Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.22.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
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:

Condensed Consolidated
Balance Sheet Caption		 Fair Value at March 31, 2022
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Equity securities Other assets $ 1,617  $ —  $ —  $ 1,617 
Interest rate swap contract Other assets —  70  —  70 
Total Assets $ 1,617  $ 70  $ —  $ 1,687 
Liabilities:
Contingent consideration - current Accrued expenses and other current liabilities $ —  $ —  $ 2,812  $ 2,812 
Contingent consideration - long-term Other long-term liabilities —  —  554  554 
Total Liabilities $ —  $ —  $ 3,366  $ 3,366 
Condensed 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 
Schedule of Interest Rate Derivatives Details of the outstanding swap contract as of March 31, 2022 are as follows:
Swap Maturity Notional Value
(in thousands)		 Pay Fixed Rate Receive Floating Rate Floating Rate
Reset Terms
October 1, 2025 $ 7,911  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) is as follows:
(in thousands) Three months ended
March 31, 2022
Balance at December 31, 2021 $ 6,857 
Eyce 2021 Contingent Payment settlement in Class A common stock (875)
DaVinci 2021 Contingent Payment settlement in Class A common stock (2,611)
Gain from fair value adjustments included in results of operations (5)
Balance March 31, 2022 $ 3,366 

(in thousands) Three months ended
March 31, 2021
Balance at December 31, 2020 $ — 
Contingent consideration issued for Eyce acquisition 1,218 
Balance at March 31, 2021 $ 1,218