Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets and liabilities at Fair Value on Recurring Basis
Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands):
December 31, 2022 December 31, 2021
Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3
Assets:
Assets held in rabbi trust $ 9,553  $ —  $ 9,553  $ —  $ 11,508  $ —  $ 11,508  $ — 
Cash equivalents (1):
Commercial paper $ 41,324  $ —  $ 41,324  $ —  $ 8,948  $ —  $ 8,948  $ — 
Money market funds 139,025  139,025  —  —  210,985  210,985  —  — 
$ 180,349  $ 139,025  $ 41,324  $ —  $ 219,933  $ 210,985  $ 8,948  $ — 
Marketable debt securities, available-for-sale:
Short-term investments:
U.S. treasuries $ 134,549  $ 134,549  $ —  $ —  $ 35,733  $ 35,733  $ —  $ — 
Corporate debt 118,041  —  118,041  —  148,135  —  148,135  — 
ABS and other 844  —  844  —  —  —  —  — 
$ 253,434  $ 134,549  $ 118,885  $ —  $ 183,868  $ 35,733  $ 148,135  $ — 
Long-term investments:
U.S. treasuries $ 20,715  $ 20,715  $ —  $ —  $ 70,767  $ 70,767  $ —  $ — 
U.S. government sponsored entities 536  —  536  —  745  —  745  — 
Corporate debt 41,358  —  41,358  —  34,013  —  34,013  — 
ABS and other 5,986  —  5,986  —  7,085  —  7,085  — 
$ 68,595  $ 20,715  $ 47,880  $ —  $ 112,610  $ 70,767  $ 41,843  $ — 
Liabilities:
Contingent consideration $ 7,067  $ —  $ —  $ 7,067  $ 9,312  $ —  $ —  $ 9,312 
Deferred consideration $ 5,119  $ —  $ 5,119  $ —  $ 9,801  $ —  $ 9,801  $ — 
Deferred compensation liability $ 6,661  $ 6,661  $ —  $ —  $ 8,001  $ 8,001  $ —  $ — 
(1)Included in cash, cash equivalents, and restricted cash on the accompanying consolidated balance sheets.
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis
A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands):
December 31,
2022 2021
Beginning balance $ 9,312  $ 5,572 
Contingent consideration in connection with acquisitions (1)
—  (100)
Change in fair value of contingent consideration (161) 4,659 
Payments of contingent consideration (2,084) (819)
Ending balance $ 7,067  $ 9,312 
(1)Contingent consideration in connection with acquisitions represents a noncash investing activity. The amount recorded during the year ended December 31, 2021 relates to a measurement period adjustment. See Note 6 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information.
Fair Value Liabilities Measured On Recurring Basis Valuation Techniques
Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands):
Fair Value at
December 31, 2022		 Valuation Technique Unobservable inputs
Range (Weighted Average)(1)
Contingent consideration $ 7,067  Discounted cash flow Expected life of cash flows
0.4-4.83 years
(2.7 years)
Discount rate
6.0%-7.0%
 (6.5  %)
Probability of achievement
0.0%-100.0%
 (95.4  %)
Fair Value at
December 31, 2021		 Valuation Technique Unobservable inputs
Range (Weighted Average)(1)
Contingent consideration $ 9,312  Discounted cash flow Expected life of cash flows
1.4-5.8 years
(3.4 years)
Discount rate
2.2%-3.5%
 (2.9  %)
Probability of achievement
29.0%-100.0%
 (95.2  %)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.