Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Measurements

Schedule of assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):

		As of September 30, 2022
		Carrying		Fair		Fair Value Measurements
		Amount		Value		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	12,023	$	12,023	$	12,023	$	—	$	—
Corporate bonds		211,533		211,533		—		211,533		—
U.S. Treasuries		607,907		607,907		607,907		—		—
Equity securities		130,121		130,121		130,121		—		—
Swaps and forward contracts		650		650		—		—		650
Liabilities
Contingent consideration		94,485		94,485		—		—		94,485

		As of December 31, 2021
		Carrying		Fair		Fair Value Measurements
		Amount		Value		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	115,241	$	115,241	$	115,241	$	—	$	—
Corporate bonds		226,382		226,382		—		226,382		—
U.S. Treasuries		1,013,883		1,013,883		1,013,883		—		—
Equity securities		147,995		147,995		147,995		—		—
Swaps and forward contracts		70		70		70		—		—
Liabilities
Contingent consideration		62,297		62,297		—		—		62,297
Swaps and forward contracts		981		981		981		—		—

Schedule of assets and liabilities measured at fair value on a recurring basis that have unobservable inputs

Financial Instrument	Fair Value		Valuation Technique	Unobservable Input	Range (weighted average)
Contingent Consideration	$	83,443	Scenario based method	Credit spread	16.24%
				Discount rate	17.56% - 19.19% (18.38%)
		10,350	Monte carlo simulation	Credit spread	16.24%
				Discount rate	18.84% - 19.09%
				Revenue volatility	49.11%
		692	Monte carlo simulation	Credit spread	16.24%
				Revenue volatility	40.7% - 24.4% (35.0%)
				Gross profit volatility	113.0% - 23.0% (65.0%)
		94,485

Schedule of activity in the level 3 liabilities

The change in the carrying amount of Level 3 liabilities for the three and nine month period ended September 30, 2022 was as follows (in thousands):

	Nine months ended
		September 30, 2022
Beginning balance at December 31, 2021	$	62,297
Payments		(2,667)
Additions due to acquisitions		41,732
Fair value adjustments		2,461
Foreign currency translation adjustment		(604)
Ending balance at March 31, 2022		103,219
Fair value adjustments		(5,066)
Foreign currency translation adjustment		(1,645)
Ending balance at June 30, 2022		96,508
Fair value adjustments		—
Foreign currency translation adjustment		(2,023)
Ending balance at September 30, 2022	$	94,485