| Schedule of Financial Assets and Liabilities Measured at Fair Value |
The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, based on the three-tier fair value hierarchy, as defined in ASC 820, “Fair Value Measurements and Disclosures”:
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March 31, 2022 |
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Fair Value |
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Level I |
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Level II |
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Level III |
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(in thousands) |
| Assets: |
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| Money market funds |
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$ |
2,946 |
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$ |
2,946 |
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$ |
— |
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$ |
— |
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| Assets to fund deferred compensation liability |
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11,201 |
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— |
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— |
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11,201 |
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| Total assets |
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$ |
14,147 |
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$ |
2,946 |
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$ |
— |
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$ |
11,201 |
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| Liabilities: |
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| Contingent consideration |
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$ |
750 |
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$ |
— |
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$ |
— |
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$ |
750 |
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| Deferred compensation liability |
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9,515 |
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9,515 |
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— |
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— |
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| Total liabilities |
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$ |
10,265 |
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$ |
9,515 |
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$ |
— |
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$ |
750 |
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December 31, 2021 |
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Fair Value |
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Level I |
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Level II |
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Level III |
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(in thousands) |
| Assets: |
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| Money market funds |
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$ |
2,684 |
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$ |
2,684 |
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$ |
— |
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$ |
— |
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| Assets to fund deferred compensation liability |
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11,140 |
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— |
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— |
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11,140 |
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| Total assets |
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$ |
13,824 |
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$ |
2,684 |
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$ |
— |
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$ |
11,140 |
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| Liabilities: |
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| Contingent consideration |
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$ |
743 |
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$ |
— |
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$ |
— |
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$ |
743 |
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| Deferred compensation liability |
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10,418 |
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10,418 |
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— |
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— |
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| Total liabilities |
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$ |
11,161 |
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$ |
10,418 |
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$ |
— |
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$ |
743 |
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| Schedule of Reconciliation of Assets |
The table below presents a reconciliation of the assets used to fund the Company's deferred compensation liability, which is measured at fair value on a recurring basis using significant unobservable inputs (Level III) for the period from December 31, 2021 to March 31, 2022:
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Fair Value of Assets to Fund Deferred Compensation Liability |
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(in thousands) |
| Balance at December 31, 2021 |
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$ |
11,140 |
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| Contributions |
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649 |
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| Fair value adjustments |
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(588) |
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| Balance at March 31, 2022 |
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$ |
11,201 |
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