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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
   
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
- OR -
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number:
001-37470
 
TransUnion
(Exact name of registrant as specified in its charter)
 
 
Delaware 61-1678417
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
 
555 West Adams,Chicago,Illinois60661
(Address of principal executive offices)(Zip code)
312-985-2000
(Registrants’ telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueTRUNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Table of Contents
Large Accelerated FilerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesNo
 
As of September 30, 2021, there were 191.6 million shares of TransUnion common stock outstanding.





Table of Contents
TRANSUNION
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2021
TABLE OF CONTENTS
 
 Page
3

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)
September 30,
2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents$708.8 $493.0 
Trade accounts receivable, net of allowance of $23.9 and $26.6
513.6 453.7 
Other current assets228.2 159.5 
Total current assets1,450.6 1,106.2 
Property, plant and equipment, net of accumulated depreciation and amortization of $622.0 and $548.9
196.4 223.2 
Goodwill3,424.7 3,461.5 
Other intangibles, net of accumulated amortization of $1,945.8 and $1,752.2
2,161.2 2,284.6 
Other assets275.5 236.1 
Total assets$7,508.4 $7,311.6 
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable$227.7 $193.2 
Short-term debt and current portion of long-term debt$76.5 55.5 
Other current liabilities375.8 415.8 
Total current liabilities680.0 664.5 
Long-term debt3,253.1 3,398.7 
Deferred taxes419.8 396.8 
Other liabilities174.3 215.5 
Total liabilities4,527.2 4,675.5 
Stockholders’ equity:
Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2021 and December 31, 2020, 197.2 million and 195.7 million shares issued at September 30, 2021 and December 31, 2020, respectively, and 191.6 million shares and 190.5 million shares outstanding as of September 30, 2021 and December 31, 2020, respectively
2.0 2.0 
Additional paid-in capital2,161.5 2,088.1 
Treasury stock at cost; 5.6 million and 5.2 million shares at September 30, 2021 and December 31, 2020, respectively
(250.1)(215.2)
Retained earnings1,255.7 937.4 
Accumulated other comprehensive loss(288.3)(272.1)
Total TransUnion stockholders’ equity2,880.8 2,540.2 
Noncontrolling interests100.4 95.9 
Total stockholders’ equity2,981.2 2,636.1 
Total liabilities and stockholders’ equity$7,508.4 $7,311.6 
See accompanying notes to unaudited consolidated financial statements.
4

Table of Contents
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
(in millions, except per share data)
Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
 2021202020212020
Revenue$791.6 $695.9 $2,311.1 $2,017.9 
Operating expenses
Cost of services (exclusive of depreciation and amortization below)259.1 222.4 752.6 666.1 
Selling, general and administrative247.3 219.0 682.4 655.4 
Depreciation and amortization95.9 92.2 288.6 273.4 
Total operating expenses602.3 533.6 1,723.6 1,594.9 
Operating income189.4 162.3 587.5 423.0 
Non-operating income and (expense)
Interest expense(25.7)(27.6)(77.1)(98.7)
Interest income1.0 1.2 2.5 4.2 
Earnings from equity method investments2.9 2.1 8.6 6.7 
Other income and (expense), net(10.3)0.8 (10.8)(6.9)
Total non-operating income and (expense)(32.2)(23.6)(76.8)(94.7)
Income before income taxes157.2 138.7 510.7 328.3 
Provision for income taxes(39.0)(32.1)(129.1)(77.3)
Net income118.2 106.7 381.7 251.0 
Less: net (income) loss attributable to the noncontrolling interests(4.0)(3.9)(12.0)(9.5)
Net income attributable to TransUnion$114.2 $102.8 $369.7 $241.5 
Weighted-average shares outstanding:
Basic191.6 190.2 191.3 189.8 
Diluted193.1 192.3 192.9 192.1 
Earnings Per Share:
Basic$0.60 $0.54 $1.93 $1.27 
Diluted$0.59 $0.53 $1.92 $1.26 
See accompanying notes to unaudited consolidated financial statements.
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TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in millions)
 
