Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of financial instruments measured at fair value on a recurring basis

The following table sets forth our assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	Fair Value at September 30, 2023
	Level 1		Level 2		Level 3		Total
Liabilities:
Contingent consideration		—		—		74,073		74,073

Schedule of changes in the fair value of contingent consideration

The changes in the fair value of contingent consideration are as follows (in thousands):

	2023
Balance at January 1,	$	42,754
Change in fair value		31,319
Balance at September 30,	$	74,073

Schedule of principal amount and estimated fair value of long-term debt

The principal amount and estimated fair value of our long-term debt are as follows (in thousands):

	September 30, 2023				December 31, 2022
	Principal		Fair		Principal		Fair
	Amount (1)		Value (2)		Amount (1)		Value (2)
2023 Notes (matured September 2023)	$	—	$	—	$	30,000	$	31,149
2026 Notes (mature February 2026)		200,000		340,000		200,000		277,014
MARAD Debt (matures February 2027)		32,580		32,151		40,913		40,940
Total debt	$	232,580	$	372,151	$	270,913	$	349,103

(1) Principal amount includes current maturities and excludes any related unamortized debt issuance costs. See Note 6 for additional disclosures on our long-term debt.

(2) The estimated fair value of the 2023 Notes, the 2026 Notes and the MARAD Debt was determined using Level 2 fair value inputs under the market approach, which was determined using a third-party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms.