Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.22.2
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule 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 the six months ended June 30, 2022:
(in thousands) MUSA-Galvanized American Stainless Total
Balance December 31, 2021 $ 1,106  $ 855  $ 1,961 
Earn-out payments during the period
(684) (855) (1,539)
Changes in fair value during the period
(7) —  (7)
Balance June 30, 2022 $ 415  $ —  $ 415 
Schedule of Level 3 Assets and the Valuation Techniques Used to Measure Fair Value
The following table summarizes the significant unobservable inputs in the fair value measurement of our contingent consideration (earn-out) liabilities as of June 30, 2022:
Instrument Fair Value
June 30, 2022
Principal Valuation Technique Significant Unobservable Inputs Range Weighted
Average
Contingent consideration (earn-out) liabilities $415 Probability Weighted Expected Return Discount rate - 5%
Timing of estimated payouts 2022 -
Future revenue projections $2.5M $2.5M
Schedule of Assets Held for Sale
The assets classified as held for sale are as follows:
(in thousands) June 30, 2022 December 31, 2021
Inventory, net $ 547  $ 617 
Property, plant and equipment, net 238  238 
Assets held for sale $ 785  $ 855