| Assets and Liabilities Measured and Carried at Fair Value |
The tables below present information about the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value:
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Fair Value Measurement as of June 30, 2025 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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(in thousands) |
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Assets |
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Money market funds |
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$ |
153,270 |
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$ |
153,270 |
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$ |
— |
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$ |
— |
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Commercial paper |
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3,534 |
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— |
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3,534 |
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— |
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Government and government agency bonds |
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255,065 |
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— |
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255,065 |
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— |
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Corporate bonds |
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55,208 |
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— |
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55,208 |
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— |
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Strategic investments* |
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195,522 |
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|
190,091 |
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— |
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5,431 |
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Certificates of deposit |
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10,338 |
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— |
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10,338 |
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— |
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Deferred compensation plan assets |
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|
475 |
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|
475 |
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— |
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— |
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Total assets |
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$ |
673,412 |
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$ |
343,836 |
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$ |
324,145 |
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$ |
5,431 |
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Liabilities |
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Contingent consideration |
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$ |
47,400 |
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$ |
— |
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$ |
— |
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$ |
47,400 |
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Total liabilities |
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$ |
47,400 |
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$ |
— |
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$ |
— |
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$ |
47,400 |
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Fair Value Measurement as of December 31, 2024 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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(in thousands) |
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Assets |
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Money market funds |
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$ |
455,535 |
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$ |
455,535 |
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$ |
— |
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$ |
— |
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Government and government agency bonds |
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279,899 |
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— |
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279,899 |
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— |
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Corporate bonds |
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93,727 |
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— |
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93,727 |
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— |
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Strategic investments |
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3,710 |
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|
2,710 |
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— |
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|
1,000 |
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Certificates of deposit |
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11,319 |
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— |
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11,319 |
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— |
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Total assets |
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$ |
844,190 |
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$ |
458,245 |
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$ |
384,945 |
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$ |
1,000 |
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Liabilities |
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Contingent consideration |
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$ |
47,400 |
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$ |
— |
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$ |
— |
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$ |
47,400 |
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Total liabilities |
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$ |
47,400 |
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$ |
— |
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$ |
— |
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$ |
47,400 |
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* The balance at June 30, 2025 includes an investment with a fair value of $188.4 million, which is subject to a contractual sale restriction that expires in August 2025.
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