Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2020:

	Fair Value Measurement at Reporting Date Using
(in millions)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	27.8	$	—	$	—	$	27.8
Liabilities:
Contingent consideration	—		—		4.4		4.4
Interest rate swap	—		3.5		—		3.5

Roll-Forward of Fair Value of Recurring Level 3 Fair Value Measurements

The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements in the three months ended June 30, 2020 and 2019:

(in millions)	2020		2019 (a)
Contingent consideration liability, at April 1	$	4.3	$	7.1
Foreign currency translation	—		0.1
Total losses included in earnings	0.1		0.4
Contingent consideration liability, at June 30	$	4.4	$	7.6

The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements in the six months ended June 30, 2020 and 2019:

(in millions)	2020		2019 (a)
Contingent consideration liability, at January 1	$	4.3	$	6.7
Foreign currency translation	—		0.3
Total losses included in earnings	0.1		0.6
Contingent consideration liability, at June 30	$	4.4	$	7.6

(a) Activity in the three and six months ended June 30, 2019 relates to a contingent obligation to provide additional consideration to the former owners of Joe Johnson Equipment, Inc. and Joe Johnson Equipment (USA), Inc. based on the achievement of specified financial results over the three-year period following the closing of the acquisition. During the third quarter of 2019, the Company paid $7.6 million to settle this contingent consideration liability.