Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments (Tables)

v3.22.1
Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis Our financial instruments measured at fair value on a recurring basis were as follows at the dates indicated:
Consolidated
Balance Sheet Caption
Fair Value at December 31, 2021
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Equity securities Other assets $ 1,919  $ —  $ —  $ 1,919 
Total Assets $ 1,919  $ —  $ —  $ 1,919 
Liabilities:
Interest rate swap contract Other liabilities $ —  $ 288  $ —  $ 288 
Contingent consideration - current Accrued expenses and other current liabilities —  —  5,641  5,641 
Contingent consideration - long-term Other long-term liabilities —  —  1,216  1,216 
Total Liabilities $ —  $ 288  $ 6,857  $ 7,145 

Consolidated
Balance Sheet Caption
Fair Value at December 31, 2020
(in thousands) Level 1 Level 2 Level 3 Total
Liabilities:
Interest rate swap contract Other long-term liabilities $ —  $ 665  $ —  $ 665 
Total Liabilities $ —  $ 665  $ —  $ 665 
Schedule of Interest Rate Derivatives Details of the outstanding swap contract as of December 31, 2021, which is a pay fixed and receive floating contract, is as follows:
Swap Maturity Notional Value
(in thousands)
Pay Fixed Rate Receive Floating Rate Floating Rate
Reset Terms
October 1, 2025 $ 7,958  2.0775  % One-Month LIBOR Monthly
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation A reconciliation of our liabilities that are measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2021 and 2020 is as follows:
(in thousands) Contingent Consideration
Balance at December 31, 2019 $ 1,568 
Foreign currency translation adjustments (14)
Payment of contingent consideration (835)
Gain from fair value adjustments included in results of operations (719)
Balance at December 31, 2020 — 
Contingent consideration issued for Eyce acquisition 1,828 
Contingent consideration issued for DaVinci acquisition 4,840 
Loss from fair value adjustments included in results of operations 189 
Balance at December 31, 2021 $ 6,857