Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.22.2.2
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2022
(in thousands) Level 1 Level 2 Level 3 Total
Assets:
Equity securities Other assets $ 1,062  $ —  $ —  $ 1,062 
Interest rate swap contract Other assets —  186  —  186 
Total Assets $ 1,062  $ 186  $ —  $ 1,248 
Liabilities:
Contingent consideration - current Accrued expenses and other current liabilities $ —  $ —  $ 2,319  $ 2,319 
Contingent consideration - long-term Other long-term liabilities —  —  269  269 
Total Liabilities $ —  $ —  $ 2,588  $ 2,588 
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 June 30, 2022 are as follows:
Swap Maturity Notional Value
(in thousands)
Pay Fixed Rate Receive Floating Rate Floating Rate
Reset Terms
October 1, 2025 $ 7,864  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) Six Months Ended
June 30, 2022
Balance at December 31, 2021 $ 6,857 
Eyce 2021 Contingent Payment settlement in Class A common stock (875)
Eyce 2021 Contingent Payment settlement in cash (875)
DaVinci 2021 Contingent Payment settlement in Class A common stock (2,611)
Write-off of Eyce 2022 Contingent Payment in conjunction with the Amended Eyce APA (267)
Loss from fair value adjustments included in results of operations 359 
Balance June 30, 2022 $ 2,588 

(in thousands) Six Months Ended
June 30, 2021
Balance at December 31, 2020 $ — 
Contingent consideration issued for Eyce acquisition 1,828 
Loss from fair value adjustments included in results of operations $ 123 
Balance at June 30, 2021 $ 1,951