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Financial Instruments and Fair Value
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Financial Instruments and Fair Value
Cash, Cash Equivalents and Marketable Securities

The Company's investments in marketable debt securities, which consist of U.S. Treasury bills, are classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument's underlying contractual maturity date. Unrealized gains and losses on marketable debt securities classified as available-for-sale are recognized in Accumulated other comprehensive income in the Consolidated Balance Sheets until realized.

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, 2024
Cash$— $— $— $256,638 $— 
Level 1(1):
Money market funds36,781 
U.S. Treasury securities270,050 54 270,104 222,208 47,896 
Total Level 1270,050 54 270,104 258,989 47,896 
Total$270,050 $54 $270,104 $515,627 $47,896 
Amortized CostUnrealized GainsFair ValueCash and Cash EquivalentsMarketable Securities
Balance at December 31, 2023
Cash$— $— $— $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 

(1)Level 1 – Quoted prices in active markets for identical assets and liabilities.

Investments, Assets Designated for Retirement and Pension Plans and Associated Liabilities

The Company has a U.S. non-qualified deferred compensation plan that consists primarily of U.S. marketable securities and mutual funds. The aggregate cost basis for these investments was $45.3 million and $37.2 million as of December 31, 2024, and December 31, 2023, respectively.

The Company also maintains a pension plan for certain current and former employees in Germany. The pensions are individually fixed Euro amounts that vary depending on the function and the eligible years of service of the employee. The Company’s investment strategy is to support its pension obligations through reinsurance contracts. The BaFin—German Federal Financial Supervisory Authority—supervises the insurance companies and the reinsurance contracts. The BaFin requires each reinsurance contract to guarantee a fixed minimum return. The Company’s pension benefits are fully reinsured by group insurance contracts with ERGO Lebensversicherung AG, and the group insurance contracts are measured in accordance with BaFin guidelines (including mortality tables and discount rates) which are considered Level 2 inputs.

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, 2024
Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan$58,290 $— $— $58,290 $— $— 
Level 2(2):
Retirement and pension plan assets11,112 1,136 9,976 — — — 
Pension benefit obligation(12,404)— — — (1,136)(11,268)
Total Level 2(1,292)1,136 9,976 — (1,136)(11,268)
Total$56,998 $1,136 $9,976 $58,290 $(1,136)$(11,268)
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)

(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.

Contingent Consideration

The former owners of certain of the Company's acquired businesses are eligible to receive additional cash consideration based on the attainment of certain operating metrics in the periods subsequent to acquisition. Contingent consideration ("earnout") and compensation are valued using significant inputs that are not observable in the market, which are defined as Level 3 inputs pursuant to fair value measurement accounting. The Company determines the fair value of contingent consideration and compensation using a variation of the income approach, known as the real options method. The significant unobservable inputs utilized in the real options method include (1) revenue forecasts; (2) operating expense forecasts; (3) the discount rate; and (4) volatility. See Note 8, Acquisitions, for details of the contingent consideration arrangements.

The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the year ended December 31, 2024:
EarnoutContingent Compensation
Balance at December 31, 2023$(38,601)$(18,878)
Earnout accretion(1,926)— 
Compensation expense— (10,815)
Fair value adjustment(438)— 
Payments— 4,821 
Foreign currency translation2,317 1,971 
Balance at December 31, 2024$(38,648)$(22,901)

Earnout accruals of $38.6 million and $38.6 million are recorded within Non-current liabilities - Other non-current liabilities as of December 31, 2024, and 2023, respectively. Contingent compensation accruals of $4.9 million and $6.0 million are recorded within Current liabilities - Accrued salaries and benefits as of December 31, 2024, and 2023, respectively, and contingent compensation accruals of $18.0 million and $12.9 million are recorded within Non-current liabilities - Accrued salaries and benefits as of December 31, 2024, and 2023, respectively.

Goodwill

Goodwill represents the difference between the purchase price of acquired companies and the related fair value of the net assets acquired, which is accounted for by the acquisition method of accounting. The Company performs assessments of the carrying value of goodwill at least annually and whenever events occur or circumstances indicate that a carrying amount of
goodwill may not be recoverable. During the three months ended June 30, 2024, an interim goodwill impairment evaluation was conducted to determine the fair value of the Company's reporting units. As a result of this evaluation, the Company recorded an impairment charge in the On-Demand Talent and Europe reporting units of $14.8 million and $1.5 million, respectively. During the 2024 fourth quarter, the Company conducted its annual goodwill impairment evaluation as of October 31, 2024, to determine the fair value of the Company's reporting units. As of October 31, 2024, the Company recorded an impairment charge of $43.3 million in the On-Demand Talent reporting unit. Goodwill is valued using significant inputs that are not observable in the market which are defined as Level 3 inputs pursuant to fair value measurement accounting. The Company determines the fair value of its reporting units using discounted cash flow models.

The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for the year ended December 31, 2024:

Goodwill
Balance at December 31, 2023$202,252 
Impairment(59,478)
Foreign currency translation(4,913)
Balance at December 31, 2024$137,861