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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Summary of Financial Liabilities Measured on Recurring Basis | Long-term Debt The following table sets forth the carrying values and fair values of the Company’s financial liabilities measured on a recurring basis, categorized by input level within the fair value hierarchy:
(in thousands) |  | Carrying Value |  |  | Fair Value (Level 2) |
Balance at December 31, 2020 |  |  |  |  |  |  |  |
New Term Loan Credit Facility |  | $ | 1,325,000 |  |  | $ | 1,447,993 |
Notes |  |  | 775,000 |  |  |  | 884,826 |
New Revolving Credit Facility |  |  | 50,000 |  |  |  | 50,000 |
Notes payable and deferred obligations |  |  | 3,618 |  |  |  | 3,618 |
Total long-term debt |  | $ | 2,153,618 |  |  | $ | 2,386,437 |
(in thousands) |  | Carrying Value |  |  | Fair Value (Level 2) |
Balance at December 31, 2019 |  |  |  |  |  |  |  |
First Lien Term Loan |  | $ | 2,467,529 |  |  | $ | 2,413,663 |
Second Lien Term Loan |  |  | 760,000 |  |  |  | 733,526 |
Notes payable and deferred obligations |  |  | 2,053 |  |  |  | 1,872 |
Total long-term debt |  | $ | 3,229,582 |  |  | $ | 3,149,061 |
Fair Value, Recurring [Member] |
Schedule of fair value assets measured on a recurring basis | The following table sets forth the Company’s financial assets and liabilities measured on a recurring basis at fair value, categorized by input level within the fair value hierarchy. The carrying amounts of “Cash and cash equivalents”, “Accounts receivable”, and “Accounts payable” approximate fair value due to the short-term maturities of these financial instruments in the Consolidated Balance Sheets.
|  | December 31, 2020 |
(in thousands) |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 204,301 |  |  | $ | 204,301 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments |  |  | 1,824 |  |  |  | — |  |  |  | 1,824 |  |  |  | — |
Total assets measured at fair value |  | $ | 206,125 |  |  | $ | 204,301 |  |  | $ | 1,824 |  |  | $ | — |
Liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | 1,882 |  |  | $ | — |  |  | $ | 1,882 |  |  | $ | — |
Contingent consideration liabilities |  |  | 45,901 |  |  |  | — |  |  |  | — |  |  |  | 45,901 |
Total liabilities measured at fair value |  | $ | 47,783 |  |  | $ | — |  |  | $ | 1,882 |  |  | $ | 45,901 |
|  | December 31, 2019 |
(in thousands) |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 184,224 |  |  | $ | 184,224 |  |  | $ | — |  |  | $ | — |
Contingent consideration receivable |  |  | 6,120 |  |  |  | — |  |  |  | — |  |  |  | 6,120 |
Total assets measured at fair value |  | $ | 190,344 |  |  | $ | 184,224 |  |  | $ | — |  |  | $ | 6,120 |
Liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  | $ | 3,277 |  |  | $ | — |  |  | $ | 3,277 |  |  | $ | — |
Contingent consideration liabilities |  |  | 47,649 |  |  |  | — |  |  |  | — |  |  |  | 47,649 |
Total liabilities measured at fair value |  | $ | 50,926 |  |  | $ | — |  |  | $ | 3,277 |  |  | $ | 47,649 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + 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 (b) -URI http://asc.fasb.org/extlink&oid=117815213&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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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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 + Details
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