v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2025
FAIR VALUE MEASUREMENTS [Abstract]  
Fair Value of Assets and Liabilities Measured on Recurring Basis

(In thousands)

Balance at
March 31,
2025

Level 1

Level 2

Level 3

Assets:

Cash equivalents

$

162,325

$

162,325

$

$

Liabilities:

Business acquisition liabilities

118,055

118,055

(In thousands)

Balance at
December 31,
2024

Level 1

Level 2

Level 3

Assets:

Cash equivalents

$

496,676

$

423,977

$

72,699

$

Municipal bonds

15,498

15,498

Corporate debt securities

54,806

54,806

Commercial paper

36,530

36,530

Asset-backed securities

19,621

19,621

Government, federal agency, and other sovereign obligations

45,298

45,298

Liabilities:

Business acquisition liabilities

123,235

123,235

Significant Unobservable Inputs in Valuation Techniques

Unobservable input

Range

Weighted Average*

Revenue risk premium

2.0%

-

5.8%

3.1%

Revenue volatility

14.0%

-

15.8%

14.3%

Discount rate

5.2%

-

8.5%

6.2%

Projected year of payment

2025

-

2034

* The weighted average rates were calculated based on the relative fair value of each business acquisition liability.

Changes in Carrying Value of Business Acquisition Liabilities

Three Months Ended

March 31,

(In thousands)

2025

2024

Beginning balance

$

123,235

$

139,358

Purchase price contingent consideration

19,143

Changes resulting from foreign currency fluctuations

246

Contingent cash payments

(5,902)

(46,590)

Contingent RSU grants

(429)

(336)

Changes in fair value of business acquisition liabilities

167

(165)

Contractual payable reclassification

984

(346)

Ending balance

$

118,055

$

111,310