Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following table provides a summary of the Company’s assets and liabilities that were recognized at fair value on a recurring basis as of March 31, 2023 and December 31, 2022:


	March 31, 2023
	Level 2		Level 3		Total Fair Value
Assets
Forward currency contracts asset - current	$	3.7	$	—	$	3.7
Interest rate swap asset - current	16.1		—		16.1
Interest rate swap asset - non-current	18.5		—		18.5
Total	$	38.3	$	—	$	38.3

Liabilities
Forward currency contracts liability - current	$	0.1	$	—	$	0.1


Warrant liability	—		22.1		22.1
Total	$	0.1	$	22.1	$	22.2


	December 31, 2022
	Level 2		Level 3		Total Fair Value
Assets
Forward currency contracts asset - current	$	0.8	$	—	$	0.8
Interest rate swap asset - current	2.3		—		2.3
Interest rate swap asset - non-current	47.2		—		47.2
Total	$	50.3	$	—	$	50.3

Liabilities
Forward currency contracts liability - current	$	0.4	$	—	$	0.4


Warrant liability	—		21.0		21.0
Total	$	0.4	$	21.0	$	21.4

There were no transfers of assets or liabilities between levels during the three months ended March 31, 2023 or year ended December 31, 2022.

Private Placement Warrants - The following table summarizes the changes in the Private Placement Warrants liability for the three months ended March 31, 2023 and 2022:


	2023		2022
Balance as of January 1	$	21.0	$	227.8
Mark to market loss (gain) on financial instruments	1.1		(100.4)
Exercise of Private Placement Warrants	—		—
Balance as of March 31	$	22.1	$	127.4

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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