XML 58 R38.htm IDEA: XBRL DOCUMENT
v3.22.4

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
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, |  | 2022 |
|  | 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) |  | $ | 10,170 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,170 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent earnout liability (2) |  |  | — |  |  |  | — |  |  |  | 15,977 |  |  |  | 15,977 |
December 31, |  | 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds (1) |  | $ | 10,028 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,028 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent earnout liability (2) |  |  | — |  |  |  | — |  |  |  | 12,556 |  |  |  | 12,556 |
(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 since 2020. See Note 3, "Business Acquisitions and Dispositions" for more information. The Level 3 fair value of the contingent earnout liability was estimated using rev enue and EBITDA projections, and discount rates determined using a combination of observable and unobservable market data as well as volatility assumptions as applicable. The Company recognized a pretax contingent earnout expense totaling $2,921,000 in 2022 related to the fair value adjustment of earnout liabilities arising from recent acquisitions. The fair value of the contingent earnout liability is included in "Other accrued lia bilities" 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 liability | The following table summarizes the change in the fair value of the Company's contingent earnout liability balance:
December 31, |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Acquisition-related contingent consideration, beginning of the year |  | $ | 14,600 |  |  | $ | 6,151 |
Fair value of contingent consideration upon acquisition |  |  | 1,807 |  |  |  | 9,482 |
Change in fair value of contingent consideration |  |  | 2,397 |  |  |  | 650 |
Settlement of contingent consideration |  |  | (1,989 | ) |  |  | (1,683 | )
Acquisition-related contingent consideration, end of the year |  | $ | 16,815 |  |  | $ | 14,600 |
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, 2022 and 2021:
December 31, |  | 2022 |  |  | 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Asset Category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4,847 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,847 |  |  | $ | 20,706 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,706 |
Short-term investment funds |  |  | — |  |  |  | 11,212 |  |  |  | — |  |  |  | 11,212 |  |  |  | — |  |  |  | 25,569 |  |  |  | — |  |  |  | 25,569 |
Common Collective Equity funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | — |  |  |  | 24,235 |  |  |  | — |  |  |  | 24,235 |  |  |  | — |  |  |  | 40,191 |  |  |  | — |  |  |  | 40,191 |
International |  |  | — |  |  |  | 12,844 |  |  |  | — |  |  |  | 12,844 |  |  |  | — |  |  |  | 25,879 |  |  |  | — |  |  |  | 25,879 |
Common Collective Fixed Income Funds and Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 58,570 |  |  |  | 127,071 |  |  |  | — |  |  |  | 185,641 |  |  |  | 39,304 |  |  |  | 186,542 |  |  |  | — |  |  |  | 225,846 |
International |  |  | — |  |  |  | 20,913 |  |  |  | — |  |  |  | 20,913 |  |  |  | — |  |  |  | 29,300 |  |  |  | — |  |  |  | 29,300 |
Alternative strategy funds |  |  | — |  |  |  | 3,274 |  |  |  | 18,194 |  |  |  | 21,467 |  |  |  | — |  |  |  | 2,929 |  |  |  | 19,268 |  |  |  | 22,197 |
Total Plan Assets |  | $ | 63,417 |  |  | $ | 199,549 |  |  | $ | 18,194 |  |  |  | 281,159 |  |  | $ | 60,010 |  |  | $ | 310,411 |  |  | $ | 19,268 |  |  |  | 389,689 |
Other plan liabilities, net (a) |  |  |  |  |  |  |  |  |  |  |  | (1,409 | ) |  |  |  |  |  |  |  |  |  |  |  | (1,522 | )
Net Plan Assets |  |  |  |  |  |  |  |  |  |  | $ | 279,750 |  |  |  |  |  |  |  |  |  |  |  | $ | 388,167 |
(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, 2022 and 2021:
December 31, |  | 2022 |  |  | 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Asset Category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,411 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,411 |  |  | $ | 33,518 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,518 |
Common Collective Fixed Income Funds and Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term Investment funds: |  |  | — |  |  |  | 34,485 |  |  |  | — |  |  |  | 34,485 |  |  |  | — |  |  |  | 64,704 |  |  |  | — |  |  |  | 64,704 |
Government securities |  |  | — |  |  |  | 91,256 |  |  |  | — |  |  |  | 91,256 |  |  |  | — |  |  |  | 141,870 |  |  |  | — |  |  |  | 141,870 |
Alternative strategy funds |  |  | 2,445 |  |  |  | 34,801 |  |  |  | — |  |  |  | 37,246 |  |  |  | 3,896 |  |  |  | 56,883 |  |  |  | — |  |  |  | 60,779 |
Real estate funds |  |  | — |  |  |  | — |  |  |  | 9,475 |  |  |  | 9,475 |  |  |  | — |  |  |  | — |  |  |  | 11,255 |  |  |  | 11,255 |
Total |  | $ | 4,856 |  |  | $ | 160,542 |  |  | $ | 9,475 |  |  | $ | 174,873 |  |  | $ | 37,414 |  |  | $ | 263,457 |  |  | $ | 11,255 |  |  | $ | 312,126 |
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, 2022 and 2021:
|  | U.S |  |  | U.K. |
|  | (in thousands) |
Balance at December 31, 2020 |  | $ | 21,861 |  |  | $ | 9,572 |
Actual return on plan assets: |  |  |  |  |  |
Related to assets still held at the reporting date |  |  | 3,506 |  |  |  | 1,683 |
Purchases, sales and settlements, net |  |  | (6,099 | ) |  |  | — |
Balance at December 31, 2021 |  |  | 19,268 |  |  |  | 11,255 |
Actual return on plan assets: |  |  |  |  |  |
Related to assets still held at the reporting date |  |  | (1,074 | ) |  |  | (1,780 | )
Balance at December 31, 2022 |  | $ | 18,194 |  |  | $ | 9,475 |

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References No definition available. + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration