Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Recognized at Fair Value

A summary of the Company's financial instruments recognized at fair value, and the fair value measurements used, follows:

	Balance Sheet Location	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
March 31, 2021
Assets:
Interest rate swaps	Other noncurrent assets	$	11.1	$	—	$	11.1	$	—
Total assets		$	11.1	$	—	$	11.1	$	—
Liabilities:
Interest rate swaps	Accrued expenses and other liabilities	$	10.0	$	—	$	10.0	$	—
Tax Receivable Agreement	Other long-term liabilities	153.3		—		—		153.3
Private warrants	Warrant liabilities	101.3		—		101.3		—
Total liabilities		$	264.6	$	—	$	111.3	$	153.3

	Balance Sheet Location	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
December 31, 2020 (as restated)
Liabilities:
Tax Receivable Agreement	Other long-term liabilities	$	155.6	$	—	$	—	$	155.6
Interest rate swaps	Accrued expenses and other liabilities	10.3		—		10.3		—
Interest rate swaps	Other long-term liabilities	22.5		—		22.5		—
Public warrants	Current portion of warrant liabilities	68.5		68.5		—		—
Private warrants	Warrant liabilities	87.7		—		87.7		—
Total liabilities		$	344.6	$	68.5	$	120.5	$	155.6

Summary of the Change in Value for the Tax Receivable Agreement

Details of the changes in value for the Tax Receivable Agreement are as follows:

	2021		2020
Beginning liability balance, January 1	$	155.6	$	—
Tax receivable agreement, initially recorded	—		133.4
Change in fair value	(2.3)		(16.9)
Ending liability balance, March 31	$	153.3	$	116.5

Fair Value Measurement Inputs and Valuation Techniques

The significant assumptions which the Company used in the model are:

Warrant valuation inputs	March 31, 2021			December 31, 2020 (as restated)
Stock price	$	20.00		$	18.67
Strike price	$	11.50		$	11.50
Remaining life	3.85			4.10
Volatility	32.0		%	29.0		%
Interest rate (1)	0.59		%	0.27		%
Dividend yield (2)	0.05		%	0.05		%

(1) - Interest rate determined from a constant maturity treasury yield

(2) - March 31, 2021 and December 31, 2020 dividend yield assumes $0.01 per share per annum.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the estimated fair value and carrying value of long-term debt, including the current portion of long-term debt as of March 31, 2021 and December 31, 2020.

	March 31, 2021				December 31, 2020
	Fair Value		Par Value (1)		Fair Value		Par Value (1)
Term Loan due 2027	$	2,159.0	$	2,178.0	$	2,169.9	$	2,183.5

(1)See Note 6 — Debt for additional information