| Assets and Liabilities Measured at Fair Value |
The following table sets forth the Company’s assets and liabilities that were recognized at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | Quoted Prices in
Active Markets for
Identical Assets | | Significant Other
Observable
Inputs | | Significant Other
Unobservable
Inputs | | | | As of June 30, 2023 | (Level 1) | | (Level 2) | | (Level 3) | | Total | | Assets | | | | | | | | Cash equivalents - Money market funds* | $ | 17,972 | | | $ | — | | | $ | — | | | $ | 17,972 | | | Mutual funds** | 68,891 | | | — | | | — | | | 68,891 | | | Derivative financial instruments | — | | | 10,300 | | | — | | | 10,300 | | | Total | $ | 86,863 | | | $ | 10,300 | | | $ | — | | | $ | 97,163 | | | Liabilities | | | | | | | | | Derivative financial instruments | $ | — | | | $ | 3,908 | | | $ | — | | | $ | 3,908 | | Contingent consideration*** | — | | | — | | | 13,689 | | | 13,689 | | | Total | $ | — | | | $ | 3,908 | | | $ | 13,689 | | | $ | 17,597 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Quoted Prices in
Active Markets for
Identical Assets | | Significant Other
Observable
Inputs | | Significant Other
Unobservable
Inputs | | | | As of December 31, 2022 | (Level 1) | | (Level 2) | | (Level 3) | | Total | | Assets | | | | | | | | Cash equivalents - Money market funds* | $ | 1,137 | | | $ | — | | | $ | — | | | $ | 1,137 | | | Mutual funds** | 110,964 | | | — | | | — | | | 110,964 | | | Derivative financial instruments | — | | | 2,346 | | | — | | | 2,346 | | | Total | $ | 112,101 | | | $ | 2,346 | | | $ | — | | | $ | 114,447 | | | Liabilities | | | | | | | | | Derivative financial instruments | $ | — | | | $ | 16,277 | | | $ | — | | | $ | 16,277 | | Contingent consideration*** | — | | | — | | | 18,689 | | | 18,689 | | | Total | $ | — | | | $ | 16,277 | | | $ | 18,689 | | | $ | 34,966 | |
* Represents money market funds which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.
** Represents those short-term investments which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.
*** Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets.
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| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table summarizes the changes in the fair value of contingent consideration: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | Opening balance | $ | 18,689 | | | $ | 9,000 | | | $ | 18,689 | | | $9,000 | | Acquisitions | — | | | 1,439 | | | — | | | 1,439 | | | Fair value changes | — | | | 1,000 | | | — | | | 1,000 | | | Payments | (5,000) | | | — | | | (5,000) | | | — | | | Closing balance | $ | 13,689 | | | $ | 11,439 | | | $ | 13,689 | | | $ | 11,439 | |
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