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FAIR VALUE MEASUREMENT (Tables)
3 Months Ended
Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (in millions):

March 31, 2022

    

Total

    

Level 1

    

Level 2

    

Level 3

Assets:

U.S. Treasury securities

$

21.3

$

21.3

$

$

Marketable securities:

Mutual funds

17.4

17.4

Money market funds

 

10.0

 

10.0

 

 

Total assets

$

48.7

$

48.7

$

$

Liabilities:

Contingent consideration liabilities

$

53.3

$

$

$

53.3

Total liabilities

$

53.3

$

$

$

53.3

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

Schedule of fair value hierarchy of financial instruments held

The following tables present 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 March 31, 2022 and December 31, 2021 (in millions):

March 31, 2022

    

Total

    

Level 1

    

Level 2

    

Level 3

Assets:

U.S. Treasury securities

$

21.3

$

21.3

$

$

Deferred compensation plan assets

27.4

27.4

Total assets

$

48.7

$

48.7

$

$

Liabilities:

Contingent consideration liabilities

$

53.3

$

$

$

53.3

Deferred compensation plan liabilities

27.4

27.4

Debt

 

1,593.6

 

 

1,593.6

 

Total liabilities

$

1,674.3

$

27.4

$

1,593.6

$

53.3

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

Schedule of fair value of debt obligation

At March 31, 2022 and December 31, 2021, the fair values of the Company’s debt obligations were as follows (in millions):

Fair Value

March 31, 2022

December 31, 2021

Term Loan Agreement

$

155.0

$

160.1

3.650% Senior Notes

 

661.7

702.6

1.625% Senior Notes

430.4

470.9

3.000% Senior Notes

300.0

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

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities during the three months ended March 31, 2022 (in millions):

Level 3 Financial Liabilities for the Three Months Ended March 31, 2022

Balance at

Realized (Gains)

Foreign

Balance at

Beginning of

Losses during

Currency

End of

    

Period

    

Period

    

Additions

    

Settlements

Translation

    

Period

Liabilities

Contingent consideration liabilities

 

$

70.5

$

$

 

$

(17.4)

$

0.2

 

$

53.3

Total liabilities

$

70.5

$

$

$

(17.4)

$

0.2

$

53.3