Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.2.2
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
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):
September 30, 2022 December 31, 2021
Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3
Assets:
Assets held in rabbi trust $ 9,222  $ —  $ 9,222  $ —  $ 11,508  $ —  $ 11,508  $ — 
Cash equivalents (1):
             
Commercial paper $ 80,095  $ —  $ 80,095  $ —  $ 8,948  $ —  $ 8,948  $ — 
Money market funds 120,011  120,011  —  —  210,985  210,985  —  — 
$ 200,106  $ 120,011  $ 80,095  $ —  $ 219,933  $ 210,985  $ 8,948  $ — 
Marketable debt securities, available-for-sale:                
Short-term investments:                
U.S. treasuries $ 121,410  $ 121,410  $ —  $ —  $ 35,733  $ 35,733  $ —  $ — 
Corporate debt 89,507  —  89,507  —  —  —  —  — 
ABS and other 842  —  842  —  148,135  —  148,135  — 
$ 211,759  $ 121,410  $ 90,349  $ —  $ 183,868  $ 35,733  $ 148,135  $ — 
Long-term investments:                
U.S. treasuries $ 42,881  $ 42,881  $ —  $ —  $ 70,767  $ 70,767  $ —  $ — 
U.S. government sponsored entities 543  —  543  —  745  —  745  — 
Corporate debt 39,562  —  39,562  —  34,013  —  34,013  — 
ABS and other 6,343  —  6,343  —  7,085  —  7,085  — 
$ 89,329  $ 42,881  $ 46,448  $ —  $ 112,610  $ 70,767  $ 41,843  $ — 
Liabilities:                
Contingent consideration $ 8,024  $ —  $ —  $ 8,024  $ 9,312  $ —  $ —  $ 9,312 
Deferred consideration $ 6,159  $ —  $ 6,159  $ —  $ 9,801  $ —  $ 9,801  $ — 
Deferred compensation liability $ 6,558  $ 6,558  $ —  $ —  $ 8,001  $ 8,001  $ —  $ — 
(1)
 Included in cash and cash equivalents 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):
Nine Months Ended
September 30,
2022 2021
Beginning balance $ 9,312  $ 5,572 
Contingent consideration in connection with acquisitions —  (100)
Change in fair value of contingent consideration (248) 3,246 
Payments of contingent consideration (1,040) (620)
Ending balance $ 8,024  $ 8,098 
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
September 30, 2022		 Valuation Technique Unobservable inputs
Range (Weighted Average)(1)
Contingent consideration $ 8,024  Discounted cash flow Expected life of cash flows
0.7-5.1 years (2.8 years)
Discount rate
6.3%-6.9% (6.7%)
Probability of achievement
0.0%-100.0% (96.3%)
Fair Value at
December 31, 2021		 Valuation Technique Unobservable inputs
Range (Weighted Average)(1)
Contingent consideration $ 9,312  Discounted cash flow Expected life of cash flows
1.4-5.8 years (3.4 years)
Discount rate
2.2%-3.5% (2.9%)
Probability of achievement
29.0%-100.0% (95.2%)
(1)
 Unobservable inputs were weighted by the relative fair value of the instruments.