Fair Value Measurement

3 Months Ended

Mar. 31, 2025

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)	March 31, 2025		Location	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	113,867	Other noncurrent assets	$	113,867
Certificates of deposit		2,206	Other noncurrent assets				2,206
Equity securities		43,046	Other noncurrent assets		43,046
Deferred compensation assets		47,571	Other noncurrent assets		47,571
	$	206,690		$	204,484	$	2,206		-
Liabilities:
Foreign currency forward exchange contracts	$	658	Accounts payable and other liabilities			$	658
Deferred compensation liability		47,571	Other noncurrent liabilities		47,571
	$	48,229		$	47,571	$	658		-
	Balance at		Balance Sheet	Basis of Fair Value Measurement
(in thousands)	December 31, 2024		Location	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	115,399	Other noncurrent assets	$	115,399
Certificates of deposit		2,206	Other noncurrent assets				2,206
Equity securities		47,333	Other noncurrent assets		47,333
Deferred compensation assets		49,222	Other noncurrent assets		49,222
Foreign currency forward exchange contracts		572	Other current assets				572
	$	214,732		$	211,954	$	2,778		-
Liabilities:
Deferred compensation liability		49,222	Other noncurrent liabilities		49,222
	$	49,222		$	49,222	$	-		-

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.