XML 45 R33.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 2021.
| Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Contingent Consideration | Option-Based Model |  | Risk free rate |  | 2.2% |  | 2.2 | %
|  |  | Debt spread |  | 0.0% - 74.7% |  | 17.7 | %
|  |  | Probabilities |  | 100.0% |  | 100.0 | %
|  |  | Present value factor |  | 2.2% - 3.9% |  | 3.3 | %
|  |  | Discount rate |  | 38.0% |  | 38.0 | %
Fair Values of Financial Instruments Measured On Recurring Basis | he 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):
June 30, 2021 | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  | Carrying Value
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market and other funds | $ | 10,407 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,407 |  |  | $ | 10,407 |
Corporate debt securities | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets measured at fair value | $ | 10,407 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,407 |  |  | $ | 10,407 |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 5,582 |  |  | $ | 5,582 |  |  | $ | 5,582 |
Debt | 2,302,633 |  |  | — |  |  | — |  |  | 2,302,633 |  |  | 1,591,861 |
Total liabilities measured at fair value | $ | 2,302,633 |  |  | $ | — |  |  | $ | 5,582 |  |  | $ | 2,308,215 |  |  | $ | 1,597,443 |
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 | 1,754 |  |  |
Total fair value adjustments reported in earnings | 562 |  |  | General and administrative
Contingent consideration payments | (5,828) |  |  | Not applicable
Balance as of June 30, 2021 | $ | 5,582 |  |  |

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 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 (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=123874694&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration