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Fair Value Measurements
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 12. Fair Value Measurements

The following tables summarize assets and liabilities measured at fair value on a recurring basis:

 

 

 

March 31, 2024

 

(In thousands)

 

Total

 

 

Quoted market
prices in active
markets
(Level 1)

 

 

Significant
other
observable
inputs
(Level 2)

 

Assets:

 

 

 

 

 

 

 

 

 

Cash equivalents: money-market funds

 

$

27,848

 

 

$

27,848

 

 

$

 

Available-for-sale investments: U.S. treasury securities(1)

 

 

108,100

 

 

 

 

 

 

108,100

 

Trading securities: mutual funds(1)

 

 

8,492

 

 

 

8,492

 

 

 

 

Available-for-sale investments: convertible debt securities(1)

 

 

173

 

 

 

 

 

 

173

 

Foreign currency forward contracts(2)

 

 

168

 

 

 

 

 

168

 

Total assets measured at fair value

 

$

144,781

 

 

$

36,340

 

 

$

108,441

 

Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts(3)

 

$

45

 

 

$

 

 

$

45

 

Total liabilities measured at fair value

 

$

45

 

 

$

 

 

$

45

 

 

 

 

 

December 31, 2023

 

(In thousands)

 

Total

 

 

Quoted market
prices in active
markets
(Level 1)

 

 

Significant
other
observable
inputs
(Level 2)

 

Assets:

 

 

 

 

 

 

 

 

 

Cash equivalents: money-market funds

 

$

25,986

 

 

$

25,986

 

 

$

 

Available-for-sale investments: U.S. treasury securities(1)

 

 

98,454

 

 

 

 

 

 

98,454

 

Trading securities: mutual funds(1)

 

 

8,304

 

 

 

8,304

 

 

 

 

Available-for-sale investments: convertible debt securities(1)

 

 

173

 

 

 

 

 

 

173

 

Foreign currency forward contracts(2)

 

 

291

 

 

 

 

 

291

 

Total assets measured at fair value

 

$

133,208

 

 

$

34,290

 

 

$

98,918

 

Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts(3)

 

$

1,691

 

 

$

 

 

$

1,691

 

Total liabilities measured at fair value

 

$

1,691

 

 

$

 

 

$

1,691

 

 

 

(1)
Included in Short-term investments on the Company’s unaudited condensed consolidated balance sheets.
(2)
Included in Prepaid expenses and other current assets on the Company’s unaudited condensed consolidated balance sheets.
(3)
Included in Other accrued liabilities on the Company's unaudited condensed consolidated balance sheets.

 

The Company’s investments in money-market funds and mutual funds are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company’s investments in U.S. treasury securities are classified within Level 2 of the fair value hierarchy because they are valued based on readily available pricing sources for comparable or identical instruments in less active markets. The Company’s investments in convertible debt securities issued by a publicly held company are classified within Level 2 of the fair value hierarchy as the fair value for the instrument approximates its cost based on the contractual terms of the arrangement. The Company’s foreign currency forward contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that consider the contract terms as well as currency rates and counterparty credit rates. The Company verifies the reasonableness of these pricing models using observable market data for related inputs into such models. The Company enters into foreign currency forward contracts with only those counterparties that have long-term credit ratings of A-/A3 or higher. The carrying value of non-financial assets and liabilities measured at fair value in the financial statements on a recurring basis, including accounts receivable and accounts payable, approximate fair value due to their short maturities.