| 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 December 31, 2021 and 2020.
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December 31, 2021 |
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December 31, 2020 |
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Quoted prices in active markets for identical assets
(Level 1) |
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Significant other observable inputs
(Level 2) |
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Significant unobservable inputs
(Level 3) |
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Quoted prices in active markets for identical assets
(Level 1) |
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Significant other observable inputs
(Level 2) |
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Significant unobservable inputs
(Level 3) |
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Liabilities: |
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Debt (1) |
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$ |
1,631,412 |
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$ |
— |
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$ |
— |
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$ |
1,648,997 |
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$ |
— |
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$ |
— |
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Contingent purchase consideration |
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— |
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— |
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42,053 |
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— |
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— |
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22,096 |
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Make-whole provision on Redeemable Preferred Units |
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— |
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— |
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— |
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— |
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— |
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30,423 |
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Total liabilities measured at fair value |
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$ |
1,631,412 |
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$ |
— |
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$ |
42,053 |
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$ |
1,648,997 |
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$ |
— |
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$ |
52,519 |
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There were no assets or liabilities that were transferred between fair value hierarchy levels during the years ended December 31, 2021 and 2020.
The following is a reconciliation of the beginning and ending balances for the Level 3 liabilities measured at fair value:
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December 31, 2021 |
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December 31, 2020 |
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Make-Whole
provision on
Redeemable Preferred Units |
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Contingent purchase
consideration |
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Total |
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Make-Whole
provision on
Redeemable Preferred Units |
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Contingent purchase
consideration |
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Total |
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Balance at beginning of year |
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$ |
30,423 |
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$ |
22,096 |
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$ |
52,519 |
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$ |
891 |
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$ |
24,916 |
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$ |
25,807 |
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Newly established liability due to acquisition |
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— |
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22,011 |
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22,011 |
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— |
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— |
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— |
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Total gains/losses included in earnings |
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36,914 |
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3,639 |
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40,553 |
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29,532 |
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(1,548 |
) |
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27,984 |
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Settlements |
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(67,337 |
) |
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(5,693 |
) |
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(73,030 |
) |
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— |
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(1,272 |
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(1,272 |
) |
Balance at end of year |
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$ |
— |
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$ |
42,053 |
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$ |
42,053 |
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$ |
30,423 |
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$ |
22,096 |
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$ |
52,519 |
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