Financial Instruments and Contingent Consideration (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Estimated Fair Value of Financial Instruments

The estimated fair values of our financial instruments and contingent consideration are as follows:

	June 30, 2022						December 31, 2021
	Carrying amount			Estimated fair value			Carrying amount			Estimated fair value
Assets (liabilities), net:
Total long-term debt, including current portion	$	(669.3	)	$	(658.8	)	$	(631.4	)	$	(626.0	)
Interest rate swap contracts		4.4			4.4			(14.2	)		(14.2	)
Acquisition-related contingent consideration		(10.4	)		(10.4	)		(12.8	)		(12.8	)

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

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

	June 30, 2022					December 31, 2021
	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
Assets (liabilities), net:
Interest rate swap contracts	$	4.4	$	-		$	(14.2	)	$	-
Acquisition-related contingent consideration		-		(10.4	)		-			(4.2	)

Schedule of Weighted-average Of Significant Unobservable Inputs

The following table summarizes the weighted-average of the significant unobservable inputs used to measure Turf's acquisition-related contingent consideration as of June 30, 2022:

Unobservable input
Volatility	24.1	%
Discount rate	2.8	%

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 and six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2022		2021			2022			2021
Fair value of contingent consideration as of beginning of period	$	4.3	$	17.1		$	12.8		$	16.9
Cash consideration paid		-		-			(8.6	)		-
Loss (gain) related to change in fair value of contingent      consideration		6.1		(9.7	)		6.2			(9.5	)
Fair value of contingent consideration as of end of period	$	10.4	$	7.4		$	10.4		$	7.4

During the six months ended June 30, 2022, we paid $8.6 million of additional cash consideration, which represented the final achievement of certain financial and performance milestones through December 31, 2021 for the acquisitions of Moz and Turf. The additional cash consideration paid was classified as cash flows from financing activities in our Condensed Consolidated Statements of Cash Flows, up to the acquisition date fair value. The portion of additional cash consideration paid in excess of the acquisition date fair value was classified as cash flows from operating activities in our Condensed Consolidated Statements of Cash Flows.