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Fair Value and Equity Investments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value and Equity Investments [Abstract]

Assets (Liabilities) Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (U.S. dollars in thousands):

		Fair Value at September 30, 2021
		Level 1				Level 2				Level 3				Total
Financial assets (liabilities):
Cash equivalents and current investments		$	74,360			$	—			$	—			$	74,360
Derivative financial instruments asset			—				4,395				—				4,395
Life insurance contracts			—				—				48,625				48,625
Derivative financial instruments liability			—				(112	)			—				(112	)
Contingent consideration			—				—				(12,132	)			(12,132	)
Total		$	74,360			$	4,283			$	36,493			$	115,136

		Fair Value at December 31, 2020
		Level 1				Level 2				Level 3				Total
Financial assets (liabilities):
Cash equivalents and current investments		$	56,628			$	—			$	—			$	56,628
Derivative financial instruments asset			—				1,145				—				1,145
Life insurance contracts			—				—				45,453				45,453
Derivative financial instruments liability			—				(105	)			—				(105	)
Contingent consideration			—				—				(3,125	)			(3,125	)
Total		$	56,628			$	1,040			$	42,328			$	99,996

Changes in Fair Value of Level 3 Marketable Securities

The following table provides a summary of changes in fair value of the Company’s Level 3 life insurance contracts (U.S. dollars in thousands):

Beginning balance at January 1, 2021		$	45,453
Actual return on plan assets			3,172
Purchase and issuances			7,016
Sales and settlements			(7,016	)
Transfers into Level 3			—
Ending balance at September 30, 2021		$	48,625

Changes in Fair Value of Level 3 Contingent Consideration

The following table provides a summary of changes in fair value of the Company’s Level 3 contingent consideration (U.S. dollars in thousands):

Beginning balance at January 1, 2021		$	(3,125	)
Additions from acquisitions			(8,702	)
Changes in fair value of contingent consideration			(305	)
Ending balance at September 30, 2021		$	(12,132	)

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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