v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 7 - Fair Value Measurements
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands):
June 30, 2026
Level 1Level 2Level 3Total Fair Value Measurements
Assets:
Cash equivalent - money market funds$115,211 $— $— $115,211 
Derivative asset - interest rate swaps— 1,377 — 1,377 
Derivative asset - foreign currency contracts
— 354 — 354 
Investments in equity securities— — 621 621 
$115,211 $1,731 $621 $117,563 
Liabilities:
Contingent earn-out liability— — 14 14 
$— $— $14 $14 
December 31, 2025
Level 1Level 2Level 3Total Fair Value Measurements
Assets:
Cash equivalent - money market funds$112,329 $— $— $112,329 
Derivative asset - interest rate swaps— 703 — 703 
Derivative asset - foreign currency contracts
— 156 — 156 
Investments in equity securities— — 620 620 
$112,329 $859 $620 $113,808 
Liabilities:
Contingent earn-out liability$— $— $50 $50 
$— $— $50 $50 
There were no transfers between levels between June 30, 2026 and December 31, 2025.
The carrying value of accounts receivable, accounts payable, income tax payable, accrued expenses and other payables approximate their fair values due to the short-term maturities of these instruments.
The Company's derivative assets and liabilities, which consist of interest rate swaps and foreign currency forward contracts, are measured at fair value on a recurring basis using observable market data (Level 2). The fair value of interest rate swaps is estimated using a combined income and market-based valuation methodology based on Level 2 inputs, including forward interest rate yield curves obtained from independent pricing services. The fair value of foreign currency forward contracts is measured using Level 2 inputs, which include observable market inputs such as foreign currency spot and forward rates, interest rate yield curves obtained from independent pricing services, and credit-risk adjustments.
The Company's contingent earn-out liability relates to an earn-out payment to former shareholders of Worldwide Vision Limited of up to $150.0 million. The contingent earn-out liability is measured at fair value on a recurring basis using unobservable inputs (Level 3). The fair value of contingent earn-out liability is estimated using a probability-weighted analysis and, if the arrangement is long-term in nature, applying a discount rate that captures the risks associated with the duration of the obligation. The fair value of the contingent earn-out liability is sensitive to changes in the stock price, discount rates and the timing of the future payments, which are based upon estimates of future achievement of the performance metrics.
Assets and liabilities that are measured at fair value on a non-recurring basis include indefinite-lived intangible assets, long-lived assets, definite-lived intangible assets and goodwill. During the three months ended June 30, 2026, the Company recorded impairment charges of $40.0 million for indefinite-lived intangible assets and $129.3 million for goodwill. During the year ended December 31, 2025, the Company recorded impairment charges of $370.0 million for indefinite-lived intangible assets, $3.6 million for the definite-lived intangible assets associated with Official, $4.2 million for the definite-lived intangible assets associated with trademarks, $656.2 million for goodwill and $5.0 million for intangible assets associated with Fruitz asset held for sale. The Company determined the fair value of indefinite-lived intangible assets, long-lived assets, definite-lived intangible asset and its reporting unit for goodwill impairment using unobservable inputs (Level 3), except for impairment associated with Fruitz asset held for sale in the 2025 period, for which the fair value was determined using exit price (Level 2). See Note 2, Summary of Selected Significant Accounting Policies and Note 4, Goodwill and Intangible Assets, Net for additional information.