| Schedule of fair value hierarchy |
The carrying values of our assets that are required to be measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 approximate fair value because of our ability to immediately convert these instruments into cash with minimal expected change in value which are classified in the table below in one of the three categories of the fair value hierarchy described above (in thousands): | | | | | | | | | | | | | | | Fair Value Measurements | | | Level 1 | | Level 2 | | Level 3 | | Total | March 31, 2025 | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | Money market mutual fund | | $ | 3,157 | | $ | — | | $ | — | | $ | 3,157 | Mutual funds | | | 98,333 | | | — | | | — | | | 98,333 | U.S. Treasury notes | | | 32,261 | | | — | | | — | | | 32,261 | Corporate debt securities | | | 77,335 | | | — | | | — | | | 77,335 | | | $ | 211,086 | | $ | — | | $ | — | | $ | 211,086 | Liabilities: | | | | | | | | | | | | | Convertible Senior Notes | | $ | — | | $ | 198,537 | | $ | — | | $ | 198,537 | Contingent consideration | | | — | | | — | | | 580 | | | 580 | | | $ | — | | $ | 198,537 | | $ | 580 | | $ | 199,117 |
| | | | | | | | | | | | | | | Fair Value Measurements | | | Level 1 | | Level 2 | | Level 3 | | Total | December 31, 2024 | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | Money market mutual fund | | $ | 134 | | $ | — | | $ | — | | $ | 134 | Mutual funds | | | 97,675 | | | — | | | — | | | 97,675 | U.S. Treasury notes | | | 41,948 | | | — | | | — | | | 41,948 | Corporate debt securities | | | 76,837 | | | — | | | — | | | 76,837 | | | $ | 216,594 | | $ | — | | $ | — | | $ | 216,594 | Liabilities: | | | | | | | | | | | | | Convertible Senior Notes | | $ | — | | $ | 198,217 | | $ | — | | $ | 198,217 | Contingent consideration | | | — | | | — | | | 6,559 | | | 6,559 | | | $ | — | | $ | 198,217 | | $ | 6,559 | | $ | 204,776 |
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| Schedule of estimated fair values and the carrying values |
The following table presents the estimated fair values and the carrying values (in thousands): | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | 2026 Senior Notes | | $ | 184,211 | | $ | 166,558 | | $ | 183,919 | | $ | 164,525 | 2025 Senior Notes | | $ | 14,326 | | $ | 14,367 | | $ | 14,298 | | $ | 14,125 |
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| Schedule of gains recognized in earnings and the change in net assets related to the contingent consideration |
The gains recognized in earnings and the change in net assets related to the contingent consideration at March 31, 2025 were as follows (in thousands): | | | | | | | | | | | | | | | | | | Fair Value | | Gains | | Reclassification | | Foreign | | Fair Value | | | December 31, | | recognized in | | to current | | currency | | March 31, | | | 2024 | | earnings | | payables | | adjustment | | 2025 | 2021 Acquisitions | | $ | 909 | | $ | (85) | | $ | (833) | | $ | 9 | | $ | — | 2022 Acquisitions | | | 742 | | | (190) | | | — | | | 28 | | | 580 | 2023 Acquisitions | | | 4,908 | | | (4,908) | | | — | | | — | | | — | | | $ | 6,559 | | $ | (5,183) | | $ | (833) | | $ | 37 | | $ | 580 |
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