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Fair Value (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis:

(In thousands)			Fair Value Hierarchy			September 30, 2021						December 31, 2020
Financial Assets:
Money market mutual funds1			1			$	—					$	335,449
Investment securities
Municipal bonds			2			$	109					$	197
Asset-backed securities			2			177						210
Mortgage-backed securities			2			129						138
Pooled investment fund measured at NAV2						9,000						9,000
Fixed-income mutual fund			1			27,440						27,728
Total investment securities						$	36,855					$	37,273
Executive deferred compensation plan trust3			1			$	10,851					$	9,586
Interest rate swaps4			2			$	7,449					$	—
Liabilities
Interest rate swaps4			2			$	32,379					$	44,938
Contingent consideration5			3			$	72,100					$	—

1 The fair value is recorded in cash and cash equivalents.

2 The fair value of this security is measured at NAV as a practical expedient and has not been classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets.

3 The fair value is recorded as current or long-term based on the timing of the Company’s executive deferred compensation plan payment obligations. At September 30, 2021, $1.5 million and $9.3 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2020, $0.9 million and $8.7 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively.

4 The fair value is recorded as current or long-term depending on the timing of expected discounted cash flows. At September 30, 2021, $7.4 million of fair value was recorded in other assets. At September 30, 2021, $24.3 million and $8.1 million in fair value is recorded within other current liabilities and other liabilities, respectively. At December 31, 2020, $22.0 million and $22.9 million in fair value is recorded within other current liabilities and other liabilities, respectively.

5 The fair value is recorded in other liabilities.

Schedule of Pooled Investment Fund

(In thousands)

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Pooled investment fund, as of September 30, 2021

$

9,000

—

Monthly

30 days

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

Changes in the contingent consideration liability are measured at fair value on a recurring basis using unobservable inputs (Level 3) and during the nine months ended September 30, 2021 are as follows:

(In thousands)									Fair Value
Contingent consideration – December 31, 2020									$	—
Contingent consideration recorded as a result of the acquisition (Note 4)									27,200
Change in estimated fair value									44,900
Contingent consideration – September 30, 2021									$	72,100

X

- 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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
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-Section 50
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- Definition

Tabular disclosure of investments in certain entities that calculate net asset value per share or equivalent measured at fair value on a recurring or nonrecurring basis.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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- Definition

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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