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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 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

September 30, 2024

 

Assets:

 

  

 

  

 

  

 

  

Money market mutual fund

$

623

$

$

-

$

623

Mutual funds

 

100,019

 

 

-

 

100,019

U.S. Treasury notes

 

43,677

 

 

-

 

43,677

Corporate debt securities

 

84,305

 

 

 

84,305

$

228,624

$

-

$

-

$

228,624

Liabilities:

Convertible Senior Notes

$

$

197,899

$

$

197,899

Contingent consideration

 

 

8,172

 

8,172

$

-

$

197,899

$

8,172

$

206,071

Fair Value Measurements 

    

Level 1

    

Level 2

    

Level 3

    

Total

December 31, 2023

Assets:

 

  

 

  

 

  

 

  

Money market mutual fund

$

5,367

$

$

$

5,367

Mutual funds

 

101,085

 

 

 

101,085

U.S. Treasury notes

 

136,665

 

 

 

136,665

Corporate debt securities

 

172,658

 

 

 

172,658

$

415,775

$

$

$

415,775

Liabilities:

Convertible Senior Notes

$

$

378,553

$

$

378,553

Contingent consideration

 

 

9,589

 

9,589

$

$

378,553

$

9,589

$

388,142

Schedule of estimated fair values and the carrying values

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

    

September 30, 2024

December 31, 2023

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

2026 Senior Notes

$

183,628

$

164,438

$

364,362

$

306,355

2025 Senior Notes

$

14,271

$

14,106

$

14,191

$

13,495

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

The gains recognized in earnings and the change in net assets related to the contingent consideration at September 30, 2024 were as follows (in thousands):

    

Fair Value

    

Gains

    

    

Foreign

    

Fair Value

December 31, 

recognized in

Currency

September 30, 

2023

earnings

Payments

Adjustment

2024

2021 Acquisitions

$

1,006

$

(587)

$

$

17

$

436

2022 Acquisitions

 

2,596

 

(679)

 

 

94

 

2,011

2023 Acquisitions

5,987

(167)

(95)

5,725

$

9,589

$

(1,433)

$

(95)

$

111

$

8,172