Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.24.4
Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Composition of Financial Instruments
The composition of financial instruments is as follows:
December 31, 2024 December 31, 2023
(in thousands)
Liabilities
Contingent consideration (Note 3) $ 2,600  $ 2,462 
Summary 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, 2024
Balance at
December 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 $ 2,600  $ —  $ —  $ 2,600 
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:
Year Ended December 31,
2024 2023
(in thousands)
Contingent consideration
Beginning balance $ 2,462  $ 2,941 
Acquisitions(1)(Note 3)
—  2,200 
Payments —  (3,000)
Accretion of discount(1)
138  321 
Ending balance $ 2,600  $ 2,462 
____________________
(1) These changes to the balance associated with the estimated fair value of contingent consideration for the year ended December 31, 2024 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.