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Financial Instruments
3 Months Ended
Mar. 31, 2024
Financial Instruments  
Financial Instruments

12.  Financial Instruments

At March 31, 2024, our wholly-owned subsidiary, Florsheim Australia, had a foreign exchange contract outstanding to buy $0.3 million U.S. dollars at a price of approximately $0.4 million Australian dollars. This contract expires in 2024. Based on quarter-end exchange rates, there were no significant unrealized gains or losses on the outstanding contract.

We determine the fair value of foreign exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable market transactions, and thus represent a Level 2 valuation as defined by ASC 820.