v3.25.2
Assets and Liabilities Measured at Fair Value
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value Assets and Liabilities Measured at Fair Value
The Company's financial assets and liabilities are measured at fair value and classified within the fair value hierarchy, which is defined as follows:
Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.
Level 3 — Inputs that are unobservable for the asset or liability.
A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of June 30, 2025 are identified in the following tables:
(in thousands) Level 1Level 2Total
Assets:  
Commercial paper$— $32,116 $32,116 
U.S. government agency bonds— 27,639 27,639 
Corporate debt securities— 12,388 12,388 
Money market2,279 — 2,279 
 $2,279 $72,143 $74,422 
(in thousands) Level 1Level 2Total
Liabilities:  
Deferred compensation plan liability$2,179 $— $2,179 
 $2,179 $— $2,179 
A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2024 are identified in the following tables:
(in thousands)Level 1Level 2Total
Assets:
Commercial paper$— $18,081 $18,081 
U.S. government agency bonds— 16,518 16,518 
Corporate debt securities— 1,444 1,444 
Money market2,318 — 2,318 
 $2,318 $36,043 $38,361 
(in thousands)Level 1Level 2Total
Liabilities:   
Deferred compensation plan liability2,218 — 2,218 
 $2,218 $— $2,218 
Deferred compensation plan liability is recorded as a component of other non-current liabilities on the Company's Consolidated Balance Sheets. The Company did not have any Level 3 assets or liabilities as of June 30, 2025 or December 31, 2024.
Cash, Money Market Funds, and Marketable Securities
The Company classifies its cash and money market funds within the fair value hierarchy as Level 1 as these assets are valued using quoted prices in an active market for identical assets at the measurement date. The Company considers its investments in marketable securities as available-for-sale and classifies these assets within the fair value hierarchy as Level 2 primarily utilizing broker quotes in a non-active market for valuation of these securities.