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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 revenue 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 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 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

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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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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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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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