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Financial Instruments and Contingent Consideration (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Estimated Fair Value of Financial Instruments The estimated fair values of our financial instruments and contingent consideration are as follows:

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Carrying
amount

 

 

Estimated
fair value

 

 

Carrying
amount

 

 

Estimated
fair value

 

Assets (liabilities), net:

 

 

 

 

 

 

 

 

 

 

 

 

Total long-term debt, including current portion

 

$

(581.4

)

 

$

(581.4

)

 

$

(586.8

)

 

$

(586.8

)

Interest rate swap contracts

 

 

1.0

 

 

 

1.0

 

 

 

(0.4

)

 

 

(0.4

)

Acquisition-related contingent consideration

 

 

(1.3

)

 

 

(1.3

)

 

 

(1.6

)

 

 

(1.6

)

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:

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

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

 

$

1.0

 

 

$

-

 

 

$

(0.4

)

 

$

-

 

Acquisition-related contingent consideration

 

 

-

 

 

 

(1.3

)

 

 

-

 

 

 

(1.6

)

Schedule of Weighted-average Of Significant Unobservable Inputs

The following table summarizes the weighted-average of the significant unobservable inputs as of March 31, 2024:

 

 

 

BOK

 

 

Insolcorp

 

Unobservable input

 

 

 

 

 

 

Volatility

 

 

24.5

%

 

 

20.1

%

Discount rates

 

 

4.9

%

 

 

4.7

%

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

The changes in fair value of the acquisition-related contingent consideration liabilities for the three months ended March 31, 2024 and 2023 were as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Fair value of contingent consideration as of beginning of period

 

$

1.6

 

 

$

15.2

 

Cash consideration paid

 

 

-

 

 

 

(15.2

)

Gain related to change in fair value of contingent consideration

 

 

(0.3

)

 

 

-

 

Fair value of contingent consideration as of end of period

 

$

1.3

 

 

$

-