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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Financial Assets and Liabilities The fair values of financial assets and
liabilities that are recorded at fair value in the Condensed Consolidated Balance Sheets and not described above were as follows (in thousands):
                                                                 
 
As of March 31, 2020
   
As of December 31, 2019
 
 
Total
   
Level 1
   
Level 2
   
Level 3
   
Total
   
Level 1
   
Level 2
   
Level 3
 
Financial assets:
   
     
     
     
     
     
     
     
 
Cash equivalents
  $
104,594
    $
104,594
    $
—  
     $
—  
     $
99,242
    $
99,242
    $
—  
     $
—  
  
                                                                 
Financial liabilities:
   
     
     
     
     
     
     
     
 
Derivative financial instruments
  $
16,993
    $
—  
     $
16,993
    $
—  
     $
9,446
    $
—  
     $
9,446
    $
—  
  
Contingent consideration
   
2,642
     
—  
      
—  
      
2,642
     
3,854
     
—  
      
—  
      
3,854
 
                                                                 
Total financial liabilities
  $
19,635
    $
—  
     $
16,993
    $
2,642
    $
13,300
    $
—  
     $
9,446
    $
3,854
 
                                                                 
 
 
 
 
Summary of Change in Fair Value of Contingent Consideration The change in fair value of the contingent consideration (a Level 3 input) was as follows (in thousands):
         
Contingent consideration liability - January 1, 2020
  $
3,854
 
Preliminary purchase price
   
1,000
 
Fair value adjustments
   
(200
 )
Accretion in value
   
121
 
Amounts paid to sellers
   
(2,133
 )
         
Contingent consideration liability - March 31, 2020
  $
2,642
 
         
 
 
 
 
 
 
 
 
Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities
The carrying values and associated fair values of financial assets and liabilities that are not recorded at fair value in the Condensed Consolidated Balance Sheets and not described above include our Senior Notes and investments. To estimate fair values of these items, we utilized third-party quotes which are derived all or in part from model prices, external sources or market prices. Both represent a Level 2 fair value measurement and are as follows (in thousands):
                                 
 
As of March 31, 2020
   
As of December 31, 2019
 
 
Carrying Value
   
Fair Value
   
Carrying Value
   
Fair Value
 
Investments
  $
26,487
    $
26,431
    $
37,961
    $
37,958
 
Senior Notes
(1)
    
300,000
     
286,866
     
300,000
     
321,114
 
 
 
 
 
 
 
 
 
(1)
 Excludes the impact of unamortized debt issuance costs.