XML 47 R36.htm IDEA: XBRL DOCUMENT v3.22.2
FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of fair values of financial assets and liabilities
As of June 30, 2022, the fair values of our financial assets and liabilities were categorized as follows:
TotalLevel 1Level 2Level 3
Assets
Investment in equity securities (1)
$6,185 $6,185 $— $— 
Foreign exchange contracts (2)
333 — 333 — 
Cross currency swap contract (2)
5,049 — 5,049 — 
Convertible note5,000 — — 5,000 
Total assets at fair value$16,567 $6,185 $5,382 $5,000 
Liabilities
Foreign exchange contracts (2)
$250 $— $250 $— 
Contingent consideration obligation31,643 — — 31,643 
Total liabilities at fair value$31,893 $— $250 $31,643 
As of December 31, 2021, the fair values of our financial assets and liabilities were categorized as follows:
TotalLevel 1Level 2Level 3
Assets
Investment in equity securities (1)
$9,006 $9,006 $— $— 
Foreign exchange contracts (2)
331 — 331 — 
Cross currency swap contract (2)
511 — 511 — 
Total assets at fair value$9,848 $9,006 $842 $— 
Liabilities
Foreign exchange contracts (2)
$221 $— $221 $— 
Contingent consideration obligation33,908 — — 33,908 
Total liabilities at fair value$34,129 $— $221 $33,908 
________________________________________________
(1)Investment in PureCycle Technologies ("PCT" or "PureCycle"). See Note 18 - Investment in Equity Securities for discussion of this investment.
(2)Market approach valuation technique based on observable market transactions of spot and forward rates.
Schedule of contingent consideration arrangements, fair value
We consider these obligations Level 3 liabilities and have estimated the aggregate fair value for these contingent consideration arrangements as follows:
June 30, 2022December 31, 2021
Fusion Acquisition$26,681 $27,166 
Noble Acquisition4,962 6,742 
$31,643 $33,908 
Summary of changes in Level 3 fair value measurements The following table provides a summary of changes in our Level 3 fair value measurements:
Balance, December 31, 2021$33,908 
Decrease in fair value recorded in earnings(2,265)
Balance, June 30, 2022$31,643