XML 35 R18.htm IDEA: XBRL DOCUMENT
v3.20.4

FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended
--- | ---
Dec. 31, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 11. FAIR VALUE OF FINANCIAL INSTRUMENTS Methods and assumptions used to estimate the fair value of financial instruments are affected by the duration of the instruments and other factors used by market participants to estimate value. The carrying amounts for cash and equivalents, restricted cash, accounts receivable, and accounts payable approximate their estimated fair value because of the short durations of the instruments and inconsequential rates of interest. Management also believes that the carrying value of long-term debt also approximates their estimated fair value because the terms of the facilities are representative of current market conditions. While management believes the carrying value of our finance lease obligation approximates its fair value because certain terms of the lease were renegotiated, management also believes that precise estimates are not practical because of the unique nature of the relationships. Interest Rate Cap Agreement. In April 2018, the Company purchased an Interest Rate Cap from Capital One, N.A. (“Capital One”) for $238,000 in order to manage expected interest rate increases on the Prior Notes. The agreement is for a notional amount of $50 million and expires on March 31, 2021, but effectively had no value per the tables below. The Interest Rate Cap has a strike rate of 3.00% and resets every three months at the end of March, June, September, and December. The following tables present the fair value of those assets and liabilities measured on a recurring basis as of December 31, 2020 and 2019.
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
not designated |  |  |  | December 31, 2020
for hedging: |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Interest rate cap |  | Deposits and other assets |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Common stock warrants |  | Common stock warrant liability |  |  | — |  |  | — |  |  | 2,653 |  | $ | 2,653
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
not designated |  |  |  | December 31, 2019
for hedging: |  | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Interest rate cap |  | Deposits and other assets |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Common stock warrants |  | Common stock warrant liability |  |  | — |  |  | — |  |  | 2,055 |  | $ | 2,055

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 The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration