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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company estimates the fair value of its financial instruments utilizing a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The following summarizes the three levels of inputs, as well as the assets that the Company values using those levels of inputs on a recurring basis.
Level 1 - Quoted prices in active markets for identical assets and liabilities. The Company’s Level 1 assets consist of equity securities and mutual funds held in the Company's Deferred Compensation Plan.
Level 2 - Observable inputs, other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable. The Company’s Level 2 assets consist of money market funds held in the Company's Deferred Compensation Plan.
Level 3 - Unobservable inputs, supported by little or no market data available, where the reporting entity is required to develop its own assumptions to determine the fair value of the instrument. The Company does not currently have any assets recorded at fair value on a recurring basis whose fair value was determined using Level 3 inputs and there were no transfers of Level 3 assets during the six months ended June 30, 2024 and during the year ended December 31, 2023.
The Company recognized the following assets at fair value on a recurring basis in the consolidated balance sheets:
 Fair Value Measurements at Reporting Date Using
(in thousands)TotalLevel 1Level 2Level 3
As of June 30, 2024
Equity securities$90,446 $90,446 $— $— 
Mutual funds(1)
41,493 41,493 — — 
Money market funds(1)
4,440 — 4,440 — 
Total$136,379 $131,939 $4,440 $— 
As of December 31, 2023
Equity securities$116,374 $116,374 $— $— 
Mutual funds(1)
36,810 36,810 — — 
Money market funds(1)
4,767 — 4,767 — 
Total$157,951 $153,184 $4,767 $— 
(1) The current assets at fair value noted above are presented in prepaid expenses and other current assets in the consolidated balance sheets. The long-term assets at fair value noted above are presented in investments for employee benefit plans, at fair value in the consolidated balance sheets.
Investments in Equity Securities
The following table is a summary of the unrealized gains and losses of the investments in equity securities:

As of June 30, 2024As of December 31, 2023
(in thousands)CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Equity securities$94,940 $— $(4,494)$90,446 $112,420 $3,954 $— $116,374 
Other Financial Instruments Disclosure
The Company believes that the fair values of its current assets and current liabilities approximate their reported carrying amounts due to the short-term nature of these items. In addition, the interest rate on the senior unsecured revolving credit facility and the 2023 Term Loan adjusts frequently based on current market interest rates; therefore, the Company believes the carrying amount approximates the fair value.
The fair values of the Company's senior unsecured notes are classified as Level 2 because the significant inputs are observable in an active market. Refer to Note 5 for additional information on debt. As of June 30, 2024 and December 31, 2023, the carrying amounts and the fair values were as follows:
June 30, 2024December 31, 2023
(in thousands)Carrying AmountFair ValueCarrying AmountFair Value
2020 Senior Notes$445,995 $397,323 $445,690 $389,241 
2019 Senior Notes$396,741 $359,560 $396,440 $355,068 
The fair value estimates are determined at a specific point in time, are subjective in nature, and involve uncertainties and matters of significant judgment. The settlement of such fair value amounts may not be possible or a prudent management decision.