Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2025

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. 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.

Financial Assets and Liabilities Recorded at Fair Value

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 as of March 31, 2025 (unaudited)
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	28,460	$	28,460	$	—	$	—
Money market funds	87,388		87,388		—		—
Marketable securities
Corporate debt securities	337,747		—		337,747		—
U.S government agency securities	9,995		0		9,995		0
Other noncurrent assets
Marketable securities - restricted (SERP)	617		23		594		—
Total assets at fair value	$	464,207	$	115,871	$	348,336	$	—
Liabilities:
Contingent consideration	$	30,000	$	30,000	$	—	$	—
Total liabilities at fair value	$	30,000	$	30,000	$	—	$	—

	Fair Value Measurements as of December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents
Cash	$	37,830	$	37,830	$	—	$	—
Money market funds	31,501		31,501		—		—
Marketable securities
Corporate debt securities	355,201		—		355,201		—
U.S. government agency debt securities	29,080		0		29,080		0
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

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.