Three Months Ended 
 September 30,
Nine Months Ended September 30,
 2021202020212020
Net income$118.2 $106.7 $381.7 $251.0 
Other comprehensive income (loss):
         Foreign currency translation:
               Foreign currency translation adjustment(54.0)54.5 (49.7)(124.6)
               Benefit (expense) for income taxes0.1  0.1 1.9 
         Foreign currency translation, net(53.9)54.5 (49.6)(122.7)
         Hedge instruments:
               Net change on interest rate cap   4.1 
               Net change on interest rate swap9.3 6.4 42.5 (53.3)
               Benefit (expense) for income taxes(2.3)(1.4)(10.6)12.4 
         Hedge instruments, net7.0 5.0 31.9 (36.8)
         Available-for-sale securities:
               Net unrealized (loss) gain(0.1)   
               Provision for income taxes    
         Available-for-sale securities, net(0.1)   
Total other comprehensive income (loss), net of tax(47.0)59.5 (17.7)(159.5)
Comprehensive income71.2 166.2 364.0 91.5 
Less: comprehensive income attributable to noncontrolling interests(3.4)(4.5)(10.5)(8.2)
Comprehensive income (loss) attributable to TransUnion$67.8 $161.7 $353.5 $83.3 
See accompanying notes to unaudited consolidated financial statements.

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TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
Nine Months Ended September 30,
20212020
Cash flows from operating activities:
Net income$381.7 $251.0 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization288.6 273.4 
Net (gain) loss on investments in affiliated companies and other investments(12.3)0.5 
Deferred taxes13.2 (25.2)
Stock-based compensation51.6 29.6 
Provision for losses on trade accounts receivable0.7 11.4 
Other1.0 6.1 
Changes in assets and liabilities:
Trade accounts receivable(63.2)(43.4)
Other current and long-term assets(40.5)(9.6)
Trade accounts payable35.6 7.3 
Other current and long-term liabilities3.8 57.1 
Cash provided by operating activities660.2 558.2 
Cash flows from investing activities:
Capital expenditures(158.1)(131.7)
Proceeds from sale/maturities of other investments 27.8 52.3 
Purchases of other investments(53.7)(65.0)
Investments in nonconsolidated affiliates and purchases of convertible notes(41.6)(12.3)
Proceeds from disposals of investments and assets held for sale18.7 1.6 
Other(1.1)1.6 
Cash used in investing activities(208.0)(153.5)
Cash flows from financing activities:
Repayments of debt(127.5)(45.0)
Proceeds from issuance of common stock and exercise of stock options21.2 21.7 
Dividends to shareholders(51.5)(43.3)
Employee taxes paid on restricted stock units recorded as treasury stock(34.8)(35.5)
Payment of contingent consideration(32.4)(6.4)
Distributions to noncontrolling interests(6.5)(1.4)
Cash used in financing activities(231.5)(109.9)
Effect of exchange rate changes on cash and cash equivalents(4.9)(14.9)
Net change in cash and cash equivalents215.8 279.9 
Cash and cash equivalents, beginning of period493.0 274.1 
Cash and cash equivalents, end of period$708.8 $554.0 
See accompanying notes to unaudited consolidated financial statements.
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TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Stockholders’ Equity (Unaudited)
(in millions)
 Common StockPaid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
SharesAmount
Balance, December 31, 2019188.7 $1.9 $2,022.3 $(179.2)$652.0 $(251.6)$94.0 $2,339.4 
Net income— — — — 70.2 — 4.1 74.3 
Other comprehensive loss— — — — — (216.6)(1.7)(218.3)
Stock-based compensation— — 4.1 — — — — 4.1 
Employee share purchase plan0.1  8.9 — — — — 8.9 
Exercise of stock options0.4  2.8 — — — — 2.8 
Vesting of restricted stock units0.9  — — — — —  
Treasury stock purchased(0.3)— — (32.6)— — — (32.6)
Dividends to shareholders— — — — (14.4)— — (14.4)
Other— — — — (0.1)— 0.1  
Balance, March 31, 2020189.8 $1.9 $2,038.1 $(211.8)$707.7 $(468.2)$96.5 $2,164.2 
Net income— — — — 68.5 — 1.5 70.0 
Other comprehensive loss— — — — — (0.4)(0.2)(0.6)
Stock-based compensation— — 15.9 — — — — 15.9 
Exercise of stock options0.3 0.1 2.5 — — — — 2.6 
Treasury stock purchased — — (0.4)— — — (0.4)
Dividends to shareholders— — — — (14.5)— — (14.5)
Other— — (0.1)— — — (0.5)(0.6)
Balance, June 30, 2020190.1 $2.0 $2,056.4 $(212.2)$761.7 $(468.6)$97.3 $2,236.6 
Net income— — — — 102.8 — 3.9 106.7 
Other comprehensive income— — — — — 58.9 0.6 59.5 
Distributions to noncontrolling interests— — — — — — (1.4)(1.4)
Stock-based compensation— — 7.2 — — — — 7.2 
Employee share purchase plan0.1  10.2 — — — — 10.2 
Vesting of restricted stock units0.1  — — — — —  
Exercise of stock options  0.2 — — — — 0.2 
Treasury stock purchased — — (2.5)— — — (2.5)
Dividends to shareholders— — — — (14.3)— — (14.3)
Other— — — — 0.1 — (0.1) 
Balance, September 30, 2020190.3 $2.0 $2,074.0 $(214.7)$850.3 $(409.7)$100.3 $2,402.2 

