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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
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. The 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.
The fair value of the restricted marketable securities which are classified as Level 2 financial assets are recorded in Other assets on the consolidated balance sheets. There have been no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy.
Financial Assets and Liabilities Recorded at Fair Value on a Recurring Basis
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
 Total Fair Value at December 31, 2024

Level 1
Level 2
Level 3
Assets:
Cash and cash equivalents
Cash$37,830 $37,830 $— $— 
Money market funds31,501 31,501 — — 
Marketable securities
Corporate debt securities355,201 — 355,201 — 
U.S government agency securities29,080 — 29,080 — 
Other noncurrent assets
Marketable securities - restricted (SERP)635 21 614 — 
Total assets at fair value$454,247 $69,352 $384,895 $— 
Liabilities:
Contingent consideration$47,340 $— $— $47,340 
Total liabilities at fair value$47,340 $— $— $47,340 
 
Fair Value Measurements
 Total Fair Value at December 31, 2023
Level 1
Level 2
Level 3
Assets:
Cash and cash equivalents
Cash$35,957 $35,957 $— $— 
Money market funds39,097 39,097 — — 
Marketable securities
Corporate debt securities78,007 — 78,007 — 
Municipal debt securities10,916 — 10,916 — 
U.S. government agency debt securities90,897 — 90,897 — 
Long-term marketable securities
Corporate debt securities16,617 — 16,617 — 
Other noncurrent assets
Marketable securities - restricted (SERP)568 16 552 — 
Total assets at fair value$272,059 $75,070 $196,989 $— 
Liabilities:
Contingent consideration$53,450 $— $— $53,450 
Total liabilities at fair value$53,450 $— $— $53,450 
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.