Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following table provides a summary of the Company’s assets and liabilities that were recognized at fair value on a recurring basis as at March 31, 2022 and December 31, 2021:


	March 31, 2022
	Level 2		Level 3		Total Fair Value
Assets
Forward currency contracts asset	$	0.1	$	—	$	0.1

Interest rate swap asset	14.0		—		14.0
	14.1		—		14.1
Liabilities
Warrant liability	—		127.4		127.4
CPA Global Equity Plan liability - current	9.8		—		9.8

Forward currency contracts liability	5.3		—		5.3



Total	$	15.1	$	127.4	$	142.5


	December 31, 2021
	Level 2		Level 3		Total Fair Value
Assets
Forward currency contracts asset	$	2.2	$	—	$	2.2
Interest rate swap asset	2.0				2.0

	4.2		—		4.2
Liabilities
Warrant liability	—		227.8		227.8
CPA Global Equity Plan liability - current	152.4		—		152.4

Forward currency contracts liability	0.7		—		0.7



Total	$	153.1	$	227.8	$	380.9

Private Placement Warrants - The following table summarizes the changes in Private Placement Warrant liability for the three months ended March 31, 2022 and 2021:


Balance at December 31, 2021	$	227.8
Mark to market gain on financial instruments	(100.4)
Exercise of Private Placement Warrants	—
Balance at March 31, 2022	$	127.4







Balance at December 31, 2020	$	312.8
Mark to market gain on financial instruments	(51.2)
Exercise of Private Placement Warrants	(3.6)
Balance at March 31, 2021	$	258.0

There were no transfers of assets or liabilities between levels during the three months ended March 31, 2022 and 2021.

Non-Financial Assets Valued on a Non-Recurring Basis

Right of Use Asset — For the three months ended March 31, 2022, there were no impairment charges recorded, compared to the three months ended March 31, 2021 where the carrying value of the operating lease right of use asset was reduced by $41.0, which were non-cash charges. Additionally, the Company incurred $0.2 and $3.1 in lease termination fees during the three months ended March 31, 2022 and 2021, respectively. Fair value assumptions including sublease probabilities and the present value factor were used in the impairment calculation.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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