Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.24.0.1
Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of 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, 2023 December 31, 2022
(in thousands)
Liabilities
Contingent consideration (Note 3) $ 2,462  $ 2,941 
Schedule of Fair Value, Assets Measured on Recurring Basis
The following summarizes the level in the fair value hierarchy for each financial instrument:
Fair Value Measurements at December 31, 2023
Balance at December 31, 2023 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 $ 2,462  $ —  $ —  $ 2,462 
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 
Schedule of Fair Value, Liabilities Measured on Recurring Basis
The following summarizes the level in the fair value hierarchy for each financial instrument:
Fair Value Measurements at December 31, 2023
Balance at December 31, 2023 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 $ 2,462  $ —  $ —  $ 2,462 
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 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following summarizes the activity in Level 3 financial instruments:
Year Ended December 31,
2023 2022
(in thousands)
Contingent consideration
Beginning balance $ 2,941  $ 2,700 
Acquisitions(1)(Note 3)
2,200  — 
Payments (3,000) — 
Accretion of discount(1)
321  241 
Ending balance $ 2,462  $ 2,941 
____________________
(1) These changes to the balance associated with the estimated fair value of contingent consideration for the year ended December 31, 2023 were due to the addition of contingent consideration associated with the acquisition of Company Y and accretion of discounts on contingent consideration.