FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2022

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, are as follows:


		As of December 31, 2022
	Balance Sheet Location	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
Assets:
Interest rate swaps	Other current assets	$	36.9	$	—	$	36.9	$	—
Interest rate swaps	Other noncurrent assets	73.3		—		73.3		—
Total assets		$	110.2	$	—	$	110.2	$	—

Liabilities:


Private warrants	Warrant liabilities	$	58.7	$	—	$	58.7	$	—
Total liabilities		$	58.7	$	—	$	58.7	$	—


		As of December 31, 2021
	Balance Sheet Location	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
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

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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


Warrant valuation inputs	December 31, 2022			December 31, 2021
Stock price	$	13.66		$	24.97
Strike price	$	11.50		$	11.50
Remaining life	2.10			3.10
Volatility	56.0		%	34.2		%
Interest rate (1)	4.39		%	0.98		%
Dividend yield (2)	0.07		%	0.04		%

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

(2) December 31, 2022 and 2021 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, 2022 and 2021.


	December 31, 2022				December 31, 2021
	Fair Value		Par Value (1)		Fair Value		Par Value (1)
Term Loan due 2027	$	2,062.4	$	2,139.8	$	2,148.2	$	2,161.7
Senior Secured Notes due 2028	726.1		850.0		853.2		850.0
ABL Revolving Credit Facility due 2025	235.0		235.0		—		—

(1)See “Note 6 — Debt” for additional information