Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.23.2
Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Summary of Composition of Financial Instruments
The composition of financial instruments is as follows:
June 30, 2023
Net Unrealized
Cost Gains Losses Fair Value
(in thousands)
Assets
Marketable equity investments $ 20,005  $ 483  $ —  $ 20,488 
December 31, 2022
Net Unrealized
Cost Gains Losses Fair Value
Assets (in thousands)
Marketable equity investments $ 20,005  $ —  $ (1,476) $ 18,529 
June 30, 2023 December 31, 2022
Fair Value Fair Value
(in thousands)
Liabilities
Contingent consideration (Note 3)
$ 2,620  2,941 
Summary of Fair Value, Assets Measured on Recurring Basis
Fair Value Measurements at June 30, 2023
Balance at June 30, 2023 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 $ 20,488  $ 20,488  $ —  $ — 
Liabilities
Contingent consideration $ 2,620  $ —  $ —  $ 2,620 
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 
Summary of Fair Value, Liabilities Measured on Recurring Basis
Fair Value Measurements at June 30, 2023
Balance at June 30, 2023 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 $ 20,488  $ 20,488  $ —  $ — 
Liabilities
Contingent consideration $ 2,620  $ —  $ —  $ 2,620 
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 
Summary of Level 3 Financial Instrument Activity
The following summarizes the activity in Level 3 financial instruments:
Six Months Ended June 30,
2023 2022
Contingent Consideration
Beginning balance
$ 2,941  $ 2,700 
Acquisitions(1)
2,200  — 
Payments (2,700) — 
Accretion of discount(1)
179  124 
Ending balance
$ 2,620  $ 2,824 
_____________________
(1) These changes to the balance associated with the estimated fair value of contingent consideration for the six months ended June 30, 2023 were due to the addition of contingent consideration associated with the acquisition of Company Y and accretion of discounts on contingent consideration.