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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021.

			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						100.0%						100.0		%
									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):

March 31, 2021			Level 1						Level 2						Level 3						Fair Value						Carrying Value
Assets:
Cash equivalents:
Money market and other funds			$	10,396					$	—					$	—					$	10,396					$	10,396
Corporate debt securities			—						663						—						663						663
Total assets measured at fair value			$	10,396					$	663					$	—					$	11,059					$	11,059
Liabilities:
Contingent consideration			$	—					$	—					$	9,530					$	9,530					$	9,530
Debt			2,091,518						—						—						2,091,518						1,586,331
Total liabilities measured at fair value			$	2,091,518					$	—					$	9,530					$	2,101,048					$	1,595,861
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
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

Reconciliation of Level 3 Financial Liabilities Measured on Recurring Basis

The following table 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 Operations
Balance as of January 1, 2021			$	9,094
Contingent consideration			—
Total fair value adjustments reported in earnings			508						General and administrative
Contingent consideration payments			(72)						Not applicable
Balance as of March 31, 2021			$	9,530

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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- Definition

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
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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