XML 41 R25.htm IDEA: XBRL DOCUMENT v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
15.
Fair Value Measurements
The Company has adopted the provisions of ASC 820, “
Fair Value Measurements and Disclosures
” (“ASC 820”), related to certain financial and nonfinancial assets and liabilities. ASC 820 establishes the authoritative definition of fair value; sets out a framework for measuring fair value; and expands the required disclosures about fair value measurements. The valuation techniques required by ASC 820 are based on observable and unobservable inputs using the following three-tier hierarchy:
 
  •  
Level 1 — Inputs are observable quoted prices (unadjusted) in active markets for identical assets and liabilities.
 
  •  
Level 2 — Inputs are observable, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are directly or indirectly observable in the marketplace.
 
  •  
Level 3 — Inputs are unobservable that are supported by little or no market activity.
 
The carrying value of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses approximates fair value because of their short-term nature. The Company’s outstanding debt was repaid on January 3, 2023 and therefore, its carrying value also approximates fair value.
The carrying value of goodwill was calculated using a discounted cash flow model utilizing unobservable inputs, which requires management to develop its own assumptions in pricing the asset. At December 31, 2023, the Company carried the following financial assets (liabilities) at fair value measured on a
non-recurring
basis (in thousands):
 
    
Fair Value as of December 31, 2023
  
(Amounts in thousands)
   
Level 1
     
Level 2
     
Level 3
     
Total
  
Goodwill
    $ —       $ —       $ 27,210      $ 27,210  
  
 
 
     
 
 
     
 
 
     
 
 
  
During the year ended December 31, 2023, the Company recorded a goodwill impairment related to its Data and Analytics Services segment of $5.3 million.