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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities
The Company’s financial assets and liabilities subject to fair value measurements, as of December 31, 2021 and 2020 were as follows: 
As of December 31, 2021As of December 31, 2020
(in thousands)Fair valueLevel 1Level 2Level 3Fair valueLevel 1Level 2Level 3
Assets:
Forward contracts$494 $— $494 $— $— $— $— $— 
Total assets$494 $— $494 $— $— $— $— $— 
Liabilities:
Contingent consideration$6,960 $— $— $6,960 $207 $— $— $207 
Forward contracts46 — 46 — 997 — 997— 
Total liabilities$7,006 $— $46 $6,960 $1,204 $— $997 $207 
The Company's level 3 balance consists of contingent consideration related to acquisitions. The changes in the Company's level 3 liabilities for the years ended December 31, 2021 and 2020 were as follows:
(in thousands)Balance at Beginning of the Year
Adjustments(1)(2)
Transfer out
of Level 3(3)
Balance at End
of the Year(4)
2021:
Liabilities:
Contingent consideration$207 11,862 (5,109)$6,960 
2020:
Liabilities:
Contingent consideration$9,124 (8,917)— $207