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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Changes in Fair Value of the Company's Level 3 Liabilities , That Are Measured Using Significant Unobservable Inputs (Level 3)
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended March 31:

(in thousands)20242023
Balance at January 1$600 $9,800 
Change in fair value of contingent consideration— (5,200)
Balance at March 31$600 $4,600 
Fair Value, Liabilities Measured on Recurring Basis
The following table provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration as of March 31, 2024 and December 31, 2023:
Contingency Type
Maximum Payout (1) (undiscounted) (in thousands)
Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue based payments$5,600 $600 Monte CarloRevenue volatility25.0 %
Discount rate11.5 %
Projected year of payments2024
(1) Maximum payout as determined by Monte Carlo valuation simulation; the disclosed contingency is not subject to a contractual maximum payout.