Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021								As of December 31, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents	$	160,392	$	160,392	$	—	$	—	$	170,398	$	170,398	$	—	$	—
Derivative financial instruments	12,553		—		12,553		—		5,130		—		5,130		—
Total financial assets	$	172,945	$	160,392	$	12,553	$	—	$	175,528	$	170,398	$	5,130	$	—
Financial liabilities:
Contingent consideration	$	9,467	$	—	$	—	$	9,467	$	4,004	$	—	$	—	$	4,004
Derivative financial instruments	694		—		694		—		324		—		324		—
Total financial liabilities	$	10,161	$	—	$	694	$	9,467	$	4,328	$	—	$	324	$	4,004

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, 2021	$	4,004
Preliminary purchase price	6,000
Fair value adjustments	(296)
Accretion in value	705
Amounts cancelled	(36)
Amounts paid to sellers	(910)
Contingent consideration liability - June 30, 2021	$	9,467

Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities

To estimate the fair value of our Senior Notes, we utilized third-party quotes which are derived all or in part from model prices, external sources or market prices. The Senior Notes represents a Level 2 fair value measurement and is as follows (in thousands):

	As of June 30, 2021				As of December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes(1)	$	300,000	$	316,773	$	300,000	$	320,013

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