Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021.

	Valuation Technique	Unobservable Input	Range	Weighted Average
Contingent Consideration	Option-Based Model	Risk free rate	2.2%	2.2	%
		Debt spread	0.0% - 74.7%	17.7	%
		Probabilities	100.0%	100.0	%
		Present value factor	2.2% - 3.9%	3.3	%
		Discount rate	38.0%	38.0	%

Fair Values of Financial Instruments Measured On Recurring Basis

he 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):

June 30, 2021	Level 1		Level 2		Level 3		Fair Value		Carrying Value
Assets:
Cash equivalents:
Money market and other funds	$	10,407	$	—	$	—	$	10,407	$	10,407
Corporate debt securities	—		—		—		—		—
Total assets measured at fair value	$	10,407	$	—	$	—	$	10,407	$	10,407
Liabilities:
Contingent consideration	$	—	$	—	$	5,582	$	5,582	$	5,582
Debt	2,302,633		—		—		2,302,633		1,591,861
Total liabilities measured at fair value	$	2,302,633	$	—	$	5,582	$	2,308,215	$	1,597,443
December 31, 2020	Level 1		Level 2		Level 3		Fair Value		Carrying 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
Debt	1,960,527		—		—		1,960,527		1,579,021
Total liabilities measured at fair value	$	1,960,527	$	—	$	9,094	$	1,969,621	$	1,588,115

Reconciliation of Level 3 Financial Liabilities Measured on Recurring Basis

The following table 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 3		Affected line item in the Statement of Operations
Balance as of January 1, 2021	$	9,094
Contingent consideration	1,754
Total fair value adjustments reported in earnings	562		General and administrative
Contingent consideration payments	(5,828)		Not applicable
Balance as of June 30, 2021	$	5,582