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Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Fair Value, by Balance Sheet Grouping
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company as of March 31, 2024 and 2023:

20242023
 (in thousands) 
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents (1)
$113,716$— $— $120,485 $— $— 
Term loan due 2027 (2)
— 405,000 — 427,500 — 
Revolver due 2027 (2)
— 75,038 — — 150,038 — 
Derivative instruments - assets (3)
— 28,876 — — 35,616 — 
Derivative instruments - liabilities (3)
— 19,472 — — 11,513 — 
Contingent considerations— — 6,508 — — 6,500 
(1) The carrying amounts of cash equivalents, representing money market funds traded in an active market with relatively short maturities, are reported on the consolidated balance sheet as of March 31, 2024 and 2023 as a component of "Cash and cash equivalents".
(2) The carrying amounts of our term loan and revolver approximate fair value as of March 31, 2024 based upon their terms and conditions in comparison to debt instruments with similar terms and conditions available on the same date.
(3) Derivatives for interest rate, foreign exchange and forward swap contracts are discussed in Note 7.
Accounts Receivable, Allowance for Credit Loss
The changes in the allowance for doubtful accounts receivable for the three months ended March 31, 2024 are outlined in the table below:
December 31, 2023
Expense (Deductions), net
Write-Offs1
March 31, 2024
Allowance for doubtful accounts
$3,882 (416)(539)$2,927 
1Amount is net of recoveries and the effect of foreign currency fluctuations.