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 Common StockPaid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
SharesAmount
Balance, December 31, 2020190.5 $2.0 $2,088.1 $(215.2)$937.4 $(272.1)$95.9 $2,636.1 
Net income— — — — 127.9 — 2.7 130.6 
Other comprehensive income— — — — — 11.7 (1.0)10.7 
Stock-based compensation— — 17.0 — — — — 17.0 
Employee share purchase plan0.1  10.7 — — — — 10.7 
Exercise of stock options0.1  1.0 — — — — 1.0 
Vesting of restricted stock units0.9  — — — — —  
Treasury stock purchased(0.3)— — (28.5)— — — (28.5)
Dividends to shareholders— — — — (14.5)— — (14.5)
Balance, March 31, 2021191.3 $2.0 $2,116.8 $(243.8)$1,050.8 $(260.3)$97.6 $2,763.1 
Net income— — — — 127.6 — 5.2 132.9 
Other comprehensive income— — — — — 18.5 0.1 18.6 
Distributions to noncontrolling interests— — — — — — (0.6)(0.6)
Stock-based compensation— — 15.9 — — — — 15.9 
Exercise of stock options0.2  1.0 — — — — 1.0 
Vesting of restricted stock units0.1  — — — — —  
Treasury stock purchased(0.1)— — (5.4)— — — (5.4)
Dividends to shareholders— — — — (18.4)— — (18.4)
Other— — — — — — 0.5 0.5 
Balance, June 30, 2021191.5 $2.0 $2,133.7 $(249.2)$1,160.1 $(241.9)$102.9 $2,907.6 
Net income (loss)— — — — 114.2 — 4.0 118.2 
Other comprehensive income— — — — — (46.4)(0.6)(47.0)
Distributions to noncontrolling interests— — — — — — (5.9)(5.9)
Stock-based compensation— — 16.1 — — — — 16.1 
Employee share purchase plan0.1  11.4 — — — — 11.4 
Exercise of stock options  0.2 — — — — 0.2 
Vesting of restricted stock units  — — — — —  
Treasury stock purchased — — (0.9)— — — (0.9)
Dividends to shareholders— — — — (18.6)— — (18.6)
Balance, September 30, 2021191.6 $2.0 $2,161.5 $(250.1)$1,255.7 $(288.3)$100.4 $2,981.2 
See accompanying notes to unaudited consolidated financial statements.
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TRANSUNION AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
1. Significant Accounting and Reporting Policies
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements of TransUnion have been prepared in accordance with instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all the information required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement have been included. All significant intercompany transactions and balances have been eliminated. As a result of displaying amounts in millions, rounding differences may exist in the financial statements and footnote tables. The operating results of TransUnion for the periods presented are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. The Company’s year-end Consolidated Balance Sheet data was derived from audited financial statements. Therefore, these unaudited consolidated financial statements should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on February 16, 2021.
Unless the context indicates otherwise, any reference in this report to the “Company,” “we,” “our,” “us,” and “its” refers to TransUnion and its consolidated subsidiaries, collectively.
For the periods presented, TransUnion does not have any material assets, liabilities, revenues, expenses or operations of any kind other than its ownership investment in TransUnion Intermediate Holdings, Inc.
Principles of Consolidation
The consolidated financial statements of TransUnion include the accounts of TransUnion and all of its controlled subsidiaries. Investments in nonmarketable unconsolidated entities in which the Company is able to exercise significant influence are accounted for using the equity method. Investments in nonmarketable unconsolidated entities in which the Company is not able to exercise significant influence, our “Cost Method Investments,” are accounted for at our initial cost, minus any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
Use of Estimates
The preparation of consolidated financial statements and related disclosures in accordance with GAAP requires management to make estimates and judgments that affect the amounts reported. We believe that the estimates used in preparation of the accompanying consolidated financial statements are reasonable, based upon information available to management at this time. These estimates and judgments affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the balance sheet date, as well as the amounts of revenue and expense during the reporting period. Estimates are inherently uncertain and actual results could differ materially from the estimated amounts.
Impact of COVID-19 On Our Financial Statements
Beginning in the middle of March 2020, the economic effect of the COVID-19 pandemic had a material and adverse impact on numerous aspects of our business, including customer demand for our services and solutions in all of our segments. While we continue to see improvements in demand for our services to varying degrees in the markets where we operate since the low point in April 2020, including encouraging results in the first three quarters of 2021, given the continuously evolving and unpredictable nature of the pandemic, including the rise of variants of the virus and the effectiveness of vaccines against those variants, COVID-19 may have a material and adverse impact on various aspects of our business, including our results of operations and financial condition, in the future.
