Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	As of September 30, 2021
	Level 1		Level 2			Total
Assets:
Money market funds (1)	$	6,462	$	—		$	6,462
Marketable investments (2)		—		17,018			17,018
Total Assets	$	6,462	$	17,018		$	23,480

Liabilities:
Interest rate swap (3)	$	—	$	(508	)	$	(508	)
Total Liabilities	$	—	$	(508	)	$	(508	)


	As of December 31, 2020
	Level 1		Level 2			Total
Assets:
Money market funds (1)	$	503	$	—		$	503
Total Assets	$	503	$	—		$	503

Liabilities:
Interest rate swap (3)	$	—	$	(1,144	)	$	(1,144	)
Total Liabilities	$	—	$	(1,144	)	$	(1,144	)

(1)

Included in cash and cash equivalents on the Consolidated Balance Sheets.

(2)

Marketable investments have been initially valued at the transaction price and subsequently valued, at the end of the reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation methods, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.

(3)

The Company has an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (refer to Note 4 – Debt and Note 7 – Derivatives and Hedging). The fair value of the interest rate swap is based on valuations prepared by a third-party broker. Those valuations are based on observable interest rates and other observable market data, which the Company considers Level 2 inputs.