Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.22.1
Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Composition of Financial Instruments
The composition of financial instruments is as follows:
March 31, 2022
Gross Unrealized
Cost Gains Losses Fair Value
(in thousands)
Assets
Marketable equity investments $ 20,005  $ —  $ (954) $ 19,051 
March 31, 2022
Fair Value
(in thousands)
Liabilities
Contingent consideration (Note 3) $ 2,768 
December 31, 2021
Fair Value
(in thousands)
Liabilities
Contingent consideration (Note 3) 2,700 
Fair Value, Assets Measured on Recurring Basis
Fair Value Measurements at March 31, 2022
Balance at March 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 $ 19,051  $ 19,051  $ —  $ — 
Liabilities
Contingent consideration $ 2,768  $ —  $ —  $ 2,768 
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 
$ 2,700  $ —  $ —  $ 2,700 
Fair Value, Liabilities Measured on Recurring Basis
Fair Value Measurements at March 31, 2022
Balance at March 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 $ 19,051  $ 19,051  $ —  $ — 
Liabilities
Contingent consideration $ 2,768  $ —  $ —  $ 2,768 
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 
$ 2,700  $ —  $ —  $ 2,700 
Summary of Level 3 Financial Instrument Activity
The following summarizes the activity in Level 3 financial instruments:
Three Months Ended March 31,
2022 2021
Contingent Consideration
Beginning balance
$ 2,700  $ — 
Accretion of discount (1)
68  — 
Ending balance
$ 2,768  $ — 
_____________________
(1) Changes to the balance associated with the estimated fair value of contingent consideration for the three months ended March 31, 2022 were primarily due to accretion of the related discount.