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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Measurements  
Liabilities measured at fair value on a recurring basis

A summary of the Company’s liabilities measured at fair value on a recurring basis is as follows (in thousands):

As of December 31, 2019

As of December 31, 2018

    

Fair Value

    

Level 1

    

    

Level 3

Fair Value

    

Level 1

    

Level 2

    

Level 3

Liabilities

Contingent consideration

$

5,005

$

$

5,005

$

5,070

$

$

$

5,070

Reconciliation of all liabilities of Company measured at fair value on a recurring basis using significant unobservable inputs

The table below presents a reconciliation of the contingent consideration (in thousands):

Balance at January 1, 2018

$

6,580

Fair value adjustments (a)

(1,289)

Cash payments

(221)

Balance at December 31, 2018

5,070

Fair value adjustments (a)

241

Cash payments

(306)

Balance at December 31, 2019

$

5,005

(a)Fair value adjustments relate to realignment of future franchise sales assumptions to more closely reflect historical sales trends from inception to date.
Summary of carrying value and fair value of senior secured credit facility

The following table summarizes the carrying value and estimated fair value of the Senior Secured Credit Facility (in thousands):

December 31, 

December 31,

2019

2018

    

Carrying
Amount

    

Fair Value
Level 2

    

Carrying
Amount

    

Fair Value
Level 2

Senior Secured Credit Facility

$

225,319

$

227,363

$

227,152

$

221,673