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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Measurements  
Schedule of fair value hierarchy

The carrying values of our assets that are required to be measured at fair value on a recurring basis as of March 31, 2023 and 2022 approximate fair value because of our ability to immediately convert these instruments into cash with minimal expected change in value which are classified in the table below in one of the three categories of the fair value hierarchy described above (in thousands):

    

Fair Value Measurements

    

Level 1

    

Level 2

    

Level 3

    

Total

March 31, 2023

 

  

 

  

 

  

 

  

Assets:

 

  

 

  

 

  

 

  

Money market mutual fund

$

2,538

$

$

$

2,538

Mutual funds

 

101,287

101,287

U.S. Treasury notes

 

190,833

190,833

Corporate debt securities

191,956

191,956

$

486,614

$

$

$

486,614

Liabilities:

Convertible Senior Notes

$

$

407,349

$

$

407,349

Contingent consideration

4,774

4,774

$

$

407,349

$

4,774

$

412,123

Fair Value Measurements 

    

Level 1

    

Level 2

    

Level 3

    

Total

December 31, 2022

Assets:

 

  

 

  

 

  

 

  

Money market mutual fund

$

1,843

$

$

$

1,843

Mutual funds

 

99,777

 

 

 

99,777

U.S. Treasury notes

190,718

190,718

Corporate debt securities

 

196,233

 

 

 

196,233

$

488,571

$

$

$

488,571

Liabilities:

Convertible Senior Notes

$

$

406,708

$

$

406,708

Contingent consideration

4,677

4,677

$

$

406,708

$

4,677

$

411,385

Schedule of estimated fair values and the carrying values

The following table presents the estimated fair values and the carrying values (in thousands):

    

March 31, 2023

December 31, 2022

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

2026 Convertible Senior Notes

$

393,236

$

303,534

$

392,621

$

290,132

2025 Convertible Senior Notes

$

14,113

$

12,820

$

14,087

$

12,373

Schedule of losses recognized in earnings and the change in net assets related to the contingent consideration

The losses recognized in earnings and the change in net assets related to the contingent consideration at March 31, 2023 were as follows (in thousands):

Fair Value

Losses

Foreign

Fair Value

December 31,

recognized in

Currency

March 31,

2022

earnings

Adjustment

2023

2021 Acquisitions

    

$

902

    

$

46

    

$

(7)

    

$

941

2022 Acquisitions

 

3,775

 

 

58

 

3,833

$

4,677

$

46

$

51

$

4,774