XML 54 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1
Financial Instruments and Fair Value (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Unrealized Gain (Loss) on Investments
The Company's cash, cash equivalents, and marketable securities by significant investment category are as follows:
Amortized CostUnrealized GainsFair ValueCash and Cash EquivalentsMarketable Securities
Balance at December 31, 2023
Cash$221,980 $— 
Level 1(1):
Money market funds13,906 
U.S. Treasury securities242,228 42 242,270 176,732 65,538 
Total Level 1242,228 42 242,270 190,638 65,538 
Total$242,228 $42 $242,270 $412,618 $65,538 

Amortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Balance at December 31, 2022
Cash$247,198 $— 
Level 1(1):
Money market funds62,338 
U.S. Treasury securities312,121 15 (56)312,080 45,911 266,169 
Total Level 1312,121 15 (56)312,080 108,249 266,169 
Total$312,121 $15 $(56)$312,080 $355,447 $266,169 

(1)Level 1 – Quoted prices in active markets for identical assets and liabilities.
Schedule of Fair Value, Separate Account Investment
The following tables provide a summary of the fair value measurements for each major category of investments, assets designated for retirement and pension plans and associated liabilities measured at fair value on a recurring basis:
Balance Sheet Classification
Fair ValueOther Current AssetsAssets Designated for Retirement and Pension PlansInvestmentsOther Current LiabilitiesRetirement and Pension Plans
Balance at December 31, 2023
Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan$47,287 $— $— $47,287 $— $— 
Level 2(2):
Retirement and pension plan assets12,394 1,289 11,105 — — — 
Pension benefit obligation(14,416)— — — (1,289)(13,127)
Total Level 2(2,022)1,289 11,105 — (1,289)(13,127)
Total$45,265 $1,289 $11,105 $47,287 $(1,289)$(13,127)
Balance Sheet Classification
Fair ValueOther Current AssetsAssets Designated for Retirement and Pension PlansInvestmentsOther Current LiabilitiesRetirement and Pension Plans
Balance at December 31, 2022
Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan$34,354 $— $— $34,354 $— $— 
Level 2(2):
Retirement and pension plan assets12,584 1,252 11,332 — — — 
Pension benefit obligation(13,951)— — — (1,252)(12,699)
Total Level 2(1,367)1,252 11,332 — (1,252)(12,699)
Total$32,987 $1,252 $11,332 $34,354 $(1,252)$(12,699)

(1)Level 1 – Quoted prices in active markets for identical assets and liabilities.
(2)Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Schedule of Reconciliation of Level 3 Assets and Liabilities
The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the year ended December 31, 2023:
EarnoutContingent Compensation
Balance at December 31, 2022$(36,010)$(8,192)
Purchase accounting (see Note 8, Acquisitions)
(36,266)— 
Earnout accretion(1,554)— 
Compensation expense— (11,934)
Payments35,946 2,038 
Foreign currency translation(717)(790)
Balance at December 31, 2023$(38,601)$(18,878)
Schedule of Changes in Carrying Amount of Goodwill by Segment
The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for the year ended December 31, 2023:

Goodwill
Balance at December 31, 2022$138,361 
Acquired goodwill69,444 
Impairment(7,246)
Foreign currency translation1,693 
Balance at December 31, 2023$202,252 
Changes in the carrying amount of goodwill by segment for the years ended December 31, 2023, 2022, and 2021 were as follows:
Executive Search
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Goodwill$91,643 $24,475 $8,495 $— $— $124,613 
Accumulated impairment losses— (24,475)(8,495)— — (32,970)
Balance at December 31, 202091,643 — — — — 91,643 
BTG acquisition— — — 45,529 — 45,529 
Finland acquisition— 1,532 — — — 1,532 
Foreign currency translation(180)— — — — (180)
Balance at December 31, 202191,463 1,532 — 45,529 — 138,524 
Foreign currency translation(80)(83)— — — (163)
Balance at December 31, 202291,383 1,449 — 45,529 — 138,361 
Atreus acquisition— — — 62,371 — 62,371 
businessfourzero acquisition— — — — 7,073 7,073 
Impairment— — — — (7,246)(7,246)
Foreign currency translation357 45 — 1,118 173 1,693 
Goodwill91,740 25,969 8,495 109,018 7,246 242,468 
Accumulated impairment losses— (24,475)(8,495)— (7,246)(40,216)
Balance at December 31, 2023$91,740 $1,494 $— $109,018 $— $202,252