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Fair Value of Financial Instruments (Tables)

12 Months Ended

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

X

- 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

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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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