INDEBTEDNESS (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Debt

Long-term debt consisted of the following as of September 30, 2020 (in thousands):

	Principal Amount		Discount		Debt Issuance Costs		Net Balance
ABL facility	$	—	$	—	$	—	$	—
First lien term loan	918,063		(7,546)		(20,506)		890,011
Second lien notes	294,781		(7,590)		(5,116)		282,075
	$	1,212,844	$	(15,136)	$	(25,622)	1,172,086
Less: current portion							(9,250)
Total long-term debt							$	1,162,836

Long-term debt consisted of the following as of December 31, 2019 (in thousands):

	Principal Amount		Discount		Debt Issuance Costs		Net Balance
ABL facility	$	—	$	—	$	—	$	—
First lien term loan	925,000		(8,399)		(22,825)		893,776
Second lien notes	412,256		(11,672)		(7,864)		392,720
	$	1,337,256	$	(20,071)	$	(30,689)	1,286,496
Less: current portion							(9,250)
Total long-term debt							$	1,277,246

Schedule of Long-term Debt Maturities

Long-term debt matures as follows (in thousands):

Year Ending December 31,	Minimum Payments
2020	$	2,313
2021	9,250
2022	9,250
2023	9,250
2024	9,250
Thereafter	1,173,531
Total	1,212,844

Schedule of Estimated Fair Values of Debt Obligations

The following table presents the estimated fair values of the Company’s debt obligations as of September 30, 2020 (in thousands):

Financial Instrument	Carrying Value as of September 30, 2020		Markets for Identical Item (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First lien term loan	$	890,011	$	—	$	905,485	$	—
Second lien notes	282,075		—		—		321,172
Total debt instruments	$	1,172,086	$	—	$	905,485	$	321,172

The following table sets forth the changes in Level 3 measurements for the three and nine months ended September 30, 2020 (in thousands):

	Level 3 Measurements
Second lien notes fair value as of January 1, 2020	$	411,119
Change in fair value	(71,748)
Second lien notes fair value as of March 31, 2020	$	339,371
Change in fair value	78,539
Second lien notes fair value as of June 30, 2020	$	417,910
Interest rate PIK	7,525
Principal prepayment	(125,000)
Change in fair value	20,737
Second lien notes fair value as of September 30, 2020	$	321,172