Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and liabilities at Fair Value on Recurring Basis
Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands):
March 31, 2024 December 31, 2023
Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3
Assets:
Assets held in rabbi trust $ 11,467  $ —  $ 11,467  $ —  $ 10,838  $ —  $ 10,838  $ — 
Convertible notes $ 5,273  $ —  $ —  $ 5,273  $ 5,081  $ —  $ —  $ 5,081 
Cash equivalents (1):
             
Commercial paper $ —  $ —  $ —  $ —  $ 27,998  $ —  $ 27,998  $ — 
Money market funds 21,210  21,210  —  —  68,364  68,364  —  — 
$ 21,210  $ 21,210  $ —  $ —  $ 96,362  $ 68,364  $ 27,998  $ — 
Marketable debt securities, available-for-sale:                
Short-term investments:                
U.S. treasuries $ 78,005  $ 78,005  $ —  $ —  $ 91,840  $ 91,840  $ —  $ — 
Corporate debt 120,309  —  120,309  —  77,041  —  77,041  — 
$ 198,314  $ 78,005  $ 120,309  $ —  $ 168,881  $ 91,840  $ 77,041  $ — 
Long-term investments:                
U.S. treasuries $ 791  $ 791  $ —  $ —  $ 9,852  $ 9,852  $ —  $ — 
U.S. government sponsored entities 999  —  999  —  1,040  —  1,040  — 
Corporate debt 43,657  —  43,657  —  44,565  —  44,565  — 
ABS and other 11,953  —  11,953  —  12,002  —  12,002  — 
$ 57,400  $ 791  $ 56,609  $ —  $ 67,459  $ 9,852  $ 57,607  $ — 
Liabilities:                
Contingent consideration $ 5,662  $ —  $ —  $ 5,662  $ 5,482  $ —  $ —  $ 5,482 
Deferred consideration $ 1,582  $ —  $ 1,582  $ —  $ 1,571  $ —  $ 1,571  $ — 
Deferred compensation liability $ 9,309  $ 9,309  $ —  $ —  $ 8,356  $ 8,356  $ —  $ — 
(1)
 Included in cash, cash equivalents, and restricted cash on the accompanying condensed consolidated balance sheets.
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis
A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands):
Three Months Ended
March 31,
2024 2023
Beginning balance $ 5,482  $ 7,067 
Change in fair value of contingent consideration(1)
180  226 
Payments of contingent consideration —  (250)
Ending balance $ 5,662  $ 7,043 
(1)
 Includes immaterial impact of foreign currency translation.
Fair Value Liabilities Measured On Recurring Basis Valuation Techniques
Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands):
Fair Value at
March 31, 2024		 Valuation Technique Unobservable inputs
Range (Weighted Average)(1)
Contingent
consideration
 $ 5,662  Discounted cash flow Expected life of cash flows
0.5-3.58
 (1.18)
Discount rate
5.5%-6.6%
(6.3%)
Probability of achievement
10.8%-100.0%
(97.5%)
Fair Value at
December 31, 2023		 Valuation Technique Unobservable inputs
Range (Weighted Average)(1)
Contingent
consideration
 $ 5,482  Discounted cash flow Expected life of cash flows
0.8-3.8 years
 (1.4 years)
Discount rate
5.3%-6.4%
(6.1%)
Probability of achievement
11.1%-100.0%
(96.5%)
(1)
 Unobservable inputs were weighted by the relative fair value of the instruments.