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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
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 March 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

503

 

 

$

 

 

$

503

 

Total Assets

 

$

503

 

 

$

 

 

$

503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap (2)

 

 

 

 

$

(880

)

 

$

(880

)

Total Liabilities

 

$

 

 

$

(880

)

 

$

(880

)

 

 

 

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 (2)

 

 

 

 

$

(1,144

)

 

$

(1,144

)

Total Liabilities

 

$

 

 

$

(1,144

)

 

$

(1,144

)

 

(1)

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

(2)

The Company has an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (refer to Note 3 – Debt and Note 6 – 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.