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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the fair values, valuation techniques, unobservable inputs, and ranges of the Company’s financial liabilities categorized within Level 3. The weighted averages below are a product of the unobservable input and fair value of the contingent consideration arrangement as of December 31, 2020.
| Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Contingent Consideration | Option-Based Model |  | Risk free rate |  | 1.9% |  | 1.9 | %
|  |  | Debt spread |  | 0.0% - 33.5% |  | 11.0 | %
|  |  | Probabilities |  | 5.0% - 100.0% |  | 62.3 | %
|  |  | Present value factor |  | 3.6% - 3.9% |  | 3.7 | %
|  |  | Discount rate |  | 28.6% |  | 28.6 | %
Fair Values of Financial Instruments Measured On Recurring Basis | The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):
December 31, 2020 | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  | Carrying Value
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market and other funds | $ | 10,413 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,413 |  |  | $ | 10,413 |
Corporate debt securities | — |  |  | 663 |  |  | — |  |  | 663 |  |  | 663 |
Total assets measured at fair value | $ | 10,413 |  |  | $ | 663 |  |  | $ | — |  |  | $ | 11,076 |  |  | $ | 11,076 |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 9,094 |  |  | $ | 9,094 |  |  | $ | 9,094 |
Long-term debt | 1,960,527 |  |  | — |  |  | — |  |  | 1,960,527 |  |  | 1,579,021 |
Total liabilities measured at fair value | $ | 1,960,527 |  |  | $ | — |  |  | $ | 9,094 |  |  | $ | 1,969,621 |  |  | $ | 1,588,115 |
December 31, 2019 | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  | Carrying Value
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market and other funds | $ | 395,664 |  |  | $ | — |  |  | $ | — |  |  | $ | 395,664 |  |  | $ | 395,664 |
Corporate debt securities | — |  |  | 623 |  |  | 22,047 |  |  | 22,670 |  |  | 22,670 |
Total assets measured at fair value | $ | 395,664 |  |  | $ | 623 |  |  | $ | 22,047 |  |  | $ | 418,334 |  |  | $ | 418,334 |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 37,887 |  |  | $ | 37,887 |  |  | $ | 37,887 |
Long-term debt | — |  |  | 1,833,062 |  |  | — |  |  | 1,833,062 |  |  | 1,448,461 |
Total liabilities measured at fair value | $ | — |  |  | $ | 1,833,062 |  |  | $ | 37,887 |  |  | $ | 1,870,949 |  |  | $ | 1,486,348 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a reconciliation of the Company’s derivative instruments (in thousands):
| Amount |  | Affected line item in the Statement of Income
Derivative Liabilities: |  |  |
Level 2: |  |  |
Balance as of January 1, 2019 | $ | 768 |  |  |
Total fair value adjustments reported in earnings | (768) |  |  | Interest expense, net
Balance as of December 31, 2019 | $ | — |  |  |
Reconciliation of Level 3 Financial Liabilities Measured on Recurring Basis | The following tables presents a reconciliation of the Company’s Level 3 financial liabilities related to contingent consideration that are measured at fair value on a recurring basis (in thousands):
| Level 3 |  | Affected line item in the Statement of Income
Balance as of January 1, 2019 | $ | 50,035 |  |  |
Contingent consideration | 5,079 |  |  |
Total fair value adjustments reported in earnings | 6,318 |  |  | General and administrative
Contingent consideration payments | (23,545) |  |  | Not Applicable
Balance as of December 31, 2019 | $ | 37,887 |  |  |
Contingent consideration | 8,932 |  |  |
Total fair value adjustments reported in earnings | (80) |  |  | General and administrative
Contingent consideration payments | (37,645) |  |  | Not Applicable
Balance as of December 31, 2020 | $ | 9,094 |  |  |
Reconciliation of Level 3 Financial Assets Measured on Recurring Basis | The following tables presents a reconciliation of the Company’s Level 3 financial assets related to certain available-for-sale debt securities that are measured at fair value on a recurring basis (in thousands):
| Level 3 |  |
Balance as of January 1, 2019 | $ | 20,846 |  |  |
Total fair value adjustments reported in other comprehensive income | 1,201 |  |  |
Balance as of December 31, 2019 | $ | 22,047 |  |  |
Exchange of available-for-sale corporate debt securities (Note 5) | (22,047) |  |  |
Balance as of December 31, 2020 | $ | — |  |  |

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