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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of the valuation of cash equivalents and marketable securities by pricing levels

The following table presents the financial instruments and liabilities that are carried at fair value and summarizes their valuation by the respective pricing levels as of June 30, 2024 and December 31, 2023:

						As of June 30, 2024
(In thousands)						Total						Quoted Market Prices in Active Markets  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Unobservable Inputs  (Level 3)
Assets carried at fair value
Money market funds						$	12,881					$	12,881					$	—					$	—
Time deposits						13,654						—						13,654						—
U.S. Government bonds and notes						162,000						—						162,000						—
Corporate bonds, commercial paper and notes						138,637						—						138,637						—
Total assets carried at fair value						$	327,172					$	12,881					$	314,291					$	—
Liabilities carried at fair value
Earn-out liability related to the PLDA acquisition						$	12,000					$	—					$	—					$	12,000
Total liabilities carried at fair value						$	12,000					$	—					$	—					$	12,000

						As of December 31, 2023
(In thousands)						Total						Quoted Market Prices in Active Markets  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Unobservable Inputs  (Level 3)
Assets carried at fair value
Money market funds						$	3,790					$	3,790					$	—					$	—
U.S. Government bonds and notes						196,919						—						196,919						—
Corporate bonds, commercial paper and notes						136,649						—						136,649						—
Total available-for-sale securities						$	337,358					$	3,790					$	333,568					$	—
Liabilities carried at fair value
Earn-out liability related to the PLDA acquisition						$	12,500					$	—					$	—					$	12,500
Total liabilities carried at fair value						$	12,500					$	—					$	—					$	12,500

Fair value, liabilities measured on recurring basis, unobservable input reconciliation

The following table presents additional information about liabilities measured at fair value for which the Company utilizes Level 3 inputs to determine fair value, as of June 30, 2024 and 2023.

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(In thousands)						2024						2023						2024						2023
Balance as of beginning of period						$	13,200					$	21,700					$	12,500					$	14,800
Change in fair value of earn-out liability due to remeasurement						(1,200)						6,900						(500)						13,800
Balance as of end of period						$	12,000					$	28,600					$	12,000					$	28,600

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- References

No definition available.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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