Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Recognized at Fair Value

We elected to apply fair value option accounting to the Tax receivable agreement. 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)
December 31, 2021
Assets:
Interest rate swaps	Other noncurrent assets	$	16.1	$	—	$	16.1	$	—
Total assets		$	16.1	$	—	$	16.1	$	—
Liabilities:
Interest rate swaps	Accrued expenses and other liabilities	$	7.4	$	—	$	7.4	$	—
Contingent consideration	Accrued expenses and other liabilities	3.7		—		—		3.7
Private warrants	Warrant liabilities	149.6		—		149.6		—
Total liabilities		$	160.7	$	—	$	157.0	$	3.7

	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
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 fair value for the Tax receivable agreement are as follows:

	2021		2020
Beginning fair value liability balance, January 1,	$	155.6	$	—
Tax receivable agreement, initially recorded	—		133.4
Change in fair value	7.7		22.2
Gain on Tax Receivable Agreement	(59.2)		—
Amounts previously recorded in accumulated other comprehensive income (loss)	(4.1)		—
Reclassification to accrued expenses and other liabilities	(100.0)		—
Ending fair value liability balance, December 31,	$	—	$	155.6

Fair Value Measurement Inputs and Valuation Techniques

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

Private Placement Warrant valuation inputs	December 31, 2021			December 31, 2020
Stock price	$	24.97		$	18.67
Strike price	$	11.50		$	11.50
Remaining life	3.10			4.10
Volatility	34.2		%	30.6		%
Interest rate (1)	0.98		%	0.27		%
Dividend yield (2)	0.04		%	0.05		%

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

(2)    December 31, 2021 and 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 December 31, 2021 and 2020.

	December 31, 2021				December 31, 2020
	Fair Value		Par Value (1)		Fair Value		Par Value (1)
Term Loan due 2027	$	2,148.2	$	2,161.7	$	2,169.9	$	2,183.5
Senior Secured Notes due 2028	853.2		850.0		—		—

(1)See "Note 6 — Debt" for additional information