Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize assets and liabilities measured at fair value on a recurring basis:

	December 31, 2023
(In thousands)	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)
Assets:
Cash equivalents: money-market funds	$	25,986	$	25,986	$	—
Available-for-sale investments: U.S. treasury securities(1)		98,454		—		98,454
Trading securities: mutual funds(1)		8,304		8,304		—
Available-for-sale investments: convertible debt securities(2)		173		—		173
Foreign currency forward contracts(3)		291	—			291
Total assets measured at fair value	$	133,208	$	34,290	$	98,918
Liabilities:
Foreign currency forward contracts(4)	$	1,691	$	—	$	1,691
Total liabilities measured at fair value	$	1,691	$	—	$	1,691

	December 31, 2022
(In thousands)	Total		Quoted market prices in active markets (Level 1)		Significant other observable inputs (Level 2)
Assets:
Cash equivalents: money-market funds	$	25,744	$	25,744	$	—
Available-for-sale investments: U.S. treasury securities(1)		73,800		—		73,800
Trading securities: mutual funds(1)		6,946		6,946		—
Available-for-sale investments: certificates of deposit(1)		6		—		6
Available-for-sale investments: convertible debt securities(2)		346		—		346
Foreign currency forward contracts(3)		652	—			652
Total assets measured at fair value	$	107,494	$	32,690	$	74,804
Liabilities:
Foreign currency forward contracts(4)	$	4,083	$	—	$	4,083
Total liabilities measured at fair value	$	4,083	$	—	$	4,083

(1)Included in Short-term investments on the Company’s consolidated balance sheets.

(2)$173,000 included in Short-term investments and the remaining included in Other non-current assets on the Company’s consolidated balance sheets for the year ended December 31, 2022.

(3)Included in Prepaid expenses and other current assets on the Company’s consolidated balance sheets.

(4)Included in Other accrued liabilities on the Company’s consolidated balance sheets.

The Company’s investments in money-market funds and mutual funds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company’s investments in U.S. treasury securities are classified within Level 2 of the fair value hierarchy because they are valued based on readily available pricing sources for comparable or identical instruments in less active markets. The Company’s investments in convertible debt securities issued by a publicly held company and certificates of deposits are classified within Level 2 of the fair value hierarchy as the fair value for the instrument approximates its cost based on the contractual terms of the arrangement. The Company’s foreign currency forward contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that consider the contract terms as well as currency rates and counterparty credit rates. The Company verifies the reasonableness of these pricing models using observable market data for related inputs into such models. The Company enters into foreign currency forward contracts with only those counterparties that have long-term credit ratings of A-/A3 or higher. The carrying value of non-financial assets and liabilities measured at fair value in the financial statements on a recurring basis, including accounts receivable and accounts payable, approximate fair value due to their short maturities.