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Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We follow a three-level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of “observable inputs” and minimize the use of “unobservable inputs.” The three levels of inputs used to measure fair value are as follows:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability.
The following is a summary of the estimated fair values, carrying amounts, and classification under the fair value hierarchy of our financial instruments at September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Fair Value
Hierarchy
Level		Fair ValueCarrying
Amount		Fair ValueCarrying
Amount
Cash and cash equivalents (a)1, 2$26,348 $26,348 $32,526 $32,526 
Deferred compensation126,855 26,855 23,893 23,893 
Short term borrowings22,685 2,685 5,029 5,029 
Long-term debt2140,163 140,163 151,182 151,182 
Cash flow hedge interest rate swap22,462 2,462 3,939 3,939 
Short-term investments27,050 7,050 — — 
Long-term investments2598 598 7,468 7,468 
Forward foreign exchange contracts2995 995 — — 
(a)As of September 30, 2024 cash and cash equivalents consist solely of cash of $26.3 million, which is classified as Level 1 under the fair value hierarchy. As of December 31, 2023 cash and cash equivalents consist of cash of $29.5 million and cash equivalents of $3 million, which are classified as Level 1 and Level 2, respectively, under the fair value hierarchy.
Cash equivalents consist of certificates of deposit with original maturities of three months, or less. These securities are accounted for as held-to-maturity and recorded at amortized cost, which approximates their fair values. The fair value of the underlying assets held by the deferred compensation plan are based on the quoted market prices of the underlying funds which are held by registered investment companies. The carrying value of our variable rate short-term borrowings and long-term debt under our credit facilities approximates fair value as the variable interest rates in the facilities reflect current market rates. The fair value of our cash flow interest rate swap agreement is obtained from an independent third party, is based upon market quotes, and represents the net amount required to terminate the interest rate swap, taking into consideration market rates and counterparty credit risk. The fair value of our forward foreign exchange contracts is based on observable market transactions of spot and forward rates. Short-term and long-term investments consist of certificates of deposit with original maturities occurring within the next twelve months or in excess of twelve months, respectively. These certificates of deposit are securities accounted
for as held-to-maturity and recorded at amortized cost, which approximates their fair values at September 30, 2024.