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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Assumptions Used to Calculate Fair Value

The following tables present the inputs for the models used to value our acquisition-related contingent consideration:



($ in millions)	December 31, 2019
Valuation Inputs	Discounted Cash Flow Technique⁽¹⁾
Fair value	$	27.2
Discount rate	3.70% - 7.46%
Payment cap	$	28.8
Expected payment period remaining (in years)	0-3
Management projections of the payout criteria	EBITDA/Volumes


(1)	Includes acquisition-related contingent consideration that was estimated using the Monte Carlo simulation model and income approach in 2018. The change from the Monte Carlo simulation model and income approach to discounted cash flow technique was due to the proximity to the measurement period end, which resulted in increased certainty in achieving the maximum payout.



($ in millions)	December 31, 2018
Valuation Inputs	Monte Carlo Simulation		Income Approach		Discounted Cash Flow Technique
Fair value	$	33.2	$	26.5	$	1.0
Discount rate	10.75% - 12.25%		3.70% - 5.00%		6.03% - 15.75%
Payment cap	$	37.3	$	27.3	$	1.1
Expected payment period remaining (in years)	1-3		1		1-4
Management projections of the payout criteria	EBITDA/Volumes		Permitted reserves/Volumes		Volumes

Reconciliation of Changes in Level 3 Fair Value Measurements

A reconciliation of the changes in Level 3 fair value measurements is as follows:



($ in millions)	Contingent Consideration
Balance at December 31, 2017	$	61.8
2018 acquisitions	1.1
Payments	(2.2		)
Balance at December 31, 2018	60.7
Increase in contingent consideration valuation	2.8
Payments	(36.3		)
Balance at December 31, 2019	$	27.2

Other Financial Instruments

The fair value of our 2024 Notes, estimated based on broker/dealer quoted market prices, was $627.0 million as of December 31, 2019 and $552.0 million as of December 31, 2018. The carrying value of the outstanding amount under our Revolving Facility in 2019 approximated fair value. The carrying value of our operating and finance lease assets and liabilities in 2019 and 2018 approximated fair value.