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Note 9 - Fair Value Measurement | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Fair Value Disclosures [Text Block] | 9. Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands):
|  | Fair Value Measurement at Reporting Date Using |
September 30, 2021 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 61,231 |  |  | $ | — |  |  | $ | — |  |  | $ | 61,231 |
Other noncurrent assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash |  |  | 1,512 |  |  |  | — |  |  |  | — |  |  |  | 1,512 |
Total assets |  | $ | 62,743 |  |  | $ | — |  |  | $ | — |  |  | $ | 62,743 |
Accrued and other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | — |  |  | $ | 5,001 |  |  | $ | — |  |  | $ | 5,001 |
Total liabilities |  | $ | — |  |  | $ | 5,001 |  |  | $ | — |  |  | $ | 5,001 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 70,483 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,483 |
Other noncurrent assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash |  |  | 1,512 |  |  |  | — |  |  |  | — |  |  |  | 1,512 |
Total assets |  | $ | 71,995 |  |  | $ | — |  |  | $ | — |  |  | $ | 71,995 |
Accrued and other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | — |  |  | $ | 7,606 |  |  | $ | — |  |  | $ | 7,606 |
Total liabilities |  | $ | — |  |  | $ | 7,606 |  |  | $ | — |  |  | $ | 7,606 |
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 78,981 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,981 |
Other noncurrent assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash |  |  | 1,512 |  |  |  | — |  |  |  | — |  |  |  | 1,512 |
Total assets |  | $ | 80,493 |  |  | $ | — |  |  | $ | — |  |  | $ | 80,493 |
Accrued and other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | — |  |  | $ | 8,353 |  |  | $ | — |  |  | $ | 8,353 |
Total liabilities |  | $ | — |  |  | $ | 8,353 |  |  | $ | — |  |  | $ | 8,353 |
Interest Rate Swaps In connection with entering into the Credit Agreement, we entered into two interest rate swaps with an effective date of May 2018 that were designated as cash flow hedges through the three months ended March 31, 2021. These interest rate swaps had a combined initial notional amount of $150.0 million and mature in May 2023. The interest rate swaps are designed to convert the interest rate on the term loan from a variable interest rate of LIBOR plus an applicable margin to a fixed rate of 2.76% plus the same applicable margin. The interest rate swaps are measured at fair value on the condensed consolidated balance sheets using the income approach, which discounts the future net cash settlements expected under the derivative contracts to a present value. These valuations primarily utilize indirectly observable inputs, including contractual terms, interest rates and yield curves observable at commonly quoted intervals. During the three months ended June 30, 2021, we determined that the interest rate swaps were no longer highly effective in offsetting changes to expected future cash flows on hedged transactions and were therefore de-designated as cash flow hedges. As a result of this de-designation, the $5.4 million unrealized loss recorded to accumulated other comprehensive loss prior to de-designation will continue to be amortized to interest expense through the maturity date of May 2023. The impact from the interest rate swap de-designation that was included in interest expense on the condensed consolidated statements of operations was immaterial for the three and nine months ended September 30, 2021. Other Assets and Liabilities The carrying values and estimated fair values of financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows:
|  |  | September 30, 2021 |  |  | December 31, 2020 |  |  | September 30, 2020 |
(in thousands) | Fair Value Hierarchy |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-maturity marketable securities (1) | Level 1 |  | $ | 10,600 |  |  | $ | 10,582 |  |  | $ | 5,200 |  |  | $ | 5,200 |  |  | $ | 5,700 |  |  | $ | 5,696 |
Liabilities (including current maturities): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2.75% Convertible Notes (2),(3) | Level 2 |  | $ | 205,543 |  |  | $ | 326,025 |  |  | $ | 200,303 |  |  | $ | 248,400 |  |  | $ | 198,606 |  |  | $ | 184,000 |
Credit Agreement - term loan (2) | Level 3 |  |  | 125,625 |  |  |  | 126,610 |  |  |  | 131,250 |  |  |  | 133,030 |  |  |  | 133,125 |  |  |  | 135,046 |
Credit Agreement - revolving credit facility (2) | Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 75,000 |  |  |  | 76,180 |
(1) All marketable securities were classified as held-to-maturity and consisted of U.S. Government and agency obligations maturing in one to five years. (2) The fair value of the 2.75% Convertible Notes is based on the median price of the notes in an active market. The fair value of the Credit Agreement is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 13 for more information about the 2.75% Convertible Notes and the Credit Agreement. (3) Excluded from the carrying value is debt discount of $24.5 million, $29.7 million and $31.4 million as of September 30, 2021, December 31, 2020 and September 30, 2020, respectively, related to the 2.75% Convertible Notes (see Note 13). During the three and nine months ended September 30, 2021, we did not record any fair value adjustments related to nonfinancial assets and liabilities measured at fair value on a nonrecurring basis. As disclosed in Note 3, we recorded fair value adjustments related to nonfinancial assets measured at fair value on a nonrecurring basis during the three and nine months ended September 30, 2020. During the three and nine months ended September 30, 2020, we did not record any fair value adjustments related to nonfinancial liabilities measured at fair value on a nonrecurring basis.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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