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Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is the price that would be received for an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants on the measurement date. Fair value is categorized into one of the following three levels based on the lowest level of significant input:
Level 1
Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3Unobservable inputs that cannot be corroborated by observable market data
Fair Value Measurements on a Recurring Basis - The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:
MARCH 31, 2024DECEMBER 31, 2023
(dollars in thousands)TOTALLEVEL 1LEVEL 2TOTALLEVEL 1LEVEL 2
Assets:
Cash equivalents:
Fixed income funds$22,720 $22,720 $— $12,837 $12,837 $— 
Money market funds16,178 16,178 — 11,083 11,083 — 
Restricted cash equivalents:
Money market funds— — — 2,854 2,854 — 
Other current assets, net:
Derivative instruments - interest rate swaps1,574 — 1,574 320 — 320 
Total asset recurring fair value measurements$40,472 $38,898 $1,574 $27,094 $26,774 $320 
Liabilities:
Accrued and other current liabilities:
Derivative instruments - interest rate swaps$— $— $— $253 $— $253 
Other long-term liabilities:
Derivative instruments - interest rate swaps846 — 846 893 — 893 
Total liability recurring fair value measurements$846 $— $846 $1,146 $— $1,146 

Fair value of each class of financial instruments is determined based on the following:
FINANCIAL INSTRUMENTMETHODS AND ASSUMPTIONS
Fixed income funds and Money market funds
Carrying value approximates fair value because maturities are less than three months.
Derivative instruments
The Company’s derivative instruments include interest rate swaps. Fair value measurements are based on the contractual terms of the derivatives and observable market-based inputs. The interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of March 31, 2024 and December 31, 2023, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.
Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative financial instruments consist of cash equivalents, accounts receivable, accounts payable and long-term debt. The fair values of cash equivalents, accounts receivable and accounts payable approximate their carrying amounts reported on its Consolidated Balance Sheets due to their short duration.

Debt is carried at amortized cost; however, the Company estimates the fair value of debt for disclosure purposes. The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:
MARCH 31, 2024DECEMBER 31, 2023
(dollars in thousands)CARRYING VALUEFAIR VALUE LEVEL 2CARRYING VALUEFAIR VALUE LEVEL 2
Senior secured credit facility - revolving credit facility$635,000 $635,000 $381,000 $381,000 
2025 Notes$20,724 $53,346 $104,786 $265,896 
2029 Notes$300,000 $278,517 $300,000 $277,809