Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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):
September 30, 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 $ 10,065  $ —  $ 10,065  $ —  $ 9,553  $ —  $ 9,553  $ — 
Cash equivalents (1):
             
Commercial paper $ 20,022  $ —  $ 20,022  $ —  $ 41,324  $ —  $ 41,324  $ — 
Money market funds 122,510  122,510  —  —  139,025  139,025  —  — 
$ 142,532  $ 122,510  $ 20,022  $ —  $ 180,349  $ 139,025  $ 41,324  $ — 
Marketable debt securities, available-for-sale:                
Short-term investments:                
U.S. treasuries $ 52,254  $ 52,254  $ —  $ —  $ 134,549  $ 134,549  $ —  $ — 
Corporate debt 64,459  —  64,459  —  118,041  —  118,041  — 
ABS and other —  —  —  —  844  —  844  — 
$ 116,713  $ 52,254  $ 64,459  $ —  $ 253,434  $ 134,549  $ 118,885  $ — 
Long-term investments:                
U.S. treasuries $ 17,501  $ 17,501  $ —  $ —  $ 20,715  $ 20,715  $ —  $ — 
U.S. government sponsored entities 474  —  474  —  536  —  536  — 
Corporate debt 41,107  —  41,107  —  41,358  —  41,358  — 
ABS and other 11,428  —  11,428  —  5,986  —  5,986  — 
$ 70,510  $ 17,501  $ 53,009  $ —  $ 68,595  $ 20,715  $ 47,880  $ — 
Liabilities:                
Contingent consideration $ 5,805  $ —  $ —  $ 5,805  $ 7,067  $ —  $ —  $ 7,067 
Deferred consideration $ 1,562  $ —  $ 1,562  $ —  $ 5,119  $ —  $ 5,119  $ — 
Deferred compensation liability $ 7,779  $ 7,779  $ —  $ —  $ 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):
Nine Months Ended
September 30,
2023 2022
Beginning balance $ 7,067  $ 9,312 
Change in fair value of contingent consideration(1)
(202) (248)
Payments of contingent consideration (1,060) (1,040)
Ending balance $ 5,805  $ 8,024 
(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
September 30, 2023		 Valuation Technique Unobservable inputs
Range (Weighted Average)(1)
Contingent
consideration
 $ 5,805  Discounted cash flow Expected life of cash flows
1-4.09 years
 (1.67 years)
Discount rate
6.6%-7.3%
(7.2%)
Probability of achievement
10.8%-100.0%
(96.2%)
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.