FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)

9 Months Ended

Sep. 30, 2023

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 are as follows:

		As of September 30, 2023
	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	$	41.6	$	—	$	41.6	$	—
Interest rate swaps	Other noncurrent assets	69.3		—		69.3		—
Total assets		$	110.9	$	—	$	110.9	$	—
Liabilities:
Private warrants	Warrant liabilities	$	140.5	$	—	$	140.5	$	—
Total liabilities		$	140.5	$	—	$	140.5	$	—

		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	$	—

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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

Warrant valuation inputs	September 30, 2023			December 31, 2022
Stock price	$	37.20		$	13.66
Strike price	$	11.50		$	11.50
Remaining life	1.36			2.10
Volatility	60.0		%	56.0		%
Interest rate (1)	5.31		%	4.39		%
Dividend yield (2)	0.03		%	0.07		%

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

(2)    September 30, 2023 and December 31, 2022 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 September 30, 2023 and December 31, 2022.

	September 30, 2023				December 31, 2022
	Fair Value		Par Value (1)		Fair Value		Par Value (1)
Term Loan due 2027	$	2,122.1	$	2,123.4	$	2,062.4	$	2,139.8
Senior Secured Notes due 2028	751.1		850.0		726.1		850.0
ABL Revolving Credit Facility due 2025	—		—		235.0		235.0

(1)See “Note 5 — Debt” for additional information.