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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 6 - Fair Value of Financial Instruments
The Company’s financial instruments consist of cash equivalents, interest rate swaps, and debt. Assets and liabilities measured at fair value on a recurring basis (cash equivalents and interest rate swaps) and a nonrecurring basis (debts) are categorized in the tables below.
The fair value of the Company’s money market funds is based on quoted active market prices and is determined using the market approach. The fair values of the Company’s interest rate swap contracts were based on market quotes provided by the counterparty. Quotes by the counterparty were calculated based on observable current rates and forward interest rate curves. The Company recalculated and validated this fair value using publicly available market inputs using the market approach. The fair value of the Company’s Term Loans and Senior Notes are based on market quotes provided by a third-party pricing source.
The following tables summarize the Company's financial instruments by level in the fair value hierarchy as of June 30, 2024:
Fair Value Measurements at Reporting Date Using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(In thousands)(Level 1)(Level 2)(Level 3)Total
Assets:
Money market funds (cash equivalents)$73,603 $— $— $73,603 
Liabilities:
Term Loans— 1,051,371 — 1,051,371 
Senior Notes— 300,750 — 300,750 
The following tables summarize the Company's financial instruments by level in the fair value hierarchy as of December 31, 2023:
Fair Value Measurements at Reporting Date Using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(In thousands)(Level 1)(Level 2)(Level 3)Total
Assets:
Money market funds (cash equivalents)$57,062 $— $— $57,062 
Derivative assets: Interest rate swaps— 1,459 — 1,459 
Liabilities:
Term Loans— 1,104,237 — 1,104,237 
Senior Notes— 302,250 — 302,250 
The Company’s non-financial assets and liabilities, which include goodwill and long-lived assets held and used, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur or if an annual impairment test is required, the Company would evaluate the non-financial assets and liabilities for impairment. If an impairment was to occur, the asset or liability would be recorded at its estimated fair value.