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Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair value measurements for assets and liabilities at fair value on recurring basis

The following table presents assets and liabilities measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023:

						June 30, 2024																								December 31, 2023
(In thousands)						Level 2						Level 3						Measured at NAV						Total						Level 2						Level 3									Total
Financial assets:
Debt securities AFS						$	1,725					$	—					$	—					$	1,725					$	2,095					$	—								$	2,095
Equity securities						—						—						4,960						4,960						6,447						2,966									9,413
Interest rate swaps						7,241						—						—						7,241						4,385						—									4,385
Financial liabilities:
Interest rate swaps						—						—						—						—						900						—									900

Summary of equity securities classified as Level 3 assets

The following table presents the changes in equity securities classified as Level 3 assets:

(In thousands)			Equity Securities
Balance at December 31, 2023			$	2,966
Disposition of equity securities			(5,487)
Change in fair value of equity securities, recognized through Other income, net			2,521
Balance at June 30, 2024			$	—

Summary of carrying value and estimated fair values for financial instruments

The following table presents the carrying value and estimated fair value for financial instruments at June 30, 2024 and December 31, 2023:

						June 30, 2024												December 31, 2023
(In thousands)						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial liabilities:
2027 Term A Loan Facility						438,021						443,745						449,450						452,337
2030 Term B Loan Facility						521,847						542,700						521,240						539,325

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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