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Fair Value Measurements | 6 Months Ended
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Jun. 30, 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 2 |  | Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3 |  | Unobservable 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:
| JUNE 30, 2024 |  |  |  | DECEMBER 31, 2023 |  |
(dollars in thousands) | TOTAL |  | LEVEL 1 |  | LEVEL 2 |  |  |  | TOTAL |  | LEVEL 1 |  | LEVEL 2 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income funds | $ | 22,305 |  |  | $ | 22,305 |  |  | $ | — |  |  |  |  | $ | 12,837 |  |  | $ | 12,837 |  |  | $ | — |  |  |
Money market funds | 15,992 |  |  | 15,992 |  |  | — |  |  |  |  | 11,083 |  |  | 11,083 |  |  | — |  |  |
Restricted cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | — |  |  | — |  |  | — |  |  |  |  | 2,854 |  |  | 2,854 |  |  | — |  |  |
Other current assets, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments - interest rate swaps | 1,591 |  |  | — |  |  | 1,591 |  |  |  |  | 320 |  |  | — |  |  | 320 |  |  |
Total asset recurring fair value measurements | $ | 39,888 |  |  | $ | 38,297 |  |  | $ | 1,591 |  |  |  |  | $ | 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 swaps | 420 |  |  | — |  |  | 420 |  |  |  |  | 893 |  |  | — |  |  | 893 |  |  |
Total liability recurring fair value measurements | $ | 420 |  |  | $ | — |  |  | $ | 420 |  |  |  |  | $ | 1,146 |  |  | $ | — |  |  | $ | 1,146 |  |  |
Fair value of each class of financial instruments is determined based on the following:
FINANCIAL INSTRUMENT |  | METHODS 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 June 30, 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:
| JUNE 30, 2024 |  | DECEMBER 31, 2023
(dollars in thousands) | CARRYING VALUE |  | FAIR VALUE LEVEL 2 |  |  |  | CARRYING VALUE |  | FAIR VALUE LEVEL 2 |  |
Senior secured credit facility - revolving credit facility | $ | 685,000 |  |  | $ | 685,000 |  |  |  |  | $ | 381,000 |  |  | $ | 381,000 |  |  |
2025 Notes | $ | 20,724 |  |  | $ | 35,958 |  |  |  |  | $ | 104,786 |  |  | $ | 265,896 |  |  |
2029 Notes | $ | 300,000 |  |  | $ | 270,342 |  |  |  |  | $ | 300,000 |  |  | $ | 277,809 |  |  |

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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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