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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Composition of Financial Instruments

The composition of financial instruments is as follows:

			June 30, 2022
									Net Unrealized
			Cost						Gains						Losses						Fair Value
									(in thousands)
Assets
Marketable equity investments			$	20,005					$	3,859					$	—					$	23,864

			June 30, 2022
			Fair Value
			(in thousands)
Liabilities
Contingent consideration (Note 3)			$	2,824

			December 31, 2021
			Fair Value
			(in thousands)
Liabilities
Contingent consideration (Note 3)			2,700

Fair Value, Assets Measured on Recurring Basis

									Fair Value Measurements at June 30, 2022
			Balance at June 30, 2022						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in thousands)
Assets
Marketable equity securities			$	23,864					$	23,864					$	—					$	—
Liabilities
Contingent consideration			$	2,824					$	—					$	—					$	2,824

									Fair Value Measurements at December 31, 2021
			Balance at December 31, 2021						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in thousands)
Liabilities
Contingent consideration			$	2,700					$	—					$	—					$	2,700

Fair Value, Liabilities Measured on Recurring Basis

									Fair Value Measurements at June 30, 2022
			Balance at June 30, 2022						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in thousands)
Assets
Marketable equity securities			$	23,864					$	23,864					$	—					$	—
Liabilities
Contingent consideration			$	2,824					$	—					$	—					$	2,824

									Fair Value Measurements at December 31, 2021
			Balance at December 31, 2021						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in thousands)
Liabilities
Contingent consideration			$	2,700					$	—					$	—					$	2,700

Summary of Level 3 Financial Instrument Activity

The following summarizes the activity in Level 3 financial instruments:

			Six Months Ended June 30,
			2022						2021
Contingent Consideration
Beginning balance			$	2,700					$	—
Accretion of discount (1)			124						—
Ending balance			$	2,824					$	—

_____________________

(1) Changes to the balance associated with the estimated fair value of contingent consideration for the six months ended June 30, 2022 were primarily due to accretion of the related discount.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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