v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 were as follows:
Fair Value Measurements as of
June 30, 2026 using:
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets
Rabbi trust$3,108 $— $— Prepaid and other current assets
Foreign exchange derivative instruments— 6,433 — Prepaid and other current assets
Deferred compensation program assets786 — — Other noncurrent assets
Total assets$3,894 $6,433 $— 
Liabilities
Foreign exchange derivative instruments$— $502 $— Accrued expenses and other current liabilities
Deferred compensation program liabilities786 — — Other noncurrent liabilities
Total liabilities$786 $502 $— 
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 were as follows:
Fair Value Measurements as of
December 31, 2025 using:
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets
Rabbi trust$2,906 $— $— Prepaid and other current assets
Foreign exchange derivative instruments— 2,950 — Prepaid and other current assets
Deferred compensation program assets719 — — Other noncurrent assets
Total assets$3,625 $2,950 $— 
Liabilities
Foreign exchange derivative instruments$— $1,746 $— Accrued expenses and other current liabilities
Deferred compensation program liabilities719 — — Other noncurrent liabilities
Total liabilities$719 $1,746 $— 
Rabbi trust assets are used to fund certain retirement obligations of the Company. The assets underlying the Rabbi trust are equity and fixed income exchange-traded funds.
Deferred compensation program assets and liabilities represent a program where select employees could defer compensation until termination of employment. Effective July 29, 2011, this program was amended to cease all employee compensation deferrals and provided for the distribution of all previously deferred employee compensation. The program remains in effect with respect to the value attributable to the employer match contributed prior to July 29, 2011.
Foreign exchange derivative instruments are foreign exchange forward contracts primarily used to limit currency risk that would otherwise result from changes in foreign exchange rates (Note 6). The Company used the mid-price of foreign exchange forward rates as of the close of business on the valuation date to value each foreign exchange forward contract at each reporting period.