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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Changes in Fair Value of Company's Earn-Out Liability

The following table presents a summary of changes in fair value of the Company's Level 3 earn-out liabilities measured on a recurring basis for the six months ended June 30, 2022:

(in thousands)			MUSA-Galvanized						American Stainless						Total
Balance December 31, 2021			$	1,106					$	855					$	1,961
Earn-out payments during the period			(684)						(855)						(1,539)
Changes in fair value during the period			(7)						—						(7)
Balance June 30, 2022			$	415					$	—					$	415

Schedule of Level 3 Assets and the Valuation Techniques Used to Measure Fair Value

The following table summarizes the significant unobservable inputs in the fair value measurement of our contingent consideration (earn-out) liabilities as of June 30, 2022:

Instrument

Fair Value June 30, 2022

Principal Valuation Technique

Significant Unobservable Inputs

Range

Weighted Average

Contingent consideration (earn-out) liabilities

$415

Probability Weighted Expected Return

Discount rate

-

5%

Timing of estimated payouts

2022

-

Future revenue projections

$2.5M

$2.5M

Schedule of Assets Held for Sale

The assets classified as held for sale are as follows:

(in thousands)			June 30, 2022						December 31, 2021
Inventory, net			$	547					$	617
Property, plant and equipment, net			238						238
Assets held for sale			$	785					$	855

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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 information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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