v3.20.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
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6 Months Ended |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Recurring Fair Value Measurements |
The following table sets forth the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair value hierarchy levels. During the periods presented, there were no transfers between fair value hierarchical levels. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements At Reporting Date | | | | | | | | | Description | | Balance at June 30,
2020 | | Quoted prices in active markets Level 1 | | Significant other observable inputs Level 2 | | Significant unobservable inputs Level 3 | | Measured at Net Asset Value as a Practical Expedient (2) | | | (amounts in thousands) | | | | | | | | | Liabilities | | | | | | | | | | | Deferred compensation plan liabilities (1) | | $ | 29,444 | | | $ | 23,388 | | | $ | — | | | $ | — | | | $ | 6,056 | | Interest Rate Cash Flow Hedge (3) | | $ | 3,753 | | | $ | — | | | $ | 3,753 | | | $ | — | | | $ | — | | | | | | | | | | | | | Description | | Balance at December 31,
2019 | | Quoted prices in active markets Level 1 | | Significant other observable inputs Level 2 | | Significant unobservable inputs Level 3 | | Measured at Net Asset Value as a Practical Expedient (2) | | | (amounts in thousands) | | | | | | | | | Liabilities | | | | | | | | | | | Deferred compensation plan liabilities (1) | | $ | 33,229 | | | $ | 25,592 | | | $ | — | | | $ | — | | | $ | 7,637 | | Interest Rate Cash Flow Hedge (3) | | $ | 189 | | | $ | — | | | $ | 189 | | | $ | — | | | $ | — | |
(1)The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options. (2)The fair value of underlying investments in collective trust funds is determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by outstanding units. In accordance with appropriate accounting guidance, these investments have not been classified in the fair value hierarchy. (3)The Company’s interest rate collar, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The derivatives are not exchange listed and therefore the fair value is estimated using models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. The models also incorporate the Company’s creditworthiness in order to appropriately reflect non-performance risk. Inputs are generally observable and do not contain a high level of subjectivity.
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| Schedule of Carrying Value of Financial Instruments |
The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | June 30,
2020 | | | | December 31,
2019 | | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | (amounts in thousands) | | | | | | | Term B-2 Loan (1) | $ | 756,750 | | | $ | 699,994 | | | $ | 770,000 | | | $ | 774,813 | | Revolver (2) | $ | 243,749 | | | $ | 243,749 | | | $ | 117,000 | | | $ | 117,000 | | Senior Notes (3) | $ | 400,000 | | | $ | 338,000 | | | $ | 400,000 | | | $ | 423,250 | | Notes (4) | $ | 425,000 | | | $ | 386,750 | | | $ | 425,000 | | | $ | 454,750 | | Other debt (5) | $ | 807 | | | | | $ | 873 | | | | Letters of credit (5) | $ | 6,389 | | | | | $ | 5,862 | | | |
The following methods and assumptions were used to estimate the fair value of financial instruments: (1)The Company’s determination of the fair value of the Term B-2 Loan was based on quoted prices for these instruments and is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (2)The fair value of the Revolver was considered to approximate the carrying value as the interest payments are based on LIBOR rates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (3)The Company utilizes a Level 2 valuation input based upon the market trading prices of the Senior Notes to compute the fair value as these Senior Notes are traded in the debt securities market. The Senior Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (4)The Company utilizes a Level 2 valuation input based upon the market trading prices of the Notes to compute the fair value as these Notes are traded in the debt securities market. The Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets. (5)The Company does not believe it is practicable to estimate the fair value of the other debt or the outstanding standby letters of credit.
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| Investments Valued Under The Measurement Alternative |
The following table presents the Company’s investments valued under the measurement alternative as of the dates indicated: | | | | | | | | | | | | | Investments Valued Under the Measurement Alternative | | | | June 30,
2020 | | December 31,
2019 | | (amounts in thousands) | | | Investment balance before cumulative | | | | impairment as of January 1, | $ | 3,305 | | | $ | 11,205 | | Accumulated impairment as of January 1, | — | | | — | | Investment beginning balance after cumulative | | | | impairment as of January 1, | 3,305 | | | 11,205 | | | Removal of investment in connection with step acquisition | — | | | (9,700) | | Acquisition of interest in a privately held company | — | | | 1,800 | | Ending period balance | $ | 3,305 | | | $ | 3,305 | |
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- DefinitionTabular disclosure of investment in equity security without readily determinable fair value.
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- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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