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Financial Instruments and Fair Value
 3 Months Ended
Mar. 31, 2025
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 (loss) in the Condensed 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 March 31, 2025
Cash$179,237 $— 
Level 1(1):
Money market funds32,707 — 
U.S. Treasury securities$112,700 $15 $112,715 — 112,715 
Total Level 1112,700 15 112,715 32,707 112,715 
Total$112,700 $15 $112,715 $211,944 $112,715 

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 securities$270,050 $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 

(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 $52.0 million and $45.3 million as of March 31, 2025, and December 31, 2024, 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:
Balance Sheet Classification
Current AssetsNon-Current AssetsCurrent LiabilitiesNon-current Liabilities
Fair ValueOther Current AssetsAssets Designated for Retirement and Pension PlansInvestmentsOther Current LiabilitiesRetirement and Pension Plans
Balance at March 31, 2025
Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan$64,434 $— $— $64,434 $— $— 
Level 2(2):
Retirement and pension plan assets11,611 1,187 10,424 — — — 
Pension benefit obligation(12,961)— — — (1,187)(11,774)
Total Level 2(1,350)1,187 10,424 — (1,187)(11,774)
Total$63,084 $1,187 $10,424 $64,434 $(1,187)$(11,774)


Balance Sheet Classification
Current AssetsNon-Current AssetsCurrent LiabilitiesNon-current Liabilities
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)

(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 and Compensation

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 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 following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the three months ended March 31, 2025:
EarnoutContingent Compensation
Balance at December 31, 2024
$(38,648)$(22,901)
Earnout accretion(481)— 
Compensation expense— (2,821)
Fair value adjustment(942)— 
Payments— 4,847 
Foreign currency translation(1,697)(775)
Balance at March 31, 2025
$(41,768)$(21,650)

Earnout accruals of $41.8 million were recorded within Current liabilities - Other current liabilities as of March 31, 2025, and earnout accruals of $38.6 million were recorded within Non-current liabilities - Other non-current liabilities as of December 31, 2024. Contingent compensation accruals of $21.7 million and $4.9 million are recorded within Current liabilities - Accrued salaries and benefits as of March 31, 2025, and December 31, 2024, respectively, and contingent compensation accruals of $18.0 million are recorded within Non-current liabilities - Accrued salaries and benefits as of December 31, 2024.

Other Investments
The Company holds an equity investment that does not have a readily determinable fair value for which the Company uses the measurement alternative prescribed in FASB Accounting Standards Codification Topic 321, Investments-Equity Securities. As of March 31, 2025 and December 31, 2024, the Company held the equity investment under the measurement alternative of $11.0 million which is presented in Other non-current assets in the Condensed Consolidated Balance Sheets. There were no impairments or changes resulting from observable transactions for these investments in the three months ended March 31, 2025 and no adjustments have been made to the carrying values as of March 31, 2025.