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Fair Value Measures | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measures |
NOTE 11 — FAIR VALUE MEASURES
Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:
| Level 1 | — | observable inputs such as quoted prices for identical assets or liabilities in active liquid markets;
| Level 2 | — | inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume or infrequent transactions; and
| Level 3 | — | unobservable inputs for which there is little or no market data available, that require the reporting entity to develop its own assumptions.
The Company's assets and liabilities measured at fair value are categorized as Level 1 or Level 2 instruments. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions. Assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 are as follows:
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Money market funds |  | $ | 60,120 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,120 |
Time deposits (1) |  | — |  |  | 19,412 |  |  | — |  |  | 19,412 |
Short-term investments: |  |  |  |  |  |  |  |
Money market funds |  | 302 |  |  | — |  |  | — |  |  | 302 |
Mutual fund shares |  | 1,172 |  |  | — |  |  | — |  |  | 1,172 |
Prepaid expenses and other current assets: |  |  |  |  |  |  |  |
Derivative financial instruments |  | — |  |  | 21,606 |  |  | — |  |  | 21,606 |
Other non-current assets: |  |  |  |  |  |  |  |
Money market funds |  | 1,699 |  |  | — |  |  | — |  |  | 1,699 |
Mutual fund shares |  | 21,879 |  |  | — |  |  | — |  |  | 21,879 |
Derivative financial instruments |  | — |  |  | 6,511 |  |  | — |  |  | 6,511 |
Total assets measured at fair value |  | $ | 85,172 |  |  | $ | 47,529 |  |  | $ | — |  |  | $ | 132,701 |
Liabilities: |  |  |  |  |  |  |  |
Accrued liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | — |  |  | $ | 2,361 |  |  | $ | — |  |  | $ | 2,361 |
Other long-term liabilities: |  |  |  |  |  |  |  |
Derivative financial instruments |  | — |  |  | 104 |  |  | — |  |  | 104 |
Total liabilities measured at fair value |  | $ | — |  |  | $ | 2,465 |  |  | $ | — |  |  | $ | 2,465 |
(1) Time deposits are carried at amortized cost on the unaudited Condensed Consolidated Balance Sheet, which reasonably approximates fair value. NON-RECURRING FAIR VALUE MEASUREMENTS The Company measured the fair value of certain retail store long-lived assets consisting of property, plant and equipment, certain trademark intangible assets and goodwill, and lease ROU assets as part of impairment testing for the year ended December 31, 2022. The inputs used to measure the fair value of these assets are primarily unobservable inputs and, as such, considered Level 3 fair value measurements. Refer to Notes 5, 6 and 9 in Part II, Item 8 in the Annual Report on Form 10-K for discussion of impairment charges.

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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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