Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments (Tables)

v3.19.3.a.u2
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Summary of Changes in Fair Value of Company's Earn-Out Liability
The following table presents a summary of changes in fair value of the Company's Level 3 earn-out liabilities measured on a recurring basis for 2019 and 2018:
(in thousands)
 
MUSA-Stainless
 
MUSA-Galvanized
 
American Stainless
 
Total
Balance at December 31, 2017
 
$
4,834

 
$
—

 
$
—

 
$
4,834

Fair value of the earn-out liability associated with the MUSA-Galvanized acquisition
 
—

 
3,800

 
—

 
$
3,800

Earn-out payments during the period
 
(2,164
)
 
(291
)
 
—

 
$
(2,455
)
Changes in fair value during the period
 
1,582

 
(151
)
 
—

 
$
1,431

Balance at December 31, 2018
 
$
4,252

 
$
3,358

 
$
—

 
$
7,610

Fair value of the earn-out liability associated with the American Stainless (ASTI) acquisition
 
—

 
—

 
6,366

 
$
6,366

Earn-out payments during period
 
(1,634
)
 
(712
)
 
(1,729
)
 
$
(4,075
)
Changes in fair value during the period
 
(215
)
 
(864
)
 
332

 
$
(747
)
Balance at December 31, 2019
 
$
2,403

 
$
1,782

 
$
4,969

 
$
9,154