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Assets and Liabilities Measured at Fair Value | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value | Assets and Liabilities Measured at Fair Value The Company's financial assets and liabilities are measured at fair value and classified within the fair value hierarchy, which is defined as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3 — Inputs that are unobservable for the asset or liability. A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of March 31, 2024 are identified in the following tables:
(in thousands) |  | Level 1 |  | Level 2 |  | Total
Assets: |  |  |  |  |  |
Commercial paper |  | $ | — |  |  | $ | 25,714 |  |  | $ | 25,714 |
U.S. government agency bonds |  | — |  |  | 3,977 |  |  | 3,977 |
Money market |  | 7,201 |  |  | — |  |  | 7,201 |
|  | $ | 7,201 |  |  | $ | 29,691 |  |  | $ | 36,892 |
(in thousands) |  | Level 1 |  | Level 2 |  | Total
Liabilities: |  |  |  |  |  |
Deferred compensation plan liability |  | $ | 7,101 |  |  | $ | — |  |  | $ | 7,101 |
|  | $ | 7,101 |  |  | $ | — |  |  | $ | 7,101 |
A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2023 are identified in the following tables:
(in thousands) | Level 1 |  | Level 2 |  | Total
Assets: |  |  |  |  |
Commercial paper | $ | — |  |  | $ | 14,663 |  |  | $ | 14,663 |
Treasury bill | — |  |  | 12,946 |  |  | 12,946 |
U.S. government agency bonds | — |  |  | 11,446 |  |  | 11,446 |
Money market | 7,631 |  |  | — |  |  | 7,631 |
| $ | 7,631 |  |  | $ | 39,055 |  |  | $ | 46,686 |
(in thousands) |  | Level 1 |  | Level 2 |  | Total
Liabilities: |  |  |  |  |  |
Deferred compensation plan liability |  | 7,531 |  |  | — |  |  | 7,531 |
|  | $ | 7,531 |  |  | $ | — |  |  | $ | 7,531 |
Deferred compensation plan liability is recorded as a component of other non-current liabilities on the Company's Consolidated Balance Sheets. The Company did not have any Level 3 assets or liabilities as of March 31, 2024 or December 31, 2023. Cash, Money Market Funds, and Marketable Securities The Company classifies its cash within the fair value hierarchy as Level 1 as these assets are valued using quoted prices in an active market for identical assets at the measurement date. The Company considers its investments in marketable securities as available-for-sale and classifies these assets and the money market funds within the fair value hierarchy as Level 2 primarily utilizing broker quotes in a non-active market for valuation of these securities.

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- References No definition available. + Details
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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