FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Recurring Fair Value Measurements

The following table sets forth the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair value hierarchy levels. During the periods presented, there were no transfers between fair value hierarchical levels.

	Fair Value Measurements At September 30, 2023
Description	Balance at September 30, 2023		Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Measured at Net Asset Value as a Practical Expedient (1)
	(amounts in thousands)
Assets
Interest Rate Cash Flow Hedge (2)	$	1,834	$	—	$	1,834	$	—	$	—
Liabilities
Deferred compensation plan liabilities (3)	$	19,348	$	15,646	$	—	$	—	$	3,702
Contingent Consideration (4)	$	30	$	—	$	—	$	30	$	—

	Fair Value Measurements At December 31, 2022
Description	Balance at December 31, 2022		Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Measured at Net Asset Value as a Practical Expedient (1)
	(amounts in thousands)
Assets
Interest Rate Cash Flow Hedge (2)	$	4,012	$	—	$	4,012	$	—	$	—
Liabilities
Deferred compensation plan liabilities (3)	$	24,123	$	19,944	$	—	$	—	$	4,179
Contingent Consideration (4)	$	12	$	—	$	—	$	12	$	—

(1)The fair value of underlying investments in collective trust funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by outstanding units. In accordance with appropriate accounting guidance, these investments have not been classified in the fair value hierarchy.

(2)The Company’s interest rate collar, which is included in other long-term liabilities at December 31, 2022 and other assets, net of accumulated amortization at September 30, 2023, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company’s creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity.

(3)The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options.(4)In connection with the Podcorn Acquisition, the Company recorded a liability for contingent consideration payable based upon the achievement of certain annual performance benchmarks over 2 years. The fair value of the liability is estimated using probability-weighted, discounted future cash flows at current tax rates using a scenario based model, and remeasured quarterly. The significant unobservable inputs (Level 3) used to estimate the fair value include the projected Adjusted EBITDA values for 2022 and 2023, as defined in the purchase agreement, and the discount rate.

Schedule of Carrying Value of Financial Instruments

The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the dates indicated:

	September 30, 2023				December 31, 2022
Financial Instrument	Carrying Value		Fair Value		Carrying Value		Fair Value
	(amounts in thousands)
Term B-2 Loans (1)	$	632,415	$	276,286	$	632,415	$	454,548
Revolver (2)	$	219,000	$	219,000	$	180,000	$	180,000
2029 Notes (3)	$	540,000	$	9,788	$	540,000	$	92,138
2027 Notes (3)	$	460,000	$	7,763	$	460,000	$	82,513
Accounts receivable facility (4)	$	75,000			$	75,000
Other debt (4)	$	23			$	23
Letters of credit (4)	$	8,128			$	5,909

The following methods and assumptions were used to estimate the fair value of financial instruments:

(1)The Company utilizes a Level 2 valuation input based upon the market trading price of the Term B-2 Loan to compute the fair value as the Term B-2 Loan is traded in the debt securities market. The fair value of the Term B-2 Loan is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets.

(2)The fair value of the Revolver was considered to approximate the carrying value as the interest payments are based on SOFR rates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets.

(3)The Company utilizes a Level 2 valuation input based upon the market trading prices of the 2029 Notes and 2027 Notes to compute the fair value as these 2029 Notes and 2027 Notes are traded in the debt securities market. The 2029

Notes and 2027 Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets.

(4)The Company does not believe it is practicable to estimate the fair value of the accounts receivable facility, other debt or the outstanding standby letters of credit.