Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.24.1.u1
Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Composition of Financial Instruments
The composition of financial instruments is as follows:
Fair Value
March 31, 2024 December 31, 2023
(in thousands)
Liabilities
Contingent consideration (Note 3)
$ 2,535  $ 2,462 
Summary of Fair Value, Liabilities Measured on Recurring Basis
Fair Value Measurements at March 31, 2024
Balance at March 31, 2024 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 $ 2,535  $ —  $ —  $ 2,535 
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 
Summary of Level 3 Financial Instrument Activity
The following summarizes the activity in Level 3 financial instruments:
Three Months Ended March 31,
2024 2023
Contingent consideration
Beginning balance
$ 2,462  $ 2,941 
Acquisitions(1)(Note 3)
—  2,200 
Accretion of discount(1)
73  112 
Ending balance
$ 2,535  $ 5,253 
_____________________
(1) These changes to the balance associated with the estimated fair value of contingent consideration for the three months ended March 31, 2024 and 2023 were due to the addition of contingent consideration associated with the acquisition of Company Y in January 2023 and accretion of discounts on contingent consideration.