v3.22.2

Fair Value Measurements (Tables)

6 Months Ended

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.

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
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-Publisher FASB
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- Definition

Tabular disclosure of information about fair value of asset and liability not measured at fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2E
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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

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-Topic 820
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