v3.26.1
Fair Value Measurement
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement

(5) Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques used to measure fair value into one of three levels:

•
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
•
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These included quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
•
Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

The following tables present the assets and liabilities recorded at fair value on a recurring basis:

 

 

Balance at

 

Balance Sheet

Basis of Fair Value Measurement

 

(in thousands)

June 30, 2026

 

Location

Level 1

 

Level 2

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Money market mutual funds

$

151,116

 

Other noncurrent assets

$

151,116

 

 

 

 

 

Certificates of deposit

 

2,200

 

Other noncurrent assets

 

 

 

2,200

 

 

 

Non-marketable securities

 

115,248

 

Other noncurrent assets

 

 

 

 

 

115,248

 

Deferred compensation assets

 

59,748

 

Other noncurrent assets

 

59,748

 

 

 

 

 

 

$

328,312

 

 

$

210,864

 

$

2,200

 

$

115,248

 

Liabilities:

 

 

 

 

 

 

 

 

 

Deferred compensation liability

 

59,748

 

Other noncurrent liabilities

 

59,748

 

 

 

 

 

Foreign currency forward exchange contracts

 

65

 

Accounts payable and other liabilities

 

 

 

65

 

 

 

 

$

59,813

 

 

$

59,748

 

$

65

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

Balance at

 

Balance Sheet

Basis of Fair Value Measurement

 

(in thousands)

December 31, 2025

 

Location

Level 1

 

Level 2

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

Money market mutual funds

$

150,948

 

Other noncurrent assets

$

150,948

 

 

 

 

 

Certificates of deposit

 

2,200

 

Other noncurrent assets

 

 

 

2,200

 

 

 

Non-marketable securities

 

115,248

 

Other noncurrent assets

 

 

 

 

 

115,248

 

Deferred compensation assets

 

55,160

 

Other noncurrent assets

 

55,160

 

 

 

 

 

Foreign currency forward exchange contracts

 

1,163

 

Other current assets

 

 

 

1,163

 

 

 

 

$

324,719

 

 

$

206,108

 

$

3,363

 

$

115,248

 

Liabilities:

 

 

 

 

 

 

 

 

 

Deferred compensation liability

 

55,160

 

Other noncurrent liabilities

 

55,160

 

 

 

 

 

 

$

55,160

 

 

$

55,160

 

$

-

 

$

-

 

The fair value of our money market mutual funds and certificates of deposit with a readily determinable fair value are computed based upon quoted market prices in an active market. The fair value of deferred compensation assets and the offsetting liability are computed based on market prices in an active market held in a rabbi trust. The fair value of our foreign currency exchange contracts is valued using quoted forward exchange rates and spot rates at the reporting date. The fair value of the non-marketable securities that we hold are accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Adjustments are determined primarily based on a market approach as of the transaction date and are recorded in other (income) expense, net.