Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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):

	March 31,		December 31,
	2024		2023
Interest rate swap(1)	$	3,778	$	3,461
Total assets	$	3,778	$	3,461
Business acquisitions contingent consideration, current	$	11,782	$	3,592
Business acquisitions contingent consideration, long-term		28,679		2,448
Conversion option		19,037		19,017
Total liabilities	$	59,498	$	25,057

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(1) Included in other assets in the unaudited condensed consolidated statement of financial position.

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:

	Interest Rate Swap			Total Assets			Business Acquisitions Contingent Consideration, Current			Business Acquisitions Contingent Consideration, Long-term			Conversion Option		Total Liabilities
Balance at December 31, 2022	$	6,046		$	6,046		$	3,801		$	4,454		$	25,731	$	33,986
Acquisitions	—				—			25		—			—			25
Changes in fair value included in earnings		(968	)		(968	)		(515	)		117			905		507
Payment of contingent consideration payable	—				—			(27	)	—			—			(27	)
Reclass of long term to short term contingent liabilities	—				—			1,450			(1,450	)	—			—
Balance at March 31, 2023	$	5,078		$	5,078		$	4,734		$	3,121		$	26,636	$	34,491
Balance at December 31, 2023	$	3,461		$	3,461		$	3,592		$	2,448		$	19,017	$	25,057
Acquisitions		—			—			9,628			26,137			—		35,765
Changes in fair value included in earnings		317			317			12			94			20		126
Payment of contingent consideration payable		—			—			(1,450	)		—			—		(1,450	)
Balance at March 31, 2024	$	3,778		$	3,778		$	11,782		$	28,679		$	19,037	$	59,498