Ryan Specialty Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of company's liabilities measured at fair value on a recurring basis

The following fair value hierarchy table presents information about the Company’s liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.


	September 30, 2021						December 31, 2020
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Liabilities:
Debt (1)	$	1,637,584	$	—	$	—	$	1,648,997	$	—	$	—
Contingent purchase consideration (2)		—		—		19,383		—		—		22,096
Make-whole provision on Redeemable Preferred Units (3)		—		—		—		—		—		30,423
Total liabilities measured at fair value	$	1,637,584	$	—	$	19,383	$	1,648,997	$	—	$	52,519

(1)

See Note 9, Debt.

(2)

Contingent purchase considerations are included in Accounts payable and accrued liabilities and Other non-current liabilities in the Consolidated Balance Sheets and in Change in contingent consideration in the Statements of Income.

(3)

Make-whole provisions are included in Accounts payable and accrued liabilities in the Consolidated Balance Sheets and in Other non-operating (loss) income in the Statement of Income.

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of company's liabilities measured at fair value on a recurring basis

The following is a reconciliation of the beginning and ending balances for the Level 3 liabilities measured at fair value:


	September 30, 2021									September 30, 2020
	Make-Whole provision on Redeemable Preferred Units			Contingent purchase consideration			Total			Make-Whole provision on Redeemable Preferred Units		Contingent purchase consideration			Total
Opening balance	$	30,423		$	22,096		$	52,519		$	891	$	23,527		$	24,418
Total gains/losses included in earnings		36,914			3,062			39,976			815		1,866			2,681
Settlements		(67,337	)		(5,775	)		(73,112	)		—		(1,272	)		(1,272	)
Ending balance	$	—		$	19,383		$	19,383		$	1,706	$	24,121		$	25,827