Recently Announced Transactions
On September 13, 2021, we announced our agreement to acquire Neustar, Inc. for $3.1 billion in cash, subject to customary purchase price adjustments. We intend to finance the acquisition through a combination of debt financing and cash on hand, and have entered into a debt commitment letter which provides for a senior secured term loan facility in an aggregate principal amount of up to $3.1 billion. We expect the acquisition to close in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions and regulatory approvals.
On October 26, 2021, we announced our agreement to acquire Sontiq, Inc. for $638 million in cash, subject to customary purchase price adjustments. We intend to finance the acquisition through a combination of debt financing and cash on hand, and have entered into a debt commitment letter which provides for a new secured term loan facility in an aggregate principal
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amount of up to $640 million. We expect the acquisition to close in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions and regulatory approvals.
In connection with executing on our strategic initiatives and positioning TransUnion for attractive long-term growth, in October 2021, we signed an agreement to sell our Healthcare business for $1.735 billion in cash subject to customary purchase price adjustments. We are targeting a closing of this transaction in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions and regulatory approvals. We expect to realize a material gain on sale of the Healthcare business and intend to use the net proceeds from this sale to prepay debt and for other general corporate purposes as permitted under the Senior secured credit facilities. We report the financial results of the Healthcare business within our U.S. Markets Reportable segment. We expect to report the Healthcare business as a discontinued operation beginning in the fourth quarter of 2021.
Trade Accounts Receivable
We base our allowance for doubtful accounts estimate on our historical loss experience, our current expectations of future losses, current economic conditions, an analysis of the aging of outstanding receivables and customer payment patterns, and specific reserves for customers in adverse financial condition or for existing contractual disputes.
The following is a rollforward of the allowance for doubtful accounts for the periods presented:
 Nine Months Ended September 30,
20212020
Beginning Balance$26.6 $19.0 
Provision for losses on trade accounts receivable0.7 11.4 
Write-offs, net of recovered accounts(3.4)(5.1)
Ending balance$23.9 $25.3 
Long-Lived Assets and Goodwill
We review long-lived asset groups that are subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. We test goodwill for impairment on an annual basis, in the fourth quarter, or on an interim basis if there is an indicator of impairment. As additional information becomes available to us, our future assessment of impairments to long-lived assets and goodwill could materially and adversely impact our consolidated financial statements in future reporting periods.
The decrease in other intangibles, net of accumulated amortization, as of September 30, 2021, compared with December 31, 2020, is due primarily to 2021 amortization expense and a decrease due to the cumulative translation adjustment of our foreign entities long-lived assets resulting from changes to foreign exchange rates between periods, partially offset by an increase from expenditure for the development of internal use software. The decrease in goodwill as of September 30, 2021, compared with December 31, 2020, is due primarily to a cumulative translation adjustment of our foreign entities goodwill resulting from changes to foreign exchange rates between periods. The offset to these translation adjustments are included in accumulated other comprehensive loss on our balance sheet.
Recently Adopted Accounting Pronouncements
On December 18, 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This amendment removes specific exceptions to the general principles in Topic 740. Among other things it eliminates the need for organizations to analyze whether the following apply in a given period: an exception to the incremental approach for intra-period tax allocation; exceptions to accounting for basis differences when there are ownership changes in foreign investments; and an exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. This amendment also improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. This guidance is effective for annual reporting periods beginning after December 15, 2020, including interim periods therein. Upon adoption, this guidance did not have a material impact on our consolidated financial statements.

