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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | NOTE 17 — Fair Value Measurements The table below summarizes our financial assets and liabilities that were measured at fair value on a recurring basis at March 31, 2024:
|  | Asset (Liability) Carrying Value at March 31, 2024 |  |  | Quoted Prices in Active Markets for Identical (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Interest rate swaps |  | $ | 2,321 |  |  | $ | — |  |  | $ | 2,321 |  |  | $ | — |
Foreign currency hedges |  | $ | 1,831 |  |  | $ | — |  |  | $ | 1,831 |  |  | $ | — |
Cross-currency swap |  | $ | (289 | ) |  | $ | — |  |  | $ | (289 | ) |  | $ | — |
Qualified replacement plan assets |  | $ | 12,950 |  |  | $ | 12,950 |  |  | $ | — |  |  | $ | — |
Contingent consideration |  | $ | (3,511 | ) |  | $ | — |  |  | $ | — |  |  | $ | (3,511 | )
The table below summarizes the financial assets and liabilities that were measured at fair value on a recurring basis at December 31, 2023:
|  | Asset (Liability) Carrying Value at December 31, 2023 |  |  | Quoted Prices in Active Markets for Identical (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Interest rate swaps |  | $ | 1,827 |  |  | $ | — |  |  | $ | 1,827 |  |  | $ | — |
Foreign currency hedges |  | $ | 1,087 |  |  | $ | — |  |  | $ | 1,087 |  |  | $ | — |
Cross-currency swap |  | $ | (747 | ) |  | $ | — |  |  | $ | (747 | ) |  | $ | — |
Qualified replacement plan assets |  | $ | 13,392 |  |  | $ | 13,392 |  |  | $ | — |  |  | $ | — |
Contingent consideration |  | $ | (3,764 | ) |  | $ | — |  |  | $ | — |  |  | $ | (3,764 | )
We use interest rate swaps to convert a portion of our Revolving Credit Facility’s outstanding balance from a variable rate of interest into a fixed rate and foreign currency forward contracts to hedge the effect of foreign currency changes on certain revenues and costs denominated in foreign currencies. The Company entered into a cross-currency swap agreement in order to manage its exposure to changes in interest rates related to foreign debt. These derivative financial instruments are measured at fair value on a recurring basis. The fair value of our interest rate swaps and foreign currency hedges were measured using standard valuation models using market-based observable inputs over the contractual terms, including forward yield curves, among others. There is a readily determinable market for these derivative instruments, but that market is not active and therefore they are classified within Level 2 of the fair value hierarchy. The fair value of the contingent consideration requires significant judgment. The Company's fair value estimates used in the contingent consideration valuation are considered Level 3 fair value measurements. The fair value estimates were based on assumptions management believes to be reasonable, but that are inherently uncertain, including estimates of future revenues and timing of events and activities that are expected to take place. Refer to Note 3 for further discussion on contingent consideration. A roll-forward of the contingent consideration is as follows:
|  | Contingent Consideration |
Balance at December 31, 2023 |  | $ | 3,764 |
Change in fair value |  |  | (253 | )
Balance at March 31, 2024 |  | $ | 3,511 |
As of March 31, 2024, approximately $1,076 was recorded in accrued expenses and other liabilities with the remainder in other long-term obligations. Our long-term debt consists of the Revolving Credit Facility, which is recorded at its carrying value. There is a readily determinable market for our long-term debt and it is classified within Level 2 of the fair value hierarchy as the market is not deemed to be active. The fair value of long-term debt approximates its carrying value and was determined by valuing a similar hypothetical coupon bond and attributing that value to our long-term debt under the Revolving Credit Facility. The qualified replacement plan assets consist of investment funds maintained for future contributions to the Company’s U.S. 401(k) program. The investments are Level 1 marketable securities and are recorded in Other Assets on our Condensed Consolidated Balance Sheets.

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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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