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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Financial Instrument Assets Recorded at Fair Value
Financial instrument assets recorded at fair value as of December 31 are as follows (in thousands):
As of December 31, 2023
Level 1Level 2Level 3Total
Money market funds (cash equivalents)$57,062 $— $— $57,062 
Derivative assets:    
Interest rate swaps— 1,459 — 1,459 
$57,062 $1,459 $ $58,521 
As of December 31, 2022
Level 1Level 2Level 3Total
Money market funds (cash equivalents)$20,462 $— $— $20,462 
Derivative assets:    
Interest rate swaps— 9,032 — 9,032 
$20,462 $9,032 $— $29,494 
Financial Instrument Liabilities Recorded or Disclosed at Fair Value
Financial instrument liabilities recorded or disclosed at fair value as of December 31 are as follows (in thousands):
As of December 31, 2023
Level 1Level 2Level 3Total
Term Loans$— $1,104,237 $— $1,104,237 
Senior Notes— 302,250 — 302,250 
$— $1,406,487 $— $1,406,487 
As of December 31, 2022
Level 1Level 2Level 3Total
Term Loans$— $1,112,990 $— $1,112,990 
Senior Notes— 297,354 — 297,354 
$— $1,410,344 $— $1,410,344 
Quantitative Information Associated with Fair Value Measurements of Level 3 inputs
The following table provides quantitative information associated with the fair value measurements of the Company’s Level 3 inputs:
Fair Value as of
December 31, 2023
(in thousands)
Valuation
Technique
Unobservable InputRange
Contingent Consideration— Probability-adjusted discounted cash flowProbabilities of success—%
Years until milestone is expected to be achieved0.33 years
Discount rate9.94%
Reconciliation of Fair Value Liabilities with Unobservable Inputs
The following table presents changes in the fair value of the Contingent Consideration for the years ended December 31 (in thousands):
Year end December 31,
20232022
Balance, beginning of period$— $14,039 
Payment— (10,000)
Change in fair value of Contingent Consideration— (4,039)
Balance, end of period$— $— 
The following table presents the change in the fair value of the Private Placement Warrants for the year ended December 31, 2022 (in thousands):
Year end December 31, 2022
Balance, beginning of period$— 
Assumed in Business Combination (Note 3)56,237 
Change in fair value176,616 
Exercise(232,853)
Balance, end of period$—