Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020								As of December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents	$	170,307	$	170,307	$	—	$	—	$	99,242	$	99,242	$	—	$	—
Derivative financial instruments		1,759		—		1,759		—		—		—		—		—
Total financial assets	$	172,066	$	170,307	$	1,759	$	—	$	99,242	$	99,242	$	—	$	—
Financial liabilities:
Contingent consideration	$	3,363	$	—	$	—	$	3,363	$	3,854	$	—	$	—	$	3,854
Derivative financial instruments		129		—		129		—		9,446		—		9,446		—
Total financial liabilities	$	3,492	$	—	$	129	$	3,363	$	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		2,000
Fair value adjustments		(360	)
Accretion in value		532
Amounts cancelled		(30	)
Amounts paid to sellers		(2,633	)
Contingent consideration liability - September 30, 2020	$	3,363

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 September 30, 2020				As of December 31, 2019
	Carrying  Value		Fair Value		Carrying  Value		Fair Value
Investments	$	1,220	$	1,221	$	37,961	$	37,958
Senior Notes(1)		300,000		316,215		300,000		321,114

(1)  Excludes the impact of unamortized debt issuance costs.