Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023 December 31, 2022
Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3
Assets:
Assets held in rabbi trust $ 9,953  $ —  $ 9,953  $ —  $ 9,553  $ —  $ 9,553  $ — 
Cash equivalents (1):
             
Commercial paper $ 39,213  $ —  $ 39,213  $ —  $ 41,324  $ —  $ 41,324  $ — 
Money market funds 135,353  135,353  —  —  139,025  139,025  —  — 
$ 174,566  $ 135,353  $ 39,213  $ —  $ 180,349  $ 139,025  $ 41,324  $ — 
Marketable debt securities, available-for-sale:                
Short-term investments:                
U.S. treasuries $ 56,439  $ 56,439  $ —  $ —  $ 134,549  $ 134,549  $ —  $ — 
Corporate debt 75,843  —  75,843  —  118,041  —  118,041  — 
ABS and other 238  —  238  —  844  —  844  — 
$ 132,520  $ 56,439  $ 76,081  $ —  $ 253,434  $ 134,549  $ 118,885  $ — 
Long-term investments:                
U.S. treasuries $ 17,582  $ 17,582  $ —  $ —  $ 20,715  $ 20,715  $ —  $ — 
U.S. government sponsored entities 530  —  530  —  536  —  536  — 
Corporate debt 43,573  —  43,573  —  41,358  —  41,358  — 
ABS and other 8,808  —  8,808  —  5,986  —  5,986  — 
$ 70,493  $ 17,582  $ 52,911  $ —  $ 68,595  $ 20,715  $ 47,880  $ — 
Liabilities:                
Contingent consideration $ 7,043  $ —  $ —  $ 7,043  $ 7,067  $ —  $ —  $ 7,067 
Deferred consideration $ 3,833  $ —  $ 3,833  $ —  $ 5,119  $ —  $ 5,119  $ — 
Deferred compensation liability $ 7,718  $ 7,718  $ —  $ —  $ 6,661  $ 6,661  $ —  $ — 
(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,
2023 2022
Beginning balance $ 7,067  $ 9,312 
Contingent consideration in connection with acquisitions —  — 
Change in fair value of contingent consideration 226  51 
Payments of contingent consideration (250) — 
Ending balance $ 7,043  $ 9,363 
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, 2023		 Valuation Technique Unobservable inputs
Range (Weighted Average)(1)
Contingent
consideration
 $ 7,043  Discounted cash flow Expected life of cash flows
0.2-4.6 years
 (2.4 years)
Discount rate
6.0%-6.7%
(6.3%)
Probability of achievement
0.0%-100.0%
(94.9%)
Fair Value at
December 31, 2022		 Valuation Technique Unobservable inputs
Range (Weighted Average)(1)
Contingent
consideration
 $ 7,067  Discounted cash flow Expected life of cash flows
0.4-4.8 years
 (2.7 years)
Discount rate
6.0%-7.0%
(6.5)%
Probability of achievement
0.0%-100.0%
(95.4)%
(1)
 Unobservable inputs were weighted by the relative fair value of the instruments.