Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.22.4
Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Composition of Financial Instruments
The composition of financial instruments is as follows:
December 31, 2022
Net Unrealized
Cost Gains Losses Fair Value
(in thousands)
Assets
Marketable equity investments $ 20,005  $ —  $ (1,476) $ 18,529 
December 31, 2022 December 31, 2021
(in thousands)
Liabilities
Contingent consideration (Note 3) $ 2,941  $ 2,700 
Fair Value, Assets Measured on Recurring Basis
Fair Value Measurements at December 31, 2022
Balance at December 31, 2022 Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
(in thousands)
Assets
Marketable equity securities $ 18,529  $ 18,529  $ —  $ — 
Liabilities
Contingent consideration $ 2,941  $ —  $ —  $ 2,941 
Fair Value Measurements at December 31, 2021
Balance at December 31, 2021 Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
(in thousands)
Liabilities
Contingent consideration $ 2,700  $ —  $ —  $ 2,700 
Fair Value, Liabilities Measured on Recurring Basis
Fair Value Measurements at December 31, 2022
Balance at December 31, 2022 Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
(in thousands)
Assets
Marketable equity securities $ 18,529  $ 18,529  $ —  $ — 
Liabilities
Contingent consideration $ 2,941  $ —  $ —  $ 2,941 
Fair Value Measurements at December 31, 2021
Balance at December 31, 2021 Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
(in thousands)
Liabilities
Contingent consideration $ 2,700  $ —  $ —  $ 2,700 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following summarizes the activity in Level 3 financial instruments:
Year Ended December 31,
2022 2021
(in thousands)
Contingent consideration
Beginning balance $ 2,700  $ 2,700 
Accretion of discount(1)
241  — 
Ending balance $ 2,941  $ 2,700 
____________________
(1) Changes to the balance associated with the estimated fair value of contingent consideration for the year ended December 31, 2022 were primarily due to accretion of the related discount.