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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2021

FAIR VALUE MEASUREMENT

Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020 (in millions):


		December 31, 2021
		Total			Level 1			Level 2			Level 3
Assets:
U.S. Treasury securities		$	9.1		$	9.1		$	—		$	—
Marketable securities:
Mutual funds			18.4			18.4			—			—
Money market funds			9.6			9.6			—			—
Total Assets		$	37.1		$	37.1		$	—		$	—
Liabilities:
Contingent consideration liabilities		$	70.5		$	—		$	—		$	70.5
Total Liabilities		$	70.5		$	—		$	—		$	70.5


		December 31, 2020
		Total			Level 1			Level 2			Level 3
Assets:
U.S. Treasury securities		$	67.9		$	67.9		$	—		$	—
Marketable securities:
Mutual funds			15.9			15.9			—			—
Money market funds			8.6			8.6			—			—
Total Assets		$	92.4		$	92.4		$	—		$	—
Liabilities:
Contingent consideration liabilities		$	32.7		$	—		$	—		$	32.7
Total Liabilities		$	32.7		$	—		$	—		$	32.7

Schedule of fair value hierarchy of financial instruments held

The following table presents the Company’s fair value hierarchy for certain assets and liabilities held by the Company, with the exception of debt which is presented at its carrying value, as of December 31, 2021 and 2020 (in millions):


		December 31, 2021
		Total			Level 1			Level 2			Level 3
Assets:
U.S. Treasury securities		$	9.1		$	9.1		$	—		$	—
Deferred compensation plan assets			28.0			28.0			—			—
Total assets		$	37.1		$	37.1		$	—		$	—
Liabilities:
Contingent consideration liabilities		$	70.5		$	—		$	—		$	70.5
Deferred compensation plan liabilities			28.0			28.0			—			—
Debt			1,299.3			—			1,299.3			—
Total liabilities		$	1,397.8		$	28.0		$	1,299.3		$	70.5


		December 31, 2020
		Total			Level 1			Level 2			Level 3
Assets:
U.S. Treasury securities		$	67.9		$	67.9		$	—		$	—
Deferred compensation plan assets			24.5			24.5			—			—
Total assets		$	92.4		$	92.4		$	—		$	—
Liabilities:
Contingent consideration liabilities		$	32.7		$	—		$	—		$	32.7
Deferred compensation plan liabilities			24.5			24.5			—			—
Debt			1,319.1			—			1,319.1			—
Total liabilities		$	1,376.3		$	24.5		$	1,319.1		$	32.7

Schedule of fair value of debt obligation

The fair values of the Company’s debt obligations for 2021 and 2020 were as follows (in millions):


		Fair Value
		December 31, 2021			December 31, 2020
Term Loan Agreement		$	160.1		$	70.0
3.650% Senior Notes			702.6			744.0
1.625% Senior Notes			470.9			505.1

Summary of changes in the fair value of Level 3 financial liabilities


		Level 3 Financial Liabilities for the Year Ended December 31, 2021
		Balance at			Realized (gains)									Foreign
		Beginning of			losses during									Currency			Balance at
		Period			period			Additions			Settlements			Translation			End of Period
Liabilities
Contingent consideration liabilities		$	32.7		$	(2.7)		$	49.6		$	(9.1)		$	—		$	70.5
Total Liabilities		$	32.7		$	(2.7)		$	49.6		$	(9.1)		$	—		$	70.5


		Level 3 Financial Liabilities for the Year Ended December 31, 2020
		Balance at			Realized (gains)									Foreign
		Beginning of			losses during									Currency			Balances at
		Period			period			Additions			Settlements			Translation			End of Period
Liabilities
Contingent consideration liabilities		$	2.2		$	—		$	32.7		$	(2.2)		$	—		$	32.7
Total Liabilities		$	2.2		$	—		$	32.7		$	(2.2)		$	—		$	32.7