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Fair Value (Tables)

12 Months Ended

Dec. 31, 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:

									December 31,
(In thousands)			Fair Value Hierarchy						2021						2020
Financial Assets:
Money market mutual funds1			1						$	3,670					$	335,449
Investment securities, current:
Debt securities:
U.S. treasury notes			2						307,195						—
Corporate debt securities			2						351,843						—
Municipal bonds			2						31,168						—
Asset-backed securities			2						120,211						—
Mortgage-backed securities			2						138,260						—
Total									$	948,677					$	—
Investment securities, non-current:
Debt securities:
Municipal bonds			2						$	3,108					$	197
Asset-backed securities			2						168						210
Mortgage-backed securities			2						123						138
Pooled investment fund measured at NAV2									9,000						9,000
Fixed-income mutual fund			1						27,251						27,728
Total									$	39,650					$	37,273
Executive deferred compensation plan trust3			1						$	11,303					$	9,586
Interest rate swaps4			2						$	15,031					$	—
Liabilities:
Interest rate swaps4			2						$	19,982					$	44,938
Contingent consideration5			3						$	67,300					$	—

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 consolidated balance sheets.

3 The fair value of these assets is recorded as current or long-term based on the timing of the Company's executive deferred compensation plan payment obligations. At December 31, 2021, $1.6 million and $9.7 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 of these assets and liabilities is recorded as current or long-term depending on the timing of expected discounted cash flows. At December 31, 2021, $0.1 million and $14.9 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2021, $17.6 million and $2.4 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 of this liability is recorded in other liabilities.

Schedule of Pooled Investment Fund

Pooled Investment Fund

(In thousands)

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Pooled investment fund, as of December 31, 2021

$

9,000

—

Monthly

30 days

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

Changes in the contingent consideration derivative liability are measured at fair value on a recurring basis using unobservable inputs (Level 3) and during the year ended December 31, 2021 are as follows:

(In thousands)									Fair Value
Contingent consideration – January 1, 2021									$	—
Contingent consideration recorded as a result of the acquisition (Note 4)									27,200

Change in estimated fair value									40,100
Contingent consideration – December 31, 2021									$	67,300

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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- 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
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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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