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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs and Valuation Techniques The following table presents the fair values, valuation techniques, unobservable inputs, and ranges of the Company’s financial liabilities categorized within Level 3. The weighted averages below are a product of the unobservable input and fair value of the contingent consideration arrangement as of December 31, 2020.
Valuation TechniqueUnobservable InputRangeWeighted Average
Contingent ConsiderationOption-Based ModelRisk free rate
1.9%
1.9 %
Debt spread
0.0% - 33.5%
11.0 %
Probabilities
5.0% - 100.0%
62.3 %
Present value factor
3.6% - 3.9%
3.7 %
Discount rate
28.6%
28.6 %
Fair Values of Financial Instruments Measured On Recurring Basis
The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):
December 31, 2020Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
   Money market and other funds$10,413 $— $— $10,413 $10,413 
Corporate debt securities— 663 — 663 663 
Total assets measured at fair value$10,413 $663 $— $11,076 $11,076 
Liabilities:
Contingent consideration$— $— $9,094 $9,094 $9,094 
Long-term debt1,960,527 — — 1,960,527 1,579,021 
Total liabilities measured at fair value$1,960,527 $— $9,094 $1,969,621 $1,588,115 
December 31, 2019Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
   Money market and other funds$395,664 $— $— $395,664 $395,664 
Corporate debt securities— 623 22,047 22,670 22,670 
Total assets measured at fair value$395,664 $623 $22,047 $418,334 $418,334 
Liabilities:
Contingent consideration$— $— $37,887 $37,887 $37,887 
Long-term debt— 1,833,062 — 1,833,062 1,448,461 
Total liabilities measured at fair value$— $1,833,062 $37,887 $1,870,949 $1,486,348 
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents a reconciliation of the Company’s derivative instruments (in thousands):
AmountAffected line item in the Statement of Income
Derivative Liabilities:
Level 2:
Balance as of January 1, 2019$768 
Total fair value adjustments reported in earnings(768)Interest expense, net
Balance as of December 31, 2019$— 
Reconciliation of Level 3 Financial Liabilities Measured on Recurring Basis
The following tables presents a reconciliation of the Company’s Level 3 financial liabilities related to contingent consideration that are measured at fair value on a recurring basis (in thousands):
Level 3Affected line item in the Statement of Income
Balance as of January 1, 2019$50,035 
Contingent consideration5,079 
Total fair value adjustments reported in earnings6,318 General and administrative
Contingent consideration payments(23,545)Not Applicable
Balance as of December 31, 2019$37,887 
Contingent consideration8,932 
Total fair value adjustments reported in earnings(80)General and administrative
Contingent consideration payments(37,645)Not Applicable
Balance as of December 31, 2020$9,094 
Reconciliation of Level 3 Financial Assets Measured on Recurring Basis
The following tables presents a reconciliation of the Company’s Level 3 financial assets related to certain available-for-sale debt securities that are measured at fair value on a recurring basis (in thousands):
Level 3
Balance as of January 1, 2019$20,846 
Total fair value adjustments reported in other comprehensive income1,201 
Balance as of December 31, 2019$22,047 
Exchange of available-for-sale corporate debt securities (Note 5)(22,047)
Balance as of December 31, 2020$—