XML 117 R32.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents:
 

 
 

 
 

 
 

Money market funds
$
41,933

 
$
—

 
$
—

 
$
41,933

Other current liabilities:
 

 
 

 
 

 
 

Interest rate swaps
—

 
(8,354
)
 
—

 
(8,354
)
Contingent consideration
—

 
—

 
(3,719
)
 
(3,719
)
Other liabilities
 
 
 
 
 
 
 
Interest rate swaps
—

 
(30,957
)
 
—

 
(30,957
)
Contingent consideration
—

 
—

 
(13,071
)
 
(13,071
)
Total
$
41,933

 
$
(39,311
)
 
$
(16,790
)
 
$
(14,168
)
The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents:
 

 
 

 
 

 
 

Money market funds
$
34,064

 
$
—

 
$
—

 
$
34,064

Short-term investments:
 

 
 

 
 

 
 

Corporate notes and bonds
—

 
7,000

 
—

 
7,000

Other current liabilities:
 

 
 

 
 

 
 

Interest rate swaps
—

 
(1,778
)
 
—

 
(1,778
)
Contingent consideration
—

 
—

 
(15,182
)
 
(15,182
)
Other liabilities
 
 
 
 
 
 
 
Interest rate swaps
—

 
(8,151
)
 
—

 
(8,151
)
Contingent consideration
—

 
—

 
(16,642
)
 
(16,642
)
Total
$
34,064

 
$
(2,929
)
 
$
(31,824
)
 
$
(689
)
Schedule of Financial Instruments Measured at Fair Value Using Unobservable Inputs (Level 3)
The following table presents our financial instruments measured at fair value using unobservable inputs (Level 3) as of the years ended December 31 (in thousands):
 
Fair Value
Measurements Using
Unobservable Inputs
(Level 3)
 
2019
 
2018
Balance, beginning of period
$
(31,824
)
 
$
(7,400
)
Fair value adjustment(1)(2)
532

 
(6,159
)
Accretion expense (recognized in general and administrative expenses)
(647
)
 
(1,053
)
Settlement (payment) of liability
15,149

 
—

Contingent consideration attributable to and assumed from ABILITY Acquisition
—

 
(17,212
)
Total
$
(16,790
)
 
$
(31,824
)
______________________________________
(1)
During 2019, the Company recognized an adjustment of $0.8 million recognized in general and administrative expenses related to the change in fair value of contingent consideration, partially offset by an adjustment of $0.3 million recognized in goodwill, which was a purchase accounting adjustment attributable to the ABILITY Acquisition.
(2)
During 2018, the Company recognized an adjustment of $5.6 million in general and administrative expenses related to the change in fair value of contingent consideration, and an adjustment of $0.6 million recognized in goodwill, which was a purchase accounting adjustment attributable to the ABILITY Acquisition.
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and fair value of the Company’s debt (including the current portion thereof) as of December 31, 2019 (in thousands):
Carrying amount
$
893,737

Fair value
$
898,206
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair value of interest rate swaps on the balance sheet as of December 31, 2019 (in thousands):
 
 
Liability Derivative
 
 
Balance Sheet Location
 
Fair Value
Interest rate swap contract
 
Other current liabilities
 
$
(8,354
)
Interest rate swap contract
 
Other liabilities
 
$
(30,957
)

The following table presents the fair value of interest rate swaps on the balance sheet as of December 31, 2018 (in thousands):
 
 
Liability Derivative
 
 
Balance Sheet Location
 
Fair Value
Interest rate swap contract
 
Other current liabilities
 
$
(1,778
)
Interest rate swap contract
 
Other liabilities
 
$
(8,151
)
Reclassification out of Accumulated Other Comprehensive Income
The following table presents the location and amount of gains and losses on interest rate swaps included in other comprehensive income (“OCI”) and the statement of operations for the year ended December 31, 2019 (in thousands):
 
 
Gain (Loss) recognized in OCI
 
Statement of Operations Location
 
(Gain) Loss reclassified from OCI
Interest rate swap contract
 
$
(33,194
)
 
Interest expense
 
$
3,811


The following table presents the location and amount of gains and losses on interest rate swaps included in OCI and the statement of operations for the year ended December 31, 2018 (in thousands):
 
 
Gain (Loss) recognized in OCI
 
Statement of Operations Location
 
(Gain) Loss reclassified from OCI
Interest rate swap contract
 
$
(12,907
)
 
Interest expense
 
$
2,978