Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

v3.23.3
Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables provide information regarding the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2023, and December 31, 2022.

 

 

September 30, 2023

 

 

 

 

 

 

Quoted Market

 

 

Significant Other Observable

 

 

Significant Unobservable

 

 

 

Total

 

 

Prices (Level 1)

 

 

Inputs (Level 2)

 

 

Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

12.4

 

 

$

 

 

$

12.4

 

 

$

 

Forward foreign exchange contracts

 

 

0.1

 

 

 

 

 

 

0.1

 

 

 

 

Total

 

$

12.5

 

 

$

 

 

$

12.5

 

 

$

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign exchange contracts

 

$

0.1

 

 

$

 

 

$

0.1

 

 

$

 

Contingent consideration

 

 

1.4

 

 

 

 

 

 

 

 

 

1.4

 

Total

 

$

1.5

 

 

$

 

 

$

0.1

 

 

$

1.4

 

 

 

 

December 31, 2022

 

 

 

 

 

 

Quoted Market

 

 

Significant Other Observable

 

 

Significant Unobservable

 

 

 

Total

 

 

Prices (Level 1)

 

 

Inputs (Level 2)

 

 

Inputs (Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swap contracts

 

$

11.1

 

 

$

 

 

$

11.1

 

 

$

 

Forward foreign exchange contracts

 

 

1.0

 

 

 

 

 

 

1.0

 

 

 

 

Total

 

$

12.1

 

 

$

 

 

$

12.1

 

 

$

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign exchange contracts

 

$

0.3

 

 

$

 

 

$

0.3

 

 

$

 

Contingent consideration

 

 

6.7

 

 

 

 

 

 

 

 

 

6.7

 

Total

 

$

7.0

 

 

$

 

 

$

0.3

 

 

$

6.7

 

 

A summary of changes in the estimated fair value of contingent consideration at September 30, 2023, is as follows:

 

Balance at December 31, 2022

 

$

6.7

 

Change in estimated fair value

 

 

0.3

 

Payment on liability

 

 

(6.1

)

Accretion in value

 

 

0.5

 

Balance at September 30, 2023

 

$

1.4