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Financial Instruments and Contingent Consideration (Tables)
12 Months Ended
Dec. 31, 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:

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

Carrying
amount

 

 

Estimated
fair value

 

 

Carrying
amount

 

 

Estimated
fair value

 

(Liabilities), net:

 

 

 

 

 

 

 

 

 

 

 

 

Total long-term debt, including current portion

 

$

(631.4

)

 

$

(626.0

)

 

$

(715.5

)

 

$

(715.5

)

Interest rate swap contracts

 

 

(14.2

)

 

 

(14.2

)

 

 

(28.9

)

 

 

(28.9

)

Acquisition-related contingent consideration

 

 

(12.8

)

 

 

(12.8

)

 

 

(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 Consolidated Balance Sheets is summarized below:

 

 

 

December 31, 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

 

$

(14.2

)

 

$

-

 

 

$

(28.9

)

 

$

-

 

Acquisition-related contingent consideration

 

 

-

 

 

 

(4.2

)

 

 

-

 

 

 

(16.9

)

Schedule of Weighted-average Of Significant Unobservable Inputs

The following table summarizes the weighted-average of the significant unobservable inputs as of December 31, 2021:

 

 

 

Turf

 

Unobservable input

 

 

 

Volatility

 

 

22.2

%

Discount rates

 

 

2.7

%

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 year ended December 31, 2021 and 2020 were as follows:

 

 

 

Fair Value of Contingent Consideration

 

Balance as of January 1, 2020

 

$

-

 

Acquisition date fair value of Moz contingent consideration

 

 

2.7

 

Acquisition date fair value of Turf contingent consideration

 

 

14.1

 

Loss related to change in fair value of contingent consideration

 

 

0.1

 

Balance as of December 31, 2020

 

$

16.9

 

(Gain) related to change in fair value of contingent consideration

 

 

(4.1

)

Balance as of December 31, 2021

 

$

12.8