v3.22.2

Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2022
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) |  | June 30, 2022 |  | December 31, 2021
Level 2 |  |  |  |
Interest rate caps |  | $ | 8,569 |  |  | $ | 6,338 |
Level 2 Assets |  | $ | 8,569 |  |  | $ | 6,338 |
Level 3 |  |  |  |
Contingent earnout liabilities |  | $ | 209,996 |  |  | $ | 258,589 |
Level 3 Liabilities |  | $ | 209,996 |  |  | $ | 258,589 |
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 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 June 30, |  | For the Six Months Ended June 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021(1)
Balance at beginning of period |  | $ | 227,847 |  |  | $ | 165,283 |  |  | $ | 258,589 |  |  | $ | 164,819 |
Settlement of contingent consideration |  | (4,377) |  |  | (1,430) |  |  | (29,487) |  |  | (1,430) |
Change in fair value of contingent consideration |  | (26,872) |  |  | 13,325 |  |  | (32,504) |  |  | 11,822 |
Fair value of contingent consideration issuances |  | 13,398 |  |  | 1,074 |  |  | 13,398 |  |  | 3,041 |
Balance at end of period |  | $ | 209,996 |  |  | $ | 178,252 |  |  | $ | 209,996 |  |  | $ | 178,252 |
__________ (1) During the six months ended June 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 $7.8 million from business combinations for the period.
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The carrying amount and estimated fair value of long-term debt and the revolving line of credit were as follows:
| Fair Value Hierarchy |  | June 30, 2022 |  | December 31, 2021
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Long-term debt(1) | Level 2 |  | $ | 842,368 |  |  | $ | 799,239 |  |  | $ | 846,623 |  |  | $ | 870,120 |
Revolving line of credit | Level 2 |  | 525,000 |  |  | 498,120 |  |  | 35,000 |  |  | 33,968 |
__________ (1) The carrying amount of the long-term debt does not reflect unamortized debt discount and issuance costs of $21.8 million and $23.5 million at June 30, 2022 and December 31, 2021, respectively, which are netted against long-term debt for balance sheet presentation.

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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
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