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FAIR VALUE MEASUREMENT
 9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2025 and December 31, 2024 (in millions):
September 30, 2025
TotalLevel 1Level 2Level 3
Assets:
U.S. Treasury securities (1)$0.3 $0.3 $— $— 
Marketable securities (1):
Mutual funds26.8 26.8 — — 
Money market funds7.1 7.1 — — 
Note receivable - building sale (2)6.6 — — 6.6 
Total assets$40.8 $34.2 $— $6.6 
December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
U.S. Treasury securities (1)$70.0 $70.0 $— $— 
Marketable securities (1):
Mutual funds23.8 23.8 — — 
Money market funds16.5 16.5 — — 
Note receivable - building sale (3)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 current assets, net in the condensed consolidated balance sheets.
(3)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 September 30, 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 total 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. The initial adjustment in fair value was recognized in other income (expense), net and subsequent changes in fair value are reported in interest income 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 current assets on the condensed consolidated balance sheet as of September 30, 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 September 30, 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, other than those described in Note 4 (“Investments”). These measurements are considered Level 3 and these assets are recognized at fair value.
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 September 30, 2025 and December 31, 2024 (in millions):
September 30, 2025
Total Level 1 Level 2 Level 3
Assets:
U.S. Treasury securities (1)$0.3 $0.3 $— $— 
Deferred compensation plan assets (1)33.9 33.9 — — 
Note receivable - building sale (2)6.6 — — 6.6 
Total assets$40.8 $34.2 $— $6.6 
Liabilities:
Deferred compensation plan liabilities (3)$33.9 $33.9 $— $— 
Debt (4)1,363.3 — 1,363.3 — 
Total liabilities$1,397.2 $33.9 $1,363.3 $— 
December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
U.S. Treasury securities (1)$70.0 $70.0 $— $— 
Deferred compensation plan assets (1)40.3 40.3 — — 
Note receivable - building sale (5)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 current assets 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.
(5)This amount is reflected within other assets, net in the condensed consolidated balance sheets.
Certain financial assets and liabilities, including cash and cash equivalents, accounts receivable, income tax receivable, margin deposits, clearing funds, and interoperability funds, accounts payable, 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 September 30, 2025 and December 31, 2024, the fair values of the Company’s debt obligations were as follows (in millions):
September 30, 2025December 31, 2024
3.650% Senior Notes
$646.7 $638.4 
1.625% Senior Notes
439.7 416.2 
3.000% Senior Notes
276.9 262.4 
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 and nine months ended September 30, 2025 (in millions):
Level 3 Financial Assets for the Three Months Ended September 30, 2025
Balance at
Beginning of
Period		Gains during
Period		AdjustmentsAdditionsSettlementsForeign
Currency
Translation		Balance at
End of
Period
Assets:
Note receivable - building sale$6.4 $0.2 $— $— $— $— $6.6 
Total assets$6.4 $0.2 $— $— $— $— $6.6 
Level 3 Financial Assets for the Nine Months Ended September 30, 2025
Balance at
Beginning of
Period		Gains during
Period		AdjustmentsAdditionsSettlementsForeign
Currency
Translation		Balance at
End of
Period
Assets:
Note receivable - building sale$6.2 $0.4 $— $— $— $— $6.6 
Total assets$6.2 $0.4 $— $— $— $— $6.6