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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Fair Value of Assets and Liabilities | The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2020:
| Fair Value Measurement at Reporting Date Using
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 34.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 34.4 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | — |  |  | — |  |  | 4.4 |  |  | 4.4 |
Interest rate swap | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Roll-Forward of Fair Value of Recurring Level 3 Fair Value Measurements | The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements in the three months ended September 30, 2020 and 2019:
(in millions) | 2020 |  | 2019 (a) (b)
Contingent consideration liability, at July 1 | $ | 4.4 |  |  | $ | 7.6 |
Issuance of contingent consideration in connection with acquisitions | — |  |  | 7.9 |
Settlements of contingent consideration liabilities | — |  |  | (7.6) |
Foreign currency translation | — |  |  | — |
Total losses included in earnings | 0.0 |  |  | 0.1 |
Contingent consideration liability, at September 30 | $ | 4.4 |  |  | $ | 8.0 |
The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements in the nine months ended September 30, 2020 and 2019:
(in millions) | 2020 |  | 2019 (a) (b)
Contingent consideration liability, at January 1 | $ | 4.3 |  |  | $ | 6.7 |
Issuance of contingent consideration in connection with acquisitions | — |  |  | 7.9 |
Settlements of contingent consideration liabilities | — |  |  | (7.6) |
Foreign currency translation | — |  |  | 0.3 |
Total losses included in earnings | 0.1 |  |  | 0.7 |
Contingent consideration liability, at September 30 | $ | 4.4 |  |  | $ | 8.0 |
(a) Activity in the three and nine months ended September 30, 2019 includes a contingent obligation to provide additional consideration to the former owners of Joe Johnson Equipment, Inc. and Joe Johnson Equipment (USA), Inc. based on the achievement of specified financial results over the three-year period following the closing of the acquisition. During the third quarter of 2019, the Company paid $7.6 million to settle this contingent consideration liability. (b) The $7.9 million of contingent consideration that was issued in connection with acquisitions during the three and nine months ended September 30, 2019 represented the Company’s preliminary estimate of the fair value of the contingent consideration issued in connection with the acquisition of MRL. Upon finalizing the Company’s purchase price allocation during the fourth quarter of 2019, the estimated fair value of the contingent consideration was determined to be $4.1 million.

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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