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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020 (in thousands):
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash equivalents:
 

 
 

 
 

 
 

Money market funds
$
42,063

 
$
—

 
$
—

 
$
42,063

Other current liabilities:
 

 
 

 
 

 
 

Interest rate swaps
—

 
(16,949
)
 
—

 
(16,949
)
Contingent consideration
—

 
—

 
(3,828
)
 
(3,828
)
Other liabilities
 
 
 
 
 
 
 
Interest rate swaps
—

 
(57,950
)
 
—

 
(57,950
)
Contingent consideration
—

 
—

 
(13,071
)
 
(13,071
)
Total
$
42,063

 
$
(74,899
)
 
$
(16,899
)
 
$
(49,735
)
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
)
Schedule of financial instruments measured at fair value using unobservable inputs (Level 3)
The following table presents financial instruments measured at fair value using unobservable inputs (Level 3) (in thousands):
 
Fair Value Measurements Using
Unobservable Inputs
(Level 3)
 
March 31,
2020
 
December 31,
2019
Balance, beginning of period
$
(16,790
)
 
$
(31,824
)
Fair value adjustment(1)
17

 
532

Accretion expense (recognized in general and administrative expenses)
(126
)
 
(647
)
Settlement of liability
—

 
15,149

Total
$
(16,899
)
 
$
(16,790
)
______________________________________
(1)
During 2019, the Company recognized an adjustment of $0.8 million 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.
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 March 31, 2020 (in thousands):
 
March 31,
2020
Carrying value
$
990,439

Fair value
$
903,158
Description of Location of Interest Rate Derivatives on Balance Sheet
The following table presents the fair value of interest rate swaps on the balance sheet as of March 31, 2020 (in thousands):
 
Liability Derivative
 
Balance Sheet Location
 
Fair Value
Interest rate swap contract
Other current liabilities
 
$
(16,949
)
Interest rate swap contract
Other liabilities
 
$
(57,950
)

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
)
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 three and three months ended March 31, 2020 and 2019 (in thousands):
Three Months Ended March 31, 2020
 
Gain (Loss) recognized in OCI
 
Statement of Operations Location
 
(Gain) Loss reclassified from OCI
Interest rate swap contract
 
$
(37,715
)
 
Interest expense
 
$
2,127

Three Months Ended March 31, 2019
 
Gain (Loss) recognized in OCI
 
Statement of Operations Location
 
(Gain) Loss reclassified from OCI
Interest rate swap contract
 
$
(12,408
)
 
Interest expense
 
$
529