XML 59 R21.htm IDEA: XBRL DOCUMENT
v3.25.1

FAIR VALUE MEASUREMENT | 3 Months Ended
--- | ---
Mar. 31, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk. The Company applied FASB Accounting Standards Codification (“ASC”) 820 — Fair Value Measurement, which provides guidance for using fair value to measure assets and liabilities by defining fair value and establishing the framework for measuring fair value. ASC 820 applies to financial and nonfinancial instruments that are measured and reported on a fair value basis. The three-level hierarchy of fair value measurements is based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The fair value hierarchy requires the use of observable market data when available and consists of the following levels: •Level 1—Unadjusted inputs based on quoted markets for identical assets or liabilities. •Level 2—Observable inputs, either direct or indirect, not including Level 1 measurements, corroborated by market data or based upon quoted prices in non-active markets. •Level 3—Unobservable inputs that reflect management’s best assumptions of what market participants would use in valuing the asset or liability. The Company has included a tabular disclosure for financial assets and liabilities that are measured at fair value on a recurring basis in the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively. 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, 2025 and December 31, 2024 (in millions):
| March 31, 2025
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
U.S. Treasury securities (1) | $ | 78.0 |  |  | $ | 78.0 |  |  | $ | — |  |  | $ | — |
Marketable securities (1): |  |  |  |  |  |  |
Mutual funds | 22.9 |  |  | 22.9 |  |  | — |  |  | — |
Money market funds | 5.0 |  |  | 5.0 |  |  | — |  |  | — |
Note receivable - building sale (2) | 6.3 |  |  | — |  |  | — |  |  | 6.3 |
Total assets | $ | 112.2 |  |  | $ | 105.9 |  |  | $ | — |  |  | $ | 6.3 |
| December 31, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
U.S. Treasury securities (1) | $ | 70.0 |  |  | $ | 70.0 |  |  | $ | — |  |  | $ | — |
Marketable securities (1): |  |  |  |  |  |  |
Mutual funds | 23.8 |  |  | 23.8 |  |  | — |  |  | — |
Money market funds | 16.5 |  |  | 16.5 |  |  | — |  |  | — |
Note receivable - building sale (2) | 6.2 |  |  | — |  |  | — |  |  | 6.2 |
Total assets | $ | 116.5 |  |  | $ | 110.3 |  |  | $ | — |  |  | $ | 6.2 |
___________________________ (1)These amounts are reflected within financial investments in the condensed consolidated balance sheets. (2)This amount is reflected within other assets, net in the condensed consolidated balance sheets. The following is a description of the Company’s valuation methodologies used for instruments measured at fair value on a recurring basis: Financial Investments Financial investments consist of highly liquid U.S. Treasury securities, and marketable securities held in a trust for the Company’s non-qualified retirement and benefit plans, also referred to as deferred compensation plan assets. The deferred compensation plan assets have an equal and offsetting deferred compensation plan liability based on the value of the deferred compensation plan assets. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers and therefore categorized as Level 1. No material adjustments were made to the carrying value of financial investments for the period ended March 31, 2025. See Note 15 (“Employee Benefit Plans”) for more information. Note Receivable – Building Sale The sale of the Company's former headquarters, including associated land, building, and certain furniture and equipment of the former headquarters location (the "Property"), was completed on June 28, 2024. In connection with the sale, the Company provided seller financing to the purchaser of the Property (the "Purchaser") in the form of a secured promissory note for a portion of the purchase price of the Property. The total purchase price of the Property was $12.0 million and was comprised of $5.0 million cash and $7.0 million of seller financing. The $7.0 million in seller financing is in the form of a secured promissory note receivable to be repaid with an interest rate of 4.0% per annum, payable quarterly in arrears. The loan principal shall be repaid to the Company upon the earlier of the following: (a) the second anniversary of the closing date of the sale of the Property or (b) the closing of a sale of the Property by the Purchaser to a third party who is not related to the Purchaser. The Company accrues interest income monthly based on the agreed upon principal amount and interest rate. The Company has elected the fair value option available under ASC 825 for this note and subsequent changes in fair value are reported in other income, net on the condensed consolidated statements of income. The fair value is calculated using the initial projected amortization schedule, credit risk assumptions, and implied interest rates for similar instruments. These inputs are considered Level 3 in the fair value hierarchy. The note is within other assets, net on the condensed consolidated balance sheet as of March 31, 2025. The fair value option was not elected for other notes receivable described in Note 7 (“Other Assets, Net”) due to uncertain payment terms and credit and legal risks as described in Note 6 (“Credit Losses”). The note receivable related to the building sale was not 90 days or more past due or in non-accrual status as of March 31, 2025. