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Financial Instruments and Contingent Consideration (Tables)
9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Estimated Fair Value of Financial Instruments The estimated fair values of our financial instruments and contingent consideration are as follows:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

Carrying
amount

 

 

Estimated
fair value

 

 

Carrying
amount

 

 

Estimated
fair value

 

(Liabilities), net:

 

 

 

 

 

 

 

 

 

 

 

 

Total long-term debt, including current portion

 

$

(627.4

)

 

$

(623.6

)

 

$

(715.5

)

 

$

(715.5

)

Interest rate swap contracts

 

 

(20.3

)

 

 

(20.3

)

 

 

(28.9

)

 

 

(28.9

)

Acquisition-related contingent consideration

 

 

(7.1

)

 

 

(7.1

)

 

 

(16.9

)

 

 

(16.9

)

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The fair value measurement of liabilities measured at fair value on a recurring basis and reported on the Condensed Consolidated Balance Sheets is summarized below:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

Fair value based on

 

 

Fair value based on

 

 

 

Other
observable
inputs

 

 

Other
unobservable
inputs

 

 

Other
observable
inputs

 

 

Other
unobservable
inputs

 

 

 

Level 2

 

 

Level 3

 

 

Level 2

 

 

Level 3

 

(Liabilities), net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

(20.3

)

 

$

-

 

 

$

(28.9

)

 

$

-

 

Acquisition-related contingent consideration

 

 

-

 

 

 

(7.1

)

 

 

-

 

 

 

(16.9

)

Schedule of Weighted-average Of Significant Unobservable Inputs

The following table summarizes the weighted average of the significant unobservable inputs as of September 30, 2021:

 

 

 

Moz

 

 

Turf

 

Unobservable input

 

 

 

 

 

 

Volatility

 

 

19.0

%

 

 

17.8

%

Discount rates

 

 

2.6

%

 

 

2.6

%

Schedule of Changes in Fair Value of the Acquisition-related Contingent Consideration Liability

The changes in fair value of the acquisition-related contingent consideration liability for the three months ended March 31, 2021, June 30, 2021 and September 30, 2021 were as follows:

 

 

Fair Value of Contingent Consideration

 

Balance as of December 31, 2020

 

$

16.9

 

Change in fair value of contingent consideration

 

 

0.2

 

Balance as of March 31, 2021

 

$

17.1

 

Change in fair value of contingent consideration

 

 

(9.7

)

Balance as of June 30, 2021

 

$

7.4

 

Change in fair value of contingent consideration

 

 

(0.3

)

Balance as of September 30, 2021

 

$

7.1