Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following tables set forth our assets and liabilities that were measured at fair value on a recurring basis by level within the fair value hierarchy:

(in thousands)
As of September 30, 2023	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of September 30, 2023
Assets
Money market funds (1)	$	165,824	$	—	$	—	$	165,824
Equity mutual funds (2)	$	164	$	—	$	—	$	164
Cross currency swaps (3)	$	—	$	1,880	$	—	$	1,880
Foreign currency exchange contracts (3)	$	—	$	9,597	$	—	$	9,597
Interest rate swap (4)	$	—	$	5,223	$	—	$	5,223
Liabilities
Cross currency swaps (3)	$	—	$	393	$	—	$	393
Foreign currency exchange contracts (3)	$	—	$	598	$	—	$	598
Deferred compensation (5)	$	164	$	—	$	—	$	164

(in thousands)
As of December 31, 2022	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2022
Assets
Equity mutual funds (2)	$	385	$	—	$	—	$	385
Cross currency swaps (3)	$	—	$	9,262	$	—	$	9,262
Foreign currency exchange contracts (3)	$	—	$	5,185	$	—	$	5,185
Liabilities
Foreign currency exchange contracts (3)	$	—	$	4,572	$	—	$	4,572
Deferred compensation (5)	$	385	$	—	$	—	$	385
Contingent payments - acquisitions	$	—	$	—	$	120	$	120

(1)Money market funds with an original maturity of less than ninety days are included within cash and cash equivalents. The remaining balance of cash and cash equivalents as of September 30, 2023, consists of demand deposits.

(2)Equity mutual funds relate to a deferred compensation plan that was assumed as part of a previous business combination. This amount is included within other current assets and other long-term assets. Refer to footnote (4) below for a discussion of the related deferred compensation liability. 

(3)Cross currency swaps and foreign currency exchange contracts are included within other current assets, other long-term assets, accrued liabilities, or other long-term liabilities depending on the gain (loss) position and anticipated settlement date.  

(4)Interest rate swap is included within other long-term assets.

(5)A deferred compensation plan assumed as part of a previous business combination is included within accrued liabilities and other long-term liabilities. The fair value of our deferred compensation plan is indexed to the performance of the underlying equity mutual funds discussed in footnote (1) above.

Schedule of Contingent Consideration Liability

The changes in contingent consideration liabilities, which are measured at fair value on a recurring basis using unobservable inputs (Level 3), for the nine months ended September 30, 2023, are as follows:

(in thousands)	Fair Value
Contingent consideration as of December 31, 2022	$	120
Payment of contingent consideration	(99)
Realized gain	(21)
Contingent consideration as of September 30, 2023	$	—