Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	As of June 30, 2024
	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	50,486	$	—	$	50,486
Marketable investments (3)		—		16,717		16,717
Total Assets	$	50,486	$	16,717	$	67,203


	As of December 31, 2023
	Level 1		Level 2		Total
Assets:
Money market funds (2)	$	55,128	$	—	$	55,128
Marketable investments (3)		—		19,970		19,970
Total Assets	$	55,128	$	19,970	$	75,098

(1)

U.S. based funds of $15.2 million are included in cash and cash equivalents and non-U.S. based funds of $35.3 million are included in marketable investments in the Consolidated Balance Sheets.

(2)

U.S. based funds of $23.5 million are included in cash and cash equivalents and non-U.S. based funds of $31.6 million are included in marketable investments in the Consolidated Balance Sheets.

(3)

Marketable investments have been initially valued at the transaction price and subsequently valued, at the end of the reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.