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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Interest Rate Derivatives

The following is a summary of the interest rate swap activity:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,												Recognized in Consolidated
			2022						2021						2022						2021						Statements of Operations
Interest rate swap:
Gain from change in fair value			$	9,828					$	1,463					$	29,318					$	9,198					Other income (expense), net
(Refunds) payments			(752)						325						(475)						942						Interest expense, net

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets and financial liabilities carried at fair value measured on a recurring basis consist of the following:

September 30, 2022			Level 1						Level 2						Level 3						Total
Assets:
Money market funds (1)			$	18					$	—					$	—					$	18
Interest rate swap (2)			—						39,435						—						39,435
Total assets			$	18					$	39,435					$	—					$	39,453
Liabilities:
Acquisition contingent consideration (3)			$	—					$	—					$	1,244					$	1,244
Deferred compensation plan liabilities (4)			72,990						—						—						72,990
Cash-settled equity awards (5)			279						—						—						279
Total liabilities			$	73,269					$	—					$	1,244					$	74,513

December 31, 2021			Level 1						Level 2						Level 3						Total
Assets:
Money market funds (1)			$	21					$	—					$	—					$	21
Interest rate swap (2)			—						10,117						—						10,117
Total assets			$	21					$	10,117					$	—					$	10,138
Liabilities:
Acquisition contingent consideration (3)			$	—					$	—					$	6,613					$	6,613
Deferred compensation plan liabilities (4)			102,199						—						—						102,199
Cash-settled equity awards (5)			353						—						—						353
Total liabilities			$	102,552					$	—					$	6,613					$	109,165

(1)Included in Cash and cash equivalents in the consolidated balance sheets.

(2)Included in Other assets in the consolidated balance sheets.

(3)Included in Other liabilities, except for current liabilities of $1,244 and $5,382 as of September 30, 2022 and December 31, 2021, respectively, which are included in Accruals and other current liabilities in the consolidated balance sheets. Acquisition contingent consideration liability is measured at fair value and is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions the Company believes would be made by a market participant.

(4)Included in Deferred compensation plan liabilities, except for current liabilities of $1,977 and $7,309 as of September 30, 2022 and December 31, 2021, respectively, which are included in Accruals and other current liabilities in the consolidated balance sheets.

(5)Included in Accruals and other current liabilities in the consolidated balance sheets.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a reconciliation of the changes in fair value of the Company’s financial liabilities which have been classified as Level 3 in the fair value hierarchy:

			Nine Months Ended						Year Ended
			September 30, 2022						December 31, 2021
Balance, beginning of year			$	6,613					$	4,299
Payments			(5,160)						(2,371)
Addition			—						4,544
Change in fair value			(6)						294
Foreign currency translation adjustments			(203)						(153)
Balance, end of period			$	1,244					$	6,613

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

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