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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements:

 

The accounting guidance establishes a fair value hierarchy that prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels:

Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The following table presents information about the Company’s financial instruments that are accounted for at fair value on a recurring basis at June 30, 2024 and December 31, 2023 (in thousands):

 

 

 

 

 

Fair Value

 

 

 

Fair Value
Category

 

June 30, 2024

 

 

December 31, 2023

 

Assets:

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

397

 

 

$

2,814

 

Short-term investments

 

Level 2

 

 

113,795

 

 

 

104,485

 

Mutual Funds

 

Level 1

 

 

19,002

 

 

 

17,687

 

 

The following table presents information about the Company’s financial instruments that are not carried at fair value at June 30, 2024 and December 31, 2023 (in thousands):

 

 

 

June 30, 2024

 

 

December 31, 2023

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

2030 Notes

 

$

400,000

 

 

$

353,760

 

 

$

400,000

 

 

$

357,000

 

 

The carrying amounts of cash equivalents, accounts receivable and accounts payable and accrued expenses approximate fair value due to the short maturities of the respective instruments. The carrying value of the line of credit approximates fair value. If the Company’s line of credit was measured at fair value, it would be categorized as Level 2 in the fair value hierarchy.