v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 (unaudited)
Total
Level 1 Level 2Level 3
Assets:
Cash and cash equivalents
Cash$89,913 $89,913 $— $— 
Money market funds94,956 94,956 — — 
Marketable securities
Corporate debt securities189,383 — 189,383 — 
Municipal debt securities8,997 —8,997 —
U.S government agency securities992 —992 —
Other noncurrent assets
Marketable securities - restricted (SERP)676 29 647 — 
Restricted cash
1,450 1,450 — — 
Total assets at fair value$386,367 $186,348 $200,019 $— 
Liabilities:
Contingent consideration$206 $— $— $206 
Total liabilities at fair value$206 $— $— $206 
Fair Value Measurements as of December 31, 2025
Total
Level 1 Level 2Level 3
Assets:
Cash and cash equivalents
Cash$56,371 $56,371 $— $— 
Money market funds72,077 72,077 — — 
Marketable securities
Corporate debt securities164,519 — 164,519 — 
Municipal debt securities14,716 —14,716 —
U.S. government agency debt securities987 —987 —
Other noncurrent assets
Marketable securities - restricted (SERP)705 27 678 — 
Restricted Cash1,450 1,450 — $— 
Total assets at fair value$310,825 $129,925 $180,900 $— 
Liabilities:
Contingent consideration$31,258 $— $— $31,258 
Total liabilities at fair value$31,258 $— $— $31,258 
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.