XML 68 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis
The fair value of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value was as follows:
 
 
 
December 31, 2018
 
December 31, 2017
 
 
Fair Value Measurements Using
 
Fair Value Measurements Using
 
 
Level 1
Level 2
 
Level 3
 
Level 1
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
 
 
Short-term investments (1)
 
$
—

—

 
—

 
$
1.0

—

 
—

Embedded derivative in lease agreement
 
—

—

 
$
11.5

 
—

—

 
$
12.4

Liabilities:
 
 
 
 
 
 
 
 
 
 
Interest rate swap agreements
 
—

$
33.8

 
—

 
—

$
29.0

 
—

Acquisition-related contingent consideration
 
—

—

 
$
0.9

 
—

—

 
$
10.1

Fair value of debt related to interest rate swap agreements
 
$
(31.3
)
—

 
—

 
$
(24.5
)
—

 
—

Redeemable noncontrolling interests
 
—

—

 
$
1,004.8

 
—

—

 
$
1,126.2


_______________
(1)
Consists of highly liquid investments with original maturities in excess of three months.
Schedule of Contingent Consideration Changes
A summary of the value of the Company’s acquisition-related contingent consideration obligations are as follows:
 
 
 
 
 
 
Year Ended December 31, 2018
 
 
Maximum
potential value (1)
 
Estimated value at
December 31, 2018
 
Additions
 
Settlements
 
Change in Fair Value
Ghana
 
0.6

 
0.6

 
—

 
—

 
0.0

South Africa
 
—

 
—

 
—

 
(8.6
)
 
(0.5
)
United States
 
0.3

 
0.3

 
—

 
(0.1
)
 
—

Total
 
$
0.9

 
$
0.9

 
$
—

 
$
(8.7
)
 
$
(0.5
)
_______________
(1)
The maximum potential value is based on exchange rates at December 31, 2018. The minimum value could be zero.
The changes in fair value of the contingent consideration were as follows during the years ended December 31,:
 
 
2018
 
2017
Balance as of January 1
$
10.1

 
$
15.4

Additions
—

 
—

Settlements
(8.7
)
 
—

Change in fair value
(0.9
)
 
(6.3
)
Foreign currency translation adjustment
0.4

 
1.0

Balance as of December 31
$
0.9

 
$
10.1
Recurring Level 3 Fair Value Measurements
The recurring Level 3 fair value measurements of the Company’s embedded derivative in lease agreement, acquisition-related contingent consideration and redeemable noncontrolling interests include the following significant unobservable inputs as of December 31, 2018:
 
 
Significant Unobservable Input
 
Range
Embedded derivative in lease agreement
 
Discount rate
 
10.93% - 13.96%

Acquisition-related contingent consideration
 
Probability of payout
 
0.00% - 100.00%

Redeemable noncontrolling interests

Revenue growth

3.16% - 12.87%

 
 
Long-term growth rate
 
4.00
%