Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

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

	Fair Value Measurements as of
	December 31, 2022 using:
(in thousands)	Level 1		Level 2		Level 3		Balance Sheet Location
Assets
Rabbi trust	$	3,940	$	—	$	—	Prepaid and other assets
Foreign exchange derivative instruments	—		7,393		—		Prepaid and other assets
Deferred compensation program assets	631		—		—		Other assets
Foreign exchange derivative instruments	—		1,341		—		Other assets
Total assets	$	4,571	$	8,734	$	—
Liabilities
Foreign exchange derivative instruments	$	—	$	4,758	$	—	Accrued expenses and other liabilities
Deferred compensation program liabilities	631		—		—		Other noncurrent liabilities
Foreign exchange derivative instruments	—		344		—		Other noncurrent liabilities
Total liabilities	$	631	$	5,102	$	—

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 were as follows:

	Fair Value Measurements as of
	December 31, 2021 using:
(in thousands)	Level 1		Level 2		Level 3		Balance Sheet Location
Assets
Rabbi trust	$	5,364	$	—	$	—	Prepaid and other assets
Foreign exchange derivative instruments	—		6,320		—		Prepaid and other assets
Deferred compensation program assets	842		—		—		Other assets
Foreign exchange derivative instruments	—		1,491		—		Other assets
Total assets	$	6,206	$	7,811	$	—
Liabilities
Foreign exchange derivative instruments	$	—	$	488	$	—	Accrued expenses and other liabilities
Deferred compensation program liabilities	842		—		—		Other noncurrent liabilities
Total liabilities	$	842	$	488	$	—

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 12). The Company uses 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.