XML 52 R38.htm IDEA: XBRL DOCUMENT v3.22.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring and nonrecurring basis in the consolidated balance sheets (in millions):

 

 

 

December 31, 2021

 

 

 

Total Fair Value

and Carrying

Value on

Balance Sheet

 

 

Fair Value Measurement Category

 

 

 

 

Recurring fair value measurements

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total Gains (Losses)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market account

 

$

88.3

 

 

$

88.3

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

114.9

 

 

$

—

 

 

 

—

 

 

$

114.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonrecurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCC licenses

 

$

0.7

 

 

 

—

 

 

 

—

 

 

$

0.7

 

$

(0.1

)

 

 

 

December 31, 2020

 

 

 

Total Fair Value

and Carrying

Value on

Balance Sheet

 

 

Fair Value Measurement Category

 

 

 

 

Recurring fair value measurements

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total Gains (Losses)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market account

 

$

59.9

 

 

$

59.9

 

 

$

—

 

 

$

—

 

 

 

 

Certificate of deposit

 

$

2.8

 

 

 

—

 

 

$

2.8

 

 

 

—

 

 

 

 

Corporate bonds

 

$

25.2

 

 

$

—

 

 

 

25.2

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonrecurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCC licenses

 

$

101.7

 

 

 

—

 

 

 

—

 

 

$

101.7

 

$

(32.5

)

Goodwill

 

$

5.2

 

 

 

—

 

 

 

—

 

 

$

5.2

 

 

(0.8

)
Summary of Changes in Contingent Consideration The following table presents the changes in the contingent consideration for the year ended December 31, 2021 (in millions):

 

 

 

2021

 

Beginning balance

 

$

-

 

Additions from acquisitions

 

 

106.7

 

(Gain) loss recognized in earnings

 

 

8.2

 

Ending balance

 

$

114.9