FAIR VALUE (Tables)

9 Months Ended

Sep. 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:

	September 30, 2020
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	26,520	$	26,520	$	-	$	-	$	26,520
Restricted cash		1,073		1,073		-		-		1,073
Prepaid expenses and other current assets		2,721		-		2,721		-		2,721

Financial Liabilities:
Accrued expenses	$	12,532	$	-	$	12,532	$	-	$	12,532
Other short term liabilities		29		-		29		-		29
Derivative qualifying cash flow hedge		960		-		960		-		960
Credit facility		17,667		-		14,904		-		14,904

	December 31, 2019
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (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:

	September 30, 2020				December 31, 2019
	Liability⁽¹⁾				Liability⁽¹⁾
	Notional		Fair Value		Notional		Fair Value
Derivative derived as a hedging instrument:
Interest Rate Swap	$	18.3	$	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		Nine Months Ended
	September 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):

	September 30, 2020
	Three Months Ended			Nine Months Ended
Derivative qualifying as cash flow hedge
Interest rate swap (income) loss	$	(0.1	)	$	0.8