instruments and hedging activities. During the years ended December 31, 2023, 2022 and 2021, we had no cash flow hedges outstanding. Foreign Currency Forward Exchange Contracts: We use forward exchange contracts to hedge our net investment in foreign operations against movements in exchange rates. The effective portion of the unrealized gains or losses on these contracts is recorded in foreign currency translation adjustment within accumulated other comprehensive income and remains there until either the sale or liquidation of the subsidiary. In connection with these forward exchange contracts, we recorded net cash outflows of approximately $41 million during 2023, and net cash inflows of approximately $95 million during 2022 and $1 million during 2021. Derivatives Hedging Relationships: The following table presents the effects of our foreign currency foreign exchange contracts on our results of operations for the three years ended December 31 (in thousands):
| Gain/(Loss) recognized in AOCI |  |
| December 31, |  |  | December 31, |  |  | December 31, |  |
| 2023 |  |  | 2022 |  |  | 2021 |  |
Net Investment Hedge relationships |  |  |  |  |  |  |  |  |
Foreign currency foreign exchange contracts | $ | (45,748 | ) |  | $ | 96,698 |  |  | $ | (7,272 | ) |
No other gains or losses were recognized in income related to derivatives in Subtopic 815-20. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels: • Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These included quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. The following tables present the assets and liabilities recorded at fair value on a recurring basis:
| Balance at |  | Balance Sheet | Basis of Fair Value Measurement |
(in thousands) | December 31, 2023 |  | Location | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Money market mutual funds | $ | 111,129 |  | Other noncurrent assets | $ | 111,129 |  |  |  |  |
Certificates of deposit |  | 2,300 |  | Other noncurrent assets |  |  |  | 2,300 |  |  |
Equity securities |  | 49,923 |  | Other noncurrent assets |  | 49,923 |  |  |  |  |
Deferred compensation assets |  | 43,060 |  | Other noncurrent assets |  | 43,060 |  |  |  |  |
| $ | 206,412 |  |  | $ | 204,112 |  | $ | 2,300 |  |  | - |
Liabilities: |  |  |  |  |  |  |  |  |
Foreign currency foreign exchange contracts | $ | 1,911 |  | Accrued liabilities other |  |  | $ | 1,911 |  |  |
Deferred compensation liability |  | 43,060 |  | Other noncurrent liabilities |  | 43,060 |  |  |  |  |
| $ | 44,971 |  |  | $ | 43,060 |  | $ | 1,911 |  |  | - |
| Balance at |  | Balance Sheet | Basis of Fair Value Measurement |
(in thousands) | December 31, 2022 |  | Location | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |
Money market mutual funds | $ | 113,649 |  | Other noncurrent assets | $ | 113,649 |  |  |  |  |
Certificates of deposit |  | 2,200 |  | Other noncurrent assets |  |  |  | 2,200 |  |  |
Equity securities |  | 78,099 |  | Other noncurrent assets |  | 78,099 |  |  |  |  |
Deferred compensation assets |  | 38,032 |  | Other noncurrent assets |  | 38,032 |  |  |  |  |
Foreign currency foreign exchange contracts |  | 3,142 |  | Other current assets |  |  |  | 3,142 |  |  |
| $ | 235,122 |  |  | $ | 229,780 |  | $ | 5,342 |  |  | - |
Liabilities: |  |  |  |  |  |  |  |  |
Deferred compensation liability | $ | 38,032 |  | Other noncurrent liabilities | $ | 38,032 |  |  |  |  |
| $ | 38,032 |  |  | $ | 38,032 |  |  | - |  |  | - |
The fair value of our money market mutual funds, certificates of deposit and equity securities with a readily determinable fair value are computed based upon quoted market prices in an active market. The fair value of deferred compensation assets and the offsetting liability are computed based on market prices in an active market held in a rabbi trust. The fair value of our foreign currency exchange contracts is valued using quoted forward exchange rates and spot rates at the reporting date.

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