Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.20.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and December 31, 2019 and the level they fall within the fair value hierarchy (in thousands):
Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy Fair Value December 31, 2020 Fair Value December 31, 2019
Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $ 1,120  $ 710 
Interest rate swaps Accrued expenses Level 2 $ 1,603  $ 1,473 
Earn-out obligation-current Current portion of earn-out obligation Level 3 $ —  $ 31,700 
Earn-out obligation-long-term Earn-out obligation Level 3 $ —  $ 5,000 
Fair Value Measured on a Recurring Basis
Changes in earn-out obligation measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2020 and 2019 are as follows (in thousands):

  Current portion Long-term portion Total
Balance as of December 31, 2018 $ —  $ —  $ — 
Acquisition date fair value of contingent consideration 34,800  —  34,800 
Fair value adjustment included in costs and operating expenses 1,900  —  1,900 
Reclassification from long-term to current (5,000) 5,000  — 
Balance as of December 31, 2019 31,700  5,000  36,700 
Earn-out payments (31,700) —  (31,700)
Reclassification from long-term to current 5,000  (5,000) — 
Fair value adjustment included in costs and operating expenses (5,000) —  (5,000)
Balance as of December 31, 2020 $ —  $ —  $ — 
Fair Value Measurements on a Non-recurring Basis
The following table presents changes in the Level 3 fair value of certain assets measured on a non-recurring basis for the year ended December 31, 2020 (in thousands):
  Goodwill
Assets subject to impairment charges:
Balance as of December 31, 2019 $ 182,377 
Goodwill allocated to divested business (7,379)
Carrying value prior to impairment 174,998 
Impairment charge (30,945)
Carrying value after impairment 144,053 
Carrying value of assets not subject to impairment charge 94,073 
Balance as of December 31, 2020 $ 238,126