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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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 Condensed Consolidated Balance Sheets and not described above were as follows (in thousands):

			As of September 30, 2021																								As of December 31, 2020
			Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Financial assets:
Cash equivalents			$	166,473					$	166,473					$	—					$	—					$	170,398					$	170,398					$	—					$	—
Derivative financial instruments			13,567						—						13,567						—						5,130						—						5,130						—
Total financial assets			$	180,040					$	166,473					$	13,567					$	—					$	175,528					$	170,398					$	5,130					$	—
Financial liabilities:
Contingent consideration			$	8,591					$	—					$	—					$	8,591					$	4,004					$	—					$	—					$	4,004
Derivative financial instruments			774						—						774						—						324						—						324						—
Total financial liabilities			$	9,365					$	—					$	774					$	8,591					$	4,328					$	—					$	324					$	4,004

Summary of Change in Fair Value of 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, 2021			$	4,004
Preliminary purchase price			6,000
Fair value adjustments			(296)
Accretion in value			845
Amounts cancelled			(1,036)
Amounts paid to sellers			(926)
Contingent consideration liability - September 30, 2021			$	8,591

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

To estimate the fair value of our Senior Notes, we utilized third-party quotes which are derived all or in part from model prices, external sources or market prices. The Senior Notes represents a Level 2 fair value measurement and is as follows (in thousands):

			As of September 30, 2021												As of December 31, 2020
			Carrying Value						Fair Value						Carrying Value						Fair Value
Senior Notes(1)			$	300,000					$	316,197					$	300,000					$	320,013

(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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