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Financial Instruments | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Financial Instruments | Financial Instruments The table below presents the carrying amounts and estimated fair values of our financial instruments by hierarchy level as of March 31, 2022 and December 31, 2021:
| March 31, 2022
|  |  | Hierarchy Level (Fair Value)
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
Liabilities |  |  |  |  |  |  |
Acquisition-related contingent consideration (1)(2) | $ | 14,956 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,956 |
2023 Convertible Notes (3) | 313,936 |  |  | — |  |  | 505,503 |  |  | — |
Total | $ | 328,892 |  |  | $ | — |  |  | $ | 505,503 |  |  | $ | 14,956 |
| December 31, 2021
|  |  | Hierarchy Level (Fair Value)
| Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3
Liabilities |  |  |  |  |  |  |
Acquisition-related contingent consideration (1) | $ | 15,110 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,110 |
2023 Convertible Notes (3) | 297,158 |  |  | — |  |  | 466,619 |  |  | — |
Total | $ | 312,268 |  |  | $ | — |  |  | $ | 466,619 |  |  | $ | 15,110 |
(1)The short-term portion is included in “Accounts payable, accrued expenses and other” and the long-term portion is included in “Other liabilities” on the Condensed Consolidated Balance Sheets. (2)During the three months ended March 31, 2022, we acquired a business that was assigned to our Corporate Finance segment and recorded an acquisition-related contingent consideration liability. (3)The carrying value as of March 31, 2022 includes unamortized deferred debt issuance costs. The carrying value as of December 31, 2021 includes unamortized deferred debt issuance costs and debt discount. The fair values of financial instruments not included in the tables above are estimated to be equal to their carrying values as of March 31, 2022 and December 31, 2021. We estimate the fair value of our 2023 Convertible Notes based on their last actively traded prices. The fair value of our 2023 Convertible Notes is classified within Level 2 of the fair value hierarchy because it is traded in less active markets. We estimate the fair value of acquisition-related contingent consideration using either a probability-weighted discounted cash flow model or a Monte Carlo pricing model. These fair value estimates represent Level 3 measurements as they are based on significant inputs not observed in the market and reflect our own assumptions. Significant increases (or decreases) in these unobservable inputs in isolation would result in significantly lower (or higher) fair values. We reassess the fair value of our acquisition-related contingent consideration at each reporting period based on additional information as it becomes available. The change in our liability for acquisition-related contingent consideration for our Level 3 financial instruments is as follows:
| Contingent Consideration
Balance at December 31, 2021 | $ | 15,110 |
Additions (1) | 5,370 |
Accretion expense (2) | (979) |
Payments | (4,430) |
Foreign currency translation adjustment (3) | (115) |
Balance at March 31, 2022 | $ | 14,956 |
| Contingent Consideration
Balance at December 31, 2020 | $ | 20,118 |
Accretion expense (2) | 1,289 |
Payments | (1,000) |
Foreign currency translation adjustment (3) | (612) |
Balance at March 31, 2021 | $ | 19,795 |
(1)During the three months ended March 31, 2022, we acquired a business that was assigned to the Corporate Finance segment. (2)Accretion expense is included in SG&A expenses on the Condensed Consolidated Statements of Comprehensive Income. (3)Foreign currency translation adjustments are included in "Other comprehensive loss, net of tax" on the Condensed Consolidated Statements of Comprehensive Income.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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