Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy as of December 31, 2023 and 2022, respectively:

			Fair Value Measurements Using:
As of December 31, 2023	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(in thousands)
Assets:
Investments—equity securities	$	21	$	21	$	—	$	—
Investments—guaranteed income fund	1,489		—		—		1,489
Investments—mutual funds and other	10,772		10,772		—		—
Total investments	12,282		10,793		—		1,489
Derivative assets	1,067		—		1,067		—
Total assets	$	13,349	$	10,793	$	1,067	$	1,489
Liabilities:
Derivative liabilities	$	1,281	$	—	$	1,281	$	—

			Fair Value Measurements Using:
As of December 31, 2022	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(in thousands)
Assets:
Investments—equity securities	$	24	$	24	$	—	$	—
Investments—guaranteed income fund	1,853		—		—		1,853
Investments—mutual funds and other	8,699		8,699		—		—
Total investments	10,576		8,723		—		1,853
Derivative assets	3,769		—		3,769		—
Total assets	$	14,345	$	8,723	$	3,769	$	1,853
Liabilities:
Derivative liabilities	$	2,215	$	—	$	2,215	$	—

Schedule of Changes in Fair Value of Plan Assets

The changes in the fair value of our Level 3 investments for the years ended December 31, 2023 and 2022 were immaterial. Investment income from our Level 3 investments is reflected in other income (expense), net in the consolidated statements of income.