v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3.
FAIR VALUE MEASUREMENTS

Cash and cash equivalents

Carrying value approximated far value because of the short maturity of the instruments. Fair value of cash and cash equivalents is a Level 1 measurement. The Company's cash and cash equivalents included money market funds totaling $6,622,000 and $12,589,000 at June 30, 2025 and December 31, 2024, respectively.

Derivative assets and liabilities

Derivative assets and liabilities include the foreign currency exchange and interest rate swap contracts discussed in Note 4, Derivative Instruments, of the notes to the Company’s condensed consolidated financial statements (included in Item 1 of this Form 10-Q). Fair value and carrying value were the same because the contracts were recorded at fair value. The fair values of the foreign currency contracts were calculated as the difference between the applicable forward foreign exchange rates at the reporting date and the contracted foreign exchange rates multiplied by the contracted notional amounts. The fair value of the interest rate swap was calculated as the difference between the contracted swap rate and the floating interest rate multiplied by the present value of the notional amount of the contract.

At June 30, 2025, and December 31, 2024, the fair values and related carrying values of debt, including current maturities, were as follows (the fair value and carrying value amounts are presented without regard to unamortized debt issuance costs of $333,000 and $404,000 as of June 30, 2025 and December 31, 2024, respectively):

 

(In thousands)

 

June 30,
2025

 

 

December 31,
2024

 

Fair value

 

$

641,989

 

 

$

598,864

 

Carrying value

 

 

658,363

 

 

 

625,843

 

 

 

The following tables present financial assets and liabilities, excluding cash and cash equivalents, measured on a recurring basis at fair value as of June 30, 2025, and December 31, 2024, and the level within the fair value hierarchy in which the fair value measurements fall:

 

(In thousands)

 

June 30,
2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Mutual fund assets

 

$

19,761

 

 

$

19,761

 

 

$

—

 

 

$

—

 

Derivative assets:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

 

3,051

 

 

 

—

 

 

 

3,051

 

 

 

—

 

Foreign currency contracts

 

 

1,058

 

 

 

—

 

 

 

1,058

 

 

 

—

 

Total assets at fair value

 

$

23,870

 

 

$

19,761

 

 

$

4,109

 

 

$

—

 

Derivative liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

$

1,188

 

 

$

—

 

 

$

1,188

 

 

$

—

 

 

(In thousands)

 

December 31,
2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Mutual fund assets

 

$

25,558

 

 

$

25,558

 

 

$

—

 

 

$

—

 

Derivative assets:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

 

4,934

 

 

 

—

 

 

 

4,934

 

 

 

—

 

Foreign currency contracts

 

 

1,386

 

 

 

—

 

 

 

1,386

 

 

 

—

 

Total assets at fair value

 

$

31,878

 

 

$

25,558

 

 

$

6,320

 

 

$

—

 

Derivative liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

$

752

 

 

$

—

 

 

$

752

 

 

$

—