Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Measurements

Fair Value Measurements

The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in millions):

	September 30, 2022								December 31, 2021
	Carrying		Fair value						Carrying		Fair value
	amount		Level 1		Level 2		Level 3		amount		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents (Note 2)	$	16.1	$	16.1	$	—	$	—	$	77.1	$	77.1	$	—	$	—
Interest rate swaps (Note 7)		3.4		—		3.4		—		—		—		—		—
Liabilities:
Interest rate swaps (Note 7)		—		—		—		—		14.9		—		14.9		—
Contingent consideration		1.2		—		—		1.2		4.9		—		—		4.9
Redeemable noncontrolling interests		42.8		—		—		42.8		1,188.8		—		—		1,188.8

Change in Fair Value of Contingent Consideration

The following table presents a summary of the change in fair value of our Level 3 fair value measurements (in millions):

Beginning balance, December 31, 2021	$	1,193.7
Contingent consideration adjustments related to prior year acquisition		(3.7)
Acquisition of remaining outstanding Class A redeemable noncontrolling interests in Optimal Blue Holdco (Note 1)		(1,156.0)
Fair value adjustment to redeemable noncontrolling interests in Optimal Blue Holdco		10.0
Ending balance, September 30, 2022	$	44.0