v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The fair value of an asset or liability represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unrelated market participants.
The Company reports the fair value of assets and liabilities using a three level measurement hierarchy that prioritizes the inputs used to measure fair value. Fair value hierarchy consists of the following three levels:
•Level 1—Valuations based on unadjusted quoted prices in active markets that are accessible at measurement date for identical assets.
•Level 2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and model-based valuations in which all significant inputs are observable in the market, either directly or indirectly (e.g., interest rates; yield curves).
•Level 3—Valuations using significant inputs that are unobservable in the market and inputs that reflect the Company's own assumptions. These are based on the best information available, including the Company's own data.
Financial Assets and Liabilities Recorded at Fair Value
The Company's financial assets and liabilities that are required to be measured at fair value on a recurring basis are as follows (dollars in thousands):
Fair Value Measurements as of June 30, 2025 (unaudited)
Total
Level 1 Level 2Level 3
Assets:
Cash and cash equivalents
Cash$53,557 $53,557 $— $— 
Money market funds91,154 91,154 — — 
Marketable securities
Corporate debt securities367,895 — 367,895 — 
U.S government agency securities9,990 —9,990 —
Other noncurrent assets
Marketable securities - restricted (SERP)660 24 636 — 
Total assets at fair value$523,256 $144,735 $378,521 $— 
Liabilities:
Contingent consideration$— $— $— $— 
Total liabilities at fair value$— $— $— $— 
Fair Value Measurements as of December 31, 2024
Total
Level 1 Level 2Level 3
Assets:
Cash and cash equivalents
Cash$37,830 $37,830 $— $— 
Money market funds31,501 31,501 — — 
Marketable securities
Corporate debt securities355,201 — 355,201 — 
U.S. government agency debt securities29,080 —29,080 —
Other noncurrent assets
Marketable securities - restricted (SERP)635 21 614 — 
Total assets at fair value$454,247 $69,352 $384,895 $— 
Liabilities:
Contingent consideration$47,340 $— $— $47,340 
Total liabilities at fair value$47,340 $— $— $47,340 
Other Financial Instruments
The carrying amounts of other financial instruments, including accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities.