Summary of Financial Instruments Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level 3) |
The following financial instruments are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
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March 31, |
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December 31, |
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2024 |
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2023 |
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Interest rate swap(1) |
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$ |
3,778 |
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$ |
3,461 |
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Total assets |
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$ |
3,778 |
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$ |
3,461 |
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Business acquisitions contingent consideration, current |
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$ |
11,782 |
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$ |
3,592 |
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Business acquisitions contingent consideration, long-term |
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28,679 |
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2,448 |
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Conversion option |
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19,037 |
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|
19,017 |
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Total liabilities |
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$ |
59,498 |
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$ |
25,057 |
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_____________________________
(1) Included in other assets in the unaudited condensed consolidated statement of financial position.
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Summary of Financial Instruments Measured at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis:
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Interest Rate Swap |
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Total Assets |
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Business Acquisitions Contingent Consideration, Current |
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Business Acquisitions Contingent Consideration, Long-term |
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Conversion Option |
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Total Liabilities |
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Balance at December 31, 2022 |
$ |
6,046 |
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$ |
6,046 |
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$ |
3,801 |
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$ |
4,454 |
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$ |
25,731 |
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$ |
33,986 |
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Acquisitions |
— |
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|
— |
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25 |
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|
— |
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— |
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|
25 |
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Changes in fair value included in earnings |
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(968 |
) |
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(968 |
) |
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(515 |
) |
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|
117 |
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|
905 |
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|
507 |
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Payment of contingent consideration payable |
— |
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— |
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(27 |
) |
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— |
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— |
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(27 |
) |
Reclass of long term to short term contingent liabilities |
— |
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— |
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1,450 |
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(1,450 |
) |
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— |
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— |
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Balance at March 31, 2023 |
$ |
5,078 |
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$ |
5,078 |
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$ |
4,734 |
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$ |
3,121 |
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$ |
26,636 |
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$ |
34,491 |
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Balance at December 31, 2023 |
$ |
3,461 |
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$ |
3,461 |
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$ |
3,592 |
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$ |
2,448 |
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$ |
19,017 |
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$ |
25,057 |
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Acquisitions |
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— |
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— |
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9,628 |
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|
26,137 |
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— |
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|
35,765 |
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Changes in fair value included in earnings |
|
317 |
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|
317 |
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12 |
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|
94 |
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20 |
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|
126 |
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Payment of contingent consideration payable |
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— |
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|
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— |
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(1,450 |
) |
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|
— |
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— |
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(1,450 |
) |
Balance at March 31, 2024 |
$ |
3,778 |
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$ |
3,778 |
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$ |
11,782 |
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$ |
28,679 |
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$ |
19,037 |
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$ |
59,498 |
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