FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2020

The carrying amount and estimated fair value of the Company’s financial instrument assets and liabilities, which are not measured at fair value on the Condensed Consolidated Balance Sheet, are listed in the table below:

	June 30, 2020
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	23,342	$	23,342	$	-	$	-	$	23,342
Restricted cash		2,626		2,626		-		-		2,626
Prepaid expenses and other current assets		3,748		-		3,748		-		3,748

Financial Liabilities:
Accrued expenses	$	12,163	$	-	$	12,163	$	-	$	12,163
Other short term liabilities		93		-		93		-		93
Derivative qualifying cash flow hedge		1,017		-		1,017		-		1,017
Credit facility		18,121		-		14,943		-		14,943

	December 31, 2019
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	23,644	$	23,644	$	-	$	-	$	23,644
Restricted cash		15,000		15,000		-		-		15,000
Prepaid expenses and other current assets		4,190		-		4,190		-		4,190

Financial Liabilities:
Accrued expenses	$	7,869	$	-	$	7,869	$	-	$	7,869
Other short term liabilities		199		-		199		-		199
Derivative qualifying cash flow hedge		174		-		174		-		174
Credit facility		34,028		-		34,028		-		34,028

Fair Value of the Outstanding Derivative

The following summarizes the fair value of the outstanding derivative:

	June 30, 2020				December 31, 2019
	Liability⁽¹⁾				Liability⁽¹⁾
	Notional		Fair Value		Notional		Fair Value
Derivative derived as a heding instrument:
Interest Rate Swap	$	18.8	$	1.0	$	19.8	$	0.1

(1)

The Company’s derivative liability is measured at fair value using observable market inputs such as interest rates and our own credit risk as well as an evaluation of our counterparty’s credit risk. Based on these inputs the derivative liability is classified within Level 2 of the valuation hierarchy. The liability is included in other long-term liabilities in the condensed consolidated balance sheets.

Financial Statement Classification and Amount of Interest Expense Recognized on Hedging Instruments

The following summarizes the financial statement classification and amount of interest expense recognized on hedging instruments:

	Three Months Ended		Six Months Ended
	June 30, 2020
	Interest expense
Interest Rate Swap	$	0.1	$	0.1

Derivative Instruments Designated as Hedging Instruments in Other Comprehensive Income/(Loss)

The following summarizes the effect of derivative instruments designated as hedging instruments in Other Comprehensive Income/(Loss):

	June 30, 2020
	Three Months Ended		Six Months Ended
Derivative qualifying as cash flow hedge
Interest rate swap loss	$	0.1	$	0.8