On January 16, 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)-Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This amendment, among other things, clarifies that a company should consider observable transactions that require a company to either apply or discontinue the equity method of accounting under Topic 323, Investments-Equity Method and Joint Ventures, for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before
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applying or upon discontinuing the equity method. This amendment also clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. This guidance is effective for annual reporting periods beginning after December 15, 2020, including interim periods therein. Upon adoption, this guidance had no impact our consolidated financial statements as we had not such transactions at the time of adoption.
2. Fair Value
The following table summarizes financial instruments measured at fair value, on a recurring basis, as of September 30, 2021:
(in millions)TotalLevel 1Level 2Level 3
Assets
Available-for-sale debt securities (Note 3)$3.1 $ $3.1 $ 
Interest rate swaps (Notes 4 and 8)0.2  0.2  
Total$3.3 $ $3.3 $ 
Liabilities
Interest rate swaps (Notes 7 and 8)$47.4 $ $47.4 $ 
Total$47.4 $ $47.4 $ 
The following table summarizes financial instruments measured at fair value, on a recurring basis, as of December 31, 2020:
(in millions)TotalLevel 1Level 2Level 3
Assets
Available-for-sale debt securities (Note 3)$3.2 $ $3.2 $ 
Total$3.2 $ $3.2 $ 
Liabilities
Interest rate swaps (Notes 7 and 8)$89.7 $ $89.7 $ 
Contingent consideration (Note 6 and 7)41.4   41.4 
Total$131.1 $ $89.7 $41.4 
Level 2 instruments consist of foreign exchange-traded corporate bonds and interest rate swaps. Foreign exchange-traded corporate bonds are available-for-sale debt securities valued at their current quoted prices. These securities mature between 2027 and 2033. Unrealized gains and losses on available-for-sale debt securities, which are not material, are included in other comprehensive income. The interest rate swaps fair values are determined using the market standard methodology of discounting the future expected net cash receipts or payments that would occur if variable interest rates rise above or fall below the fixed rates of the swaps. The variable interest rates used in the calculations of projected receipts on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. As discussed in Note 8, “Debt,” there are two tranches of interest rate swaps that we entered into in 2020. As of September 30, 2021, one of those tranches is in an asset position, and the other is in a liability position.
Level 3 instruments were contingent consideration obligations related to companies we acquired. These obligations were contingent upon meeting certain revenue performance metrics through March 31, 2021. The fair values of these obligations were determined based on an income approach, using our expectations of the future expected revenue of the acquired entities. During the nine months ended September 30, 2021 we paid $41.2 million of this contingent consideration, and recorded other offsetting adjustments to our estimates of the acquisition date fair values of these obligations recorded to goodwill, and changes to the fair value of these obligations subsequent to the dates of acquisition recorded to selling, general and administrative expenses in our consolidated statements of income. As of September 30, 2021, the balance of these contingent obligations is zero.
