Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Tabular disclosure of financial instruments measured at fair value on a recurring basis

The following table presents the fair value of the Company’s financial instruments that are measured at fair value on a recurring basis as of September 30, 2020:

(in thousands)	Level 1		Level 2		Level 3		Total
Liability-classified stock compensation (1)	$	—	$	—	$	294	$	294
Interest rate swap	—		—		290		290
Total	$	—	$	—	$	584	$	584

The following table presents the fair value of the Company’s financial instruments that are measured at fair value on a recurring basis as of December 31, 2019:

(in thousands)	Level 1		Level 2		Level 3		Total
Liability-classified stock compensation (1)	$	—	$	—	$	218	$	218
Interest rate swap	—		—		(95)		(95)
Total	$	—	$	—	$	123	$	123

(1) The fair values of phantom stock units were estimated using a Monte Carlo simulation pricing model with the assumptions described below:

	September 30, 2020
Grant date fair value	$	1.70		—	$7.28
Risk-free interest rate	0.27		%	—	2.39%
Expected life (years)	2.71			—	2.75
Estimated volatility factor	65.1		%	—	69.9%
Expected dividends	None

Changes in financial instruments measured at level 3 fair value on a recurring basis

The following table presents the changes during the period presented in the Company's Level 3 financial instrument liabilities that are measured at fair value on a recurring basis.

(in thousands)	Liability-classified stock compensation		Interest rate swap		Total
Balance, December 31, 2019	$	218	$	(95)	$	123
Stock compensation activity	76		—		76
Mark-to-market adjustment	—		385		385
Balance, September 30, 2020	$	294	$	290	$	584