Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 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 March 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 March 31, 2020
 
Fair Value December 31, 2019
Non-COLI assets held in Deferred Supplemental Compensation Plan
 
Other assets
 
Level 1
 
$
946

 
$
710

Interest rate swap agreements
 
Accrued expenses
 
Level 2
 
$
2,636

 
$
1,473

Earn-out obligation - short-term
 
Current portion of earn-out obligation
 
Level 3
 
$
5,300

 
$
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 three months ended March 31, 2020 are as follows (in thousands):
 
 
Current portion
 
Long-term portion
 
Total
Balance as of December 31, 2019
 
$
31,700

 
$
5,000

 
$
36,700

Earn-out payments
 
(31,700
)
 
—

 
(31,700
)
Fair value adjustment included in net income
 
300

 
—

 
300

Reclassification from long-term to current
 
5,000

 
(5,000
)
 
—

Balance as of March 31, 2020
 
$
5,300

 
$
—

 
$
5,300