Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 156

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 156
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 Company values assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.•	Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.Recurring Fair Value MeasurementsThe following table presents the Company's financial assets and liabilities that are measured at fair value on a recurring basis, excluding assets related to the Company's defined benefit pension plans, categorized using the fair value hierarchy: 

        December 31,
         
        2024

        QuotedPrices inActive Markets(Level 1)

        SignificantOtherObservableInputs(Level 2)

        SignificantUnobservableInputs(Level 3)

        Total

        (In thousands)

        Assets:

        Money market funds (1)
         
        $
        11,252

        $
        —

        $
        —

        $
        11,252

        Liabilities:

        Contingent earnout liability (2)

        —

        —

        1,382

        1,382

93

        December 31,
         
        2023

        Level 1

        Level 2

        Level 3

        Total

        (In thousands)

        Assets:

        Money market funds (1)
         
        $
        10,702

        $
        —

        $
        —

        $
        10,702

        Liabilities:

        Contingent earnout liability (2)

        —

        —

        7,511

        7,511

      (1)	The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included on the Company's Consolidated Balance Sheets in "Cash and cash equivalents."(2)	The contingent earnout liability relates to businesses acquired since 2020. See Note 3, "Business Acquisitions and Dispositions" for more information. The Level 3 fair value of the contingent earnout liability was estimated using revenue and EBITDA projections, and discount rates determined using a combination of observable and unobservable market data as well as volatility assumptions as applicable. The Company recognized a pretax contingent earnout (benefit) expense totaling $(1,099,000)