Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and December 31, 2021 and the level they fall within the fair value hierarchy (in thousands):
Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy Fair Value December 31, 2022 Fair Value December 31, 2021
Non-COLI assets held in Deferred Supplemental Compensation Plan(1)
Other assets Level 1 $ 539  $ 598 
Interest rate swaps Other assets Level 2 $ 6,620  $ — 
Interest rate swaps Accrued expenses and other current liabilities Level 2 $ —  $ 234 
Earn-out obligation - short-term Accrued expenses and other current liabilities Level 3 $ —  $ 1,000 
Earn-out obligation - long-term Other long-term liabilities Level 3 $ —  $ 250 
(1) Non-COLI assets held in our deferred supplemental compensation plan consist of equity funds with fair value based on observable inputs such as quoted prices for identical assets in active markets and changes in fair value are recorded as selling, general and administrative expenses.
Fair Value Measured on a Recurring Basis
Changes in earn-out obligation measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2022 and 2021 are as follows (in thousands):
  Current portion Long-term portion Total
Balance as of December 31, 2020 $ —  $ —  $ — 
Acquisition date fair value of contingent consideration 1,750  250  2,000 
Earn-out payments (750) —  (750)
Balance as of December 31, 2021 1,000  250  1,250 
Reclassifications from long-term to current 250  (250) — 
Earn-out payments (1,250) —  (1,250)
Balance as of December 31, 2022 $ —  $ —  $ —