Fair Value Measures

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measures

NOTE 19 — FAIR VALUE MEASURES

Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

Level 1	—	observable inputs such as quoted prices for identical assets or liabilities in active liquid markets;
Level 2	—	inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume or infrequent transactions; and
Level 3	—	unobservable inputs for which there is little or no market data available, that require the reporting entity to develop its own assumptions.

The Company's assets and liabilities measured at fair value are categorized as Level 1 or Level 2 instruments. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 are as follows:

(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	75,758	$	—	$	—	$	75,758
U.S. Government treasury bills	—		9,977		—		9,977
Time deposits (1)	—		40,876		—		40,876
Short-term investments:
Available-for-sale short-term investments: (2)
U.S. Government treasury bills	—		412,987		—		412,987
Other short-term investments:
Money market funds	314		—		—		314
Mutual fund shares	884		—		—		884
Prepaid expenses and other current assets:
Derivative financial instruments	—		10,200		—		10,200
Other non-current assets:
Money market funds	1,796		—		—		1,796
Mutual fund shares	24,808		—		—		24,808
Derivative financial instruments	—		961		—		961
Total assets measured at fair value	$	103,560	$	475,001	$	—	$	578,561
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	6,390	$	—	$	6,390
Other long-term liabilities:
Derivative financial instruments	—		2,629		—		2,629
Total liabilities measured at fair value	$	—	$	9,019	$	—	$	9,019

(1) Time deposits are carried at amortized cost on the Consolidated Balance Sheet, which reasonably approximates fair value.

(2) Available-for-sale short-term investments have remaining maturities of less than one year.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 are as follows:

(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	120,481	$	—	$	—	$	120,481
Short-term investments:
Money market funds	80		—		—		80
Mutual fund shares	642		—		—		642
Prepaid expenses and other current assets:
Derivative financial instruments	—		23,333		—		23,333
Other non-current assets:
Money market funds	1,456		—		—		1,456
Mutual fund shares	19,026		—		—		19,026
Derivative financial instruments	—		7,153		—		7,153
Total assets measured at fair value	$	141,685	$	30,486	$	—	$	172,171
Liabilities:
Accrued liabilities:
Derivative financial instruments	$	—	$	3,782	$	—	$	3,782
Other long-term liabilities:
Derivative financial instruments	—		1,770		—		1,770
Total liabilities measured at fair value	$	—	$	5,552	$	—	$	5,552

NON-RECURRING FAIR VALUE MEASUREMENTS

The Company measured the fair value of certain trademark indefinite-lived intangible assets and goodwill as part of impairment testing for the year ended December 31, 2023. The inputs used to measure the fair value of these assets are primarily significant unobservable inputs and, as such, considered Level 3 fair value measurements. Refer to Note 6 in Part II, Item 8 in the Annual Report on Form 10-K for further discussion.