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3. Other Current Assets
Other current assets consisted of the following:
(in millions)September 30, 2021December 31, 2020
Prepaid expenses$108.5 $84.7 
Marketable securities (Note 2)3.1 3.2 
Contract assets (Note 10)0.7 1.8 
Other115.9 69.8 
Total other current assets$228.2 $159.5 
Other includes other investments in non-negotiable certificates of deposit that are recorded at their carrying value which approximates fair value.
4. Other Assets
Other assets consisted of the following:
(in millions)September 30, 2021December 31, 2020
Investments in affiliated companies (Note 5)$174.4 $138.8 
Right-of-use lease assets63.8 65.6 
Interest rate swaps (Notes 2 and 8)0.2  
Other37.1 31.7 
Total other assets$275.5 $236.1 
5. Investments in Affiliated Companies
Investments in affiliated companies represent our investment in non-consolidated domestic and foreign entities. These entities are in businesses similar to our businesses.
We use the equity method to account for investments in affiliates where we are able to exercise significant influence. For these investments, we adjust the carrying value for our proportionate share of the affiliates’ earnings, losses and distributions, as well as for purchases and sales of our ownership interest.
We account for nonmarketable investments in equity securities in which we are not able to exercise significant influence, our “Cost Method Investments”, at our initial cost, minus any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. For these investments, we adjust the carrying value for any purchases or sales of our ownership interests. We record any dividends received from these investments as other income in non-operating income and expense.
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Investments in affiliated companies consisted of the following:
(in millions)September 30, 2021December 31, 2020
Equity Method investments$45.4 $46.1 
Cost Method Investments129.0 92.7 
Total investments in affiliated companies (Note 4)$174.4 $138.8 
These balances are included in other assets in the consolidated balance sheets. The increase in Cost Method Investments is due primarily to investments we made during 2021 recorded in all three of our Operating Segments, offset by decreases from the disposal of two of our Cost Method Investments.
Earnings from equity method investments, which are included in other non-operating income and expense, and dividends received from equity method investments consisted of the following:
Three Months Ended 
 September 30,
Nine Months Ended 
 September 30,
(in millions)2021202020212020
Earnings from equity method investments (Note 13)$2.9 $2.1 $8.6 $6.7 
Dividends received from equity method investments$ $1.3 $8.0 $7.6 
6. Other Current Liabilities
Other current liabilities consisted of the following:
(in millions)September 30, 2021December 31, 2020
Accrued payroll and employee benefits$182.2 $149.3 
Deferred revenue (Note 10)72.0 85.5 
Accrued legal and regulatory (Note 14)64.5 76.0 
Operating lease liabilities16.0 17.9 
Contingent consideration (Note 2) 37.8 
Other 41.1 49.3 
Total other current liabilities