v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Financial instruments which are measured at fair value, or for which a fair value is disclosed, are classified in the fair value hierarchy, as outlined below, on the basis of the observability of the inputs used in the fair value measurement:
•Level 1 – inputs are based upon quoted prices for identical instruments in active markets.
•Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data.
•Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the instrument.
The Company’s interest rate cap contract is recorded at its fair value in the condensed consolidated balance sheets on a recurring basis. The fair value of the interest rate cap contract is based upon a model-derived valuation using observable market inputs, such as interest rates and interest rate volatility, and the strike price.
Financial InstrumentBalance Sheet ClassificationLevelJune 30, 2025
Liability:(in thousands)
Interest rate cap contract, current portionAccrued otherLevel 2$3,146 
Interest rate cap contract, non-current portionOther non-current liabilitiesLevel 22,824 
The Company does not measure its indebtedness at fair value in its condensed consolidated balance sheets. The fair value of the credit facilities are based on quoted market prices for this debt in the syndicated loan market. The fair values of the senior notes are based on quoted market prices. The carrying value of the Company’s other debt, as disclosed in Note 9 – Long-Term Debt and Notes Payable, approximates fair value.
December 31, 2024June 30, 2025
Financial InstrumentLevelCarrying ValueFair ValueCarrying ValueFair Value
(in thousands)
6.250% senior notes
Level 2$539,363 $528,000 $540,028 $553,647 
Credit facilities:
Revolving facilityLevel 2105,000 102,900 250,000 245,000 
Term loanLevel 21,041,661 1,051,313 1,037,032 1,046,056 
The Company’s other financial instruments, which primarily consist of cash and cash equivalents, accounts receivable, and accounts payable, approximate fair value because of the short-term maturities of these instruments.