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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Financial Assets and Liabilities

The fair values of financial assets and liabilities that are recorded at fair value in the Consolidated Balance Sheets and not described above were as follows (in thousands):

			As of December 31, 2020																								As of December 31, 2019
			Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Financial assets:
Cash equivalents			$	170,398					$	170,398					$	—					$	—					$	99,242					$	99,242					$	—					$	—
Derivative financial instruments			5,130						—						5,130						—						—						—						—						—
Total financial assets			$	175,528					$	170,398					$	5,130					$	—					$	99,242					$	99,242					$	—					$	—
Financial liabilities:
Contingent consideration			$	4,004					$	—					$	—					$	4,004					$	3,854					$	—											$	3,854
Derivative financial instruments			324						—						324						—						9,446						—						9,446						—
Total financial liabilities			$	4,328					$	—					$	324					$	4,004					$	13,300					$	—					$	9,446					$	3,854

Change in Fair Value of the Contingent Consideration

The change in fair value of the contingent consideration (a Level 3 input) was as follows (in thousands):

Contingent consideration liability—January 1, 2020			$	3,854
Preliminary purchase price			3,813
Fair value adjustments			(473)
Accretion in value			631
Amounts cancelled			(188)
Amounts paid to sellers			(3,633)
Contingent consideration liability—December 31, 2020			$	4,004

Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities

The carrying values and associated fair values of financial assets and liabilities that are not recorded at fair value in the Consolidated Balance Sheets and not described above include our Senior Notes and investments. To estimate fair values of these items, we utilized third-party quotes which are derived all or in part from model prices, external sources or market prices. Both represent a Level 2 fair value measurement and are as follows (in thousands):

			As of December 31, 2020												As of December 31, 2019
			Carrying Value						Fair Value						Carrying Value						Fair Value
Investments			$	—					$	—					$	37,961					$	37,958
Senior Notes (1)			300,000						320,013						300,000						321,114

(1)Excludes the impact of unamortized debt issuance costs.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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.

+ References

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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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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