Fair Value Measurements |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | Fair Value Measurements The Company’s financial instruments, other than those discussed below, include cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities. The carrying amounts of these financial instruments approximate fair value due to the short-term nature of these instruments. For financial instruments measured at fair value on a recurring basis, the Company prioritizes the inputs used in measuring fair value according to a three-tier fair value hierarchy defined by U.S. GAAP. Cash equivalents. As of March 31, 2025 and December 31, 2024, cash equivalents included $3.1 million and $1.5 million, respectively, of highly liquid money market funds, which are classified as Level 1 within the fair value hierarchy. Debt. The estimated fair value of the Company’s debt instruments, at March 31, 2025 and December 31, 2024, was approximately $118.1 million and $123.8 million, respectively. The carrying values of the Company’s debt instruments at March 31, 2025 and December 31, 2024, were $117.2 million and $122.8 million, respectively. The estimated fair value of the Company’s debt instruments primarily reflects assumptions regarding credit spreads for similar floating-rate instruments with similar terms and maturities and the Company’s standalone credit risk.
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