Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.23.3
Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Summary of Composition of Financial Instruments
The composition of financial instruments is as follows:
September 30, 2023
Net Unrealized
Cost Gains Losses Fair Value
(in thousands)
Assets
Marketable equity investments $ 20,005  $ —  $ (5,393) $ 14,612 
December 31, 2022
Net Unrealized
Cost Gains Losses Fair Value
Assets (in thousands)
Marketable equity investments $ 20,005  $ —  $ (1,476) $ 18,529 
September 30, 2023 December 31, 2022
Fair Value Fair Value
(in thousands)
Liabilities
Contingent consideration (Note 3)
$ 2,690  2,941 
Summary of Fair Value, Assets Measured on Recurring Basis
Fair Value Measurements at September 30, 2023
Balance at September 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 $ 14,612  $ 14,612  $ —  $ — 
Liabilities
Contingent consideration $ 2,690  $ —  $ —  $ 2,690 
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 September 30, 2023
Balance at September 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 $ 14,612  $ 14,612  $ —  $ — 
Liabilities
Contingent consideration $ 2,690  $ —  $ —  $ 2,690 
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:
Nine Months Ended September 30,
2023 2022
Contingent Consideration
Beginning balance
$ 2,941  $ 2,700 
Acquisitions(1)
2,200  — 
Payments (2,700) — 
Accretion of discount(1)
249  182 
Ending balance
$ 2,690  $ 2,882 
_____________________
(1) These changes to the balance associated with the estimated fair value of contingent consideration for the nine months ended September 30, 2023 were due to the addition of contingent consideration associated with the acquisition of Company Y and accretion of discounts on contingent consideration.