v3.21.2

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value by Balance Sheet Grouping

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy:

(in thousands)						September 30, 2021						December 31, 2020
Level 2
Interest rate caps						$	5,302					$	—
Level 2 Assets						$	5,302					$	—
Level 3
Contingent earnout liabilities						$	180,945					$	164,819
Level 3 Liabilities						$	180,945					$	164,819

Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth a summary of the changes in the fair value of the Company’s contingently returnable consideration and contingent earnout liabilities, which are measured at fair value on a recurring basis utilizing Level 3 assumptions in their valuation:

						For the Three Months Ended September 30,																		For the Nine Months Ended September 30,
						2021						2020						2020						2021						2020						2020
(in thousands)						Contingent Earnout Liabilities						Contingently Returnable Consideration(1)						Contingent Earnout Liabilities						Contingent Earnout Liabilities						Contingently Returnable Consideration(1)						Contingent Earnout Liabilities
Balance at beginning of period						$	178,252					$	387					$	78,535					$	164,819					$	70					$	48,769
Fair value of contingent consideration issuances (2)						53,102						—						1,424						56,143						—						26,612
Change in fair value of contingent consideration						11,341						(88)						6,367						23,163						229						12,926
Settlement of contingent consideration (3)						(61,750)						—						(938)						(63,180)						—						(2,919)
Balance at end of period						$	180,945					$	299					$	85,388					$	180,945					$	299					$	85,388

__________

(1)    There was no contingently returnable consideration at September 30, 2021 or December 31, 2020.

(2)    During the nine months ended September 30, 2021, the Company recorded measurement period adjustments relating to businesses acquired in the fourth quarter of 2020. These adjustments decreased contingent earnout liabilities by $4.7 million, which offsets issuances of $60.9 million from business combinations in the current period.

(3)    During the three and nine months ended September 30, 2021, the Company settled $61.5 million if its contingent earnout liabilities through the issuance of related party notes payable. Refer to Note 10 for additional information.

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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X

- 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

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