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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company's financial assets and liabilities that are measured at fair value on a recurring basis, excluding assets related to the Company's defined benefit pension plans, categorized using the fair value hierarchy:

December 31,		2021
		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
		(In thousands)
Assets:
Money market funds (1)		$	10,028			$	—			$	—			$	10,028
Liabilities:
Contingent earnout liability (2)			—				—				12,556				12,556

December 31,		2020
		Level 1				Level 2				Level 3				Total
		(In thousands)
Assets:
Money market funds (1)		$	10,026			$	—			$	—			$	10,026
Liabilities:
Contingent earnout liability (2)			—				—				6,151				6,151

(1) The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included on the Company's Consolidated Balance Sheets in "Cash and cash equivalents."

(2) The contingent earnout liability relates to businesses acquired in 2021 and 2020. See Note 3, "Business Acquisitions and Dispositions" for more information. The Level 3 fair value of the contingent earnout liability was estimated using internally-prepared revenue and EBITDA projections, and discount rates determined using a combination of observable and unobservable market data. The fair value of the contingent earnout liability is included in "Other accrued liabilities" and "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets, based upon the term of the contingent earnout agreement.

Schedule of change in the fair value of the Company's contingent earnout consideration

The following table summarizes the change in the fair value of the Company's contingent earnout consideration balance:

December 31,		2021				2020
		(In thousands)
Acquisition-related contingent consideration, beginning of the year		$	6,151			$	454
Fair value of contingent consideration upon acquisition			9,482				5,808
Change in fair value of contingent consideration			650				(111	)
Settlement of contingent consideration			(1,683	)			—
Acquisition-related contingent consideration, end of the year		$	14,600			$	6,151

Pension Plan Assets within Fair Value Hierarchy

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.S Qualified Plan at December 31, 2021 and 2020:

December 31,		2021																2020
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
		(In thousands)
Asset Category:
Cash and cash equivalents		$	20,706			$	—			$	—			$	20,706			$	2,861			$	—			$	—			$	2,861
Short-term investment funds			—				25,569				—				25,569				—				9,827				—				9,827
Common Collective Equity funds:
U.S.			—				40,191				—				40,191				—				66,145				—				66,145
International			—				25,879				—				25,879				—				28,529				—				28,529
Common Collective Fixed Income Funds and Fixed Income Securities:
U.S.			39,304				186,542				—				225,846				36,007				207,219				—				243,226
International			—				29,300				—				29,300				—				28,501				—				28,501
Alternative strategy funds			—				8,784				13,414				22,198				—				9,248				15,938				25,186
Total Plan Assets		$	60,010			$	316,265			$	13,414				389,689			$	38,868			$	349,469			$	15,938				404,275
Other plan liabilities, net (a)															(1,522	)															(7,336	)
Net Plan Assets														$	388,167															$	396,939

(a) net amounts payable for unsettled security transactions.

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.K. plans at December 31, 2021 and 2020:

December 31,		2021																2020
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
		(In thousands)
Asset Category:
Cash and cash equivalents		$	33,518			$	—			$	—			$	33,511			$	2,613			$	—			$	—			$	2,613
Common Collective Equity funds:
U.S.			—				—				—				—				—				44,461				—				44,461
International			—				—				—				—				—				7,510				—				7,510
Common Collective Fixed Income Funds and Fixed Income Securities:
Short-term Investment funds:			—				64,704				—				64,704				—				162,276				—				162,276
Government securities			—				141,870				—				141,870				—				42,564				—				42,564
Alternative strategy funds			3,896				56,883				—				60,779				—				34,958				—				34,958
Real estate funds			—				—				11,255				11,255				—				—				9,572				9,572
Total		$	37,414			$	263,457			$	11,255			$	312,119			$	2,613			$	291,769			$	9,572			$	303,954

Reconciliation Of Level 3 Assets

The following table provides a reconciliation of the beginning and ending balance of Level 3 assets within the Company's U.S. and U.K. pension plans during the years ended December 31, 2021 and 2020:

		U.S				U.K.
		(in thousands)
Balance at December 31, 2019		$	14,766			$	9,735
Actual return on plan assets:
Related to assets still held at the reporting date			1,172				(163	)
Balance at December 31, 2020			15,938				9,572
Actual return on plan assets:
Related to assets still held at the reporting date			3,575				1,683
Purchases, sales and settlements, net			(6,099	)			—
Balance at December 31, 2021		$	13,414			$	11,255

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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
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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 contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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
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-Section 50
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