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Fair Value and Equity Investments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value and Equity Investments [Abstract]

Assets and 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, 2023
		Level 1				Level 2				Level 3				Total
Financial assets (liabilities):
Cash equivalents and current investments		$	45,949			$	—			$	—			$	45,949
Derivative financial instruments asset			—				17,020				—				17,020
Life insurance contracts			—				—				41,913				41,913
Contingent consideration			—				—				(6,422	)			(6,422	)
Total		$	45,949			$	17,020			$	35,491			$	98,460

		Fair Value at December 31, 2022
		Level 1				Level 2				Level 3				Total
Financial assets (liabilities):
Cash equivalents and current investments		$	55,356			$	—			$	—			$	55,356
Derivative financial instruments asset			—				19,738				—				19,738
Life insurance contracts			—				—				40,055				40,055
Contingent consideration			—				—				(6,364	)			(6,364	)
Total		$	55,356			$	19,738			$	33,691			$	108,785

Changes in Fair Value of Level 3 Life Insurance Contracts

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):

		2023				2022
Beginning balance at January 1		$	40,055			$	49,851
Actual return on plan assets			2,341				(11,549	)
Sales and settlements			(483	)			—
Ending balance at September 30		$	41,913			$	38,302

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):

		2023				2022
Beginning balance at January 1		$	(6,364	)		$	(10,341	)
Changes in fair value of contingent consideration			(58	)			1,969
Ending balance at September 30		$	(6,422	)		$	(8,372	)

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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-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
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- Definition

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.

+ References

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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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Name Accounting Standards Codification
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-Paragraph 3
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