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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assets Measured on Recurring Basis

The following sets forth the fair value, and classification within the hierarchy, of the Company’s assets required to be measured at fair value on a recurring basis as of June 30, 2024 (in thousands):

 

 

 

Fair Value

 

 

Quoted
Prices in
Active Markets
for Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper - debt securities (1)

 

$

11,137

 

 

$

—

 

 

$

11,137

 

 

$

—

 

Corporate bonds and notes - debt securities (2)

 

 

16,650

 

 

 

—

 

 

 

16,650

 

 

 

—

 

Treasury and agency notes and bills - debt securities (1)

 

 

3,479

 

 

 

—

 

 

 

3,479

 

 

 

—

 

Money market funds - equity securities (3)

 

 

4,200

 

 

 

4,200

 

 

 

—

 

 

 

—

 

Total Assets

 

$

35,466

 

 

$

4,200

 

 

$

31,266

 

 

$

—

 

 

(1)
Reported as AFS debt securities in the Condensed Consolidated Balance Sheet as these were purchased with original maturities of more than three months at date of purchase; otherwise reported as cash and cash equivalents.
(2)
Reported as AFS debt securities in the Condensed Consolidated Balance Sheet.
(3)
Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.

The following sets forth the fair value, and classification within the hierarchy, of the Company’s assets required to be measured at fair value on a recurring basis as of December 31, 2023 (in thousands):

 

 

 

Fair Value

 

 

Quoted
Prices in
Active Markets
for Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper - debt securities (1)

 

$

12,422

 

 

$

—

 

 

$

12,422

 

 

$

—

 

Treasury and agency notes and bills - debt securities (1)

 

 

10,745

 

 

 

—

 

 

 

10,745

 

 

 

—

 

Corporate bonds and notes - debt securities (2)

 

 

5,845

 

 

 

—

 

 

 

5,845

 

 

 

—

 

Money market funds - equity securities (3)

 

 

5,778

 

 

 

5,778

 

 

 

—

 

 

 

—

 

Total Assets

 

$

34,790

 

 

$

5,778

 

 

$

29,012

 

 

$

—

 

 

(1)
Reported as AFS debt securities in the Condensed Consolidated Balance Sheet as these were purchased with original maturities of more than three months at date of purchase; otherwise reported as cash and cash equivalents.
(2)
Reported as AFS debt securities in the Condensed Consolidated Balance Sheet.
(3)
Reported as cash and cash equivalents in the Condensed Consolidated Balance Sheet.
Schedule of Carrying Amounts and Estimated Fair Values The carrying amounts and estimated fair values are as follows (in thousands):

 

 

 

June 30, 2024

 

 

December 31, 2023

 

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

2021 Refinanced Term Loan B (1)

 

 

—

 

 

 

—

 

 

 

585,695

 

 

 

584,231

 

2024 Term Loan B (1)

 

 

535,610

 

 

 

534,940

 

 

 

—

 

 

 

—

 

Total long-term debt, net

 

$

535,610

 

 

$

534,940

 

 

$

585,695

 

 

$

584,231

 

(1) Carrying amounts of long-term debt are net of unamortized debt discount and issuance costs of $13.5 million and $15.6 million as of June 30, 2024 and December 31, 2023, respectively. See “Note 8 – Debt” for additional information.