FAIR VALUE MEASURMENTS

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASURMENTS

The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers all related factors of the asset by market participants in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit-risk.

The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels, and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and

Level 3 – Inputs for the asset or liability that are not based on observable market data.

Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, debt, and acquisition consideration payable.

For the Company’s long-term debt (which primarily consists of a credit facility and mortgage loans), for which there were no quoted market prices of active trading markets, it was not practicable to estimate the fair value of these financial instruments. The carrying amount of debt as of September 30, 2024 and December 31, 2023 was $420,149 and $445,642, which included $22,532 and $52,005, respectively, of short-term debt due within one year.

Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements. The fair value of the Company’s financial instruments associated with each of the three levels of the hierarchy are:

	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash and Cash Equivalents	$	64,981	$	—	$	—	$	64,981
Investments	2,137		—		—		2,137
Acquisition Consideration Payable	—		—		(4,151)		(4,151)
Total	$	67,118	$	—	$	(4,151)	$	62,967

	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and Cash Equivalents	$	174,760	$	—	$	—	$	174,760
Investments	2,294		—		—		2,294
Acquisition Consideration Payable	—		—		(3,915)		(3,915)
Total	$	177,054	$	—	$	(3,915)	$	173,139

As of September 30, 2024, the Company held publicly traded shares of $2,137, which is included in other current assets in the accompanying Condensed Consolidated Balance Sheet, and is a Level 1 financial instrument.