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets, such as goodwill and intangible assets, are measured at fair value on a non-recurring basis. For goodwill, the process involves using a market approach and income approach (using discounted estimated cash flows) to determine the fair value of each reporting unit on a stand-alone basis. That fair value is compared to the carrying value of the reporting unit, including its recorded goodwill. In connection with the annual impairment evaluation of goodwill and indefinite lived intangibles, impairment is considered to have occurred if the fair value of the reporting unit is lower than the carrying value of the reporting unit. For equity method investments and intangible assets, other than digital assets held, the process also involves using a discounted cash flow method to determine the fair value of each asset. Impairment is considered to have occurred if the fair value of the asset is lower than its carrying value. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired. Equity investments without readily determinable fair values that are valued using the measurement alternative are measured at fair value on a non-recurring basis. No observable transactions or impairments impacted the measurements of the investments accounted for as other equity investments. See Note 4 (“Investments”) for more information. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired. Fair Value of Assets and Liabilities The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of March 31, 2025 and December 31, 2024 (in millions):
| March 31, 2025
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
U.S. Treasury securities (1) | $ | 78.0 |  |  | $ | 78.0 |  |  | $ | — |  |  | $ | — |
Deferred compensation plan assets (1) | 27.9 |  |  | 27.9 |  |  | — |  |  | — |
Note receivable - building sale (2) | 6.3 |  |  | — |  |  | — |  |  | 6.3 |
Total assets | $ | 112.2 |  |  | $ | 105.9 |  |  | $ | — |  |  | $ | 6.3 |
Liabilities: |  |  |  |  |  |  |
Deferred compensation plan liabilities (3) | $ | 27.9 |  |  | $ | 27.9 |  |  | $ | — |  |  | $ | — |
Debt (4) | 1,335.4 |  |  | — |  |  | 1,335.4 |  |  | — |
Total liabilities | $ | 1,363.3 |  |  | $ | 27.9 |  |  | $ | 1,335.4 |  |  | $ | — |
| December 31, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
U.S. Treasury securities (1) | $ | 70.0 |  |  | $ | 70.0 |  |  | $ | — |  |  | $ | — |
Deferred compensation plan assets (1) | 40.3 |  |  | 40.3 |  |  | — |  |  | — |
Note receivable - building sale (2) | 6.2 |  |  | — |  |  | — |  |  | 6.2 |
Total assets | $ | 116.5 |  |  | $ | 110.3 |  |  | $ | — |  |  | $ | 6.2 |
Liabilities: |  |  |  |  |  |  |
Deferred compensation plan liabilities (3) | $ | 40.3 |  |  | $ | 40.3 |  |  | $ | — |  |  | $ | — |
Debt (4) | 1,317.0 |  |  | — |  |  | 1,317.0 |  |  | — |
Total liabilities | $ | 1,357.3 |  |  | $ | 40.3 |  |  | $ | 1,317.0 |  |  | $ | — |
___________________________ (1)These amounts are reflected within financial investments in the condensed consolidated balance sheets. (2)This amount is reflected within other assets, net in the condensed consolidated balance sheets. (3)These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets. (4)These balances are presented at fair value in this table, but are carried at their historical value within the condensed consolidated balance sheets. Certain financial assets and liabilities, including cash and cash equivalents, accounts receivable, income tax receivable, accounts payable and Section 31 fees payable, and certain notes receivable are not measured at fair value on a recurring basis, but the carrying values approximate fair value due to their liquid or short-term nature. Debt The debt balance consists of fixed rate Senior Notes. The fair values of the Senior Notes are classified as Level 2 under the fair value hierarchy and are estimated using prevailing market quotes. At March 31, 2025 and December 31, 2024, the fair values of the Company’s debt obligations were as follows (in millions):
| Fair Value
| March 31, 2025 |  | December 31, 2024
3.650% Senior Notes | $ | 643.1 |  |  | $ | 638.4 |
1.625% Senior Notes | 425.2 |  |  | 416.2 |
3.000% Senior Notes | 267.1 |  |  | 262.4 |
Information on Level 3 Financial Assets and Liabilities The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial assets and liabilities during the three months ended March 31, 2025 (in millions):
| Level 3 Financial Assets and Liabilities for the Three Months Ended March 31, 2025
| Balance at Beginning of Period |  | Gains during Period |  | Adjustments |  | Additions |  | Settlements |  | Foreign Currency Translation |  | Balance at End of Period
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Note receivable - building sale | $ | 6.2 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6.3 |
Total assets | $ | 6.2 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6.3 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration