Fair Value Measurement

9 Months Ended

Sep. 30, 2024

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)	September 30, 2024		Location	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	115,205	Other noncurrent assets	$	115,205
Certificates of deposit		2,201	Other noncurrent assets				2,201
Equity securities		44,654	Other noncurrent assets		44,654
Deferred compensation assets		49,270	Other noncurrent assets		49,270
	$	211,330		$	209,129	$	2,201		-
Liabilities:
Foreign currency forward exchange contracts	$	1,533	Accounts payable and other liabilities			$	1,533
Deferred compensation liability		49,270	Other noncurrent liabilities		49,270
	$	50,803		$	49,270	$	1,533		-
	Balance at		Balance Sheet	Basis of Fair Value Measurement
(in thousands)	December 31, 2023		Location	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	111,129	Other noncurrent assets	$	111,129
Certificates of deposit		2,300	Other noncurrent assets				2,300
Equity securities		49,923	Other noncurrent assets		49,923
Deferred compensation assets		43,060	Other noncurrent assets		43,060
	$	206,412		$	204,112	$	2,300		-
Liabilities:
Foreign currency forward exchange contracts	$	1,911	Accounts payable and other liabilities			$	1,911
Deferred compensation liability		43,060	Other noncurrent liabilities		43,060
	$	44,971		$	43,060	$	1,911		-

The fair value of our money market mutual funds, certificates of deposit and equity securities 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 determined using quoted forward exchange rates and spot rates at the reporting date.