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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value and carrying value of our debt are presented in the following table.
(in millions) | March 31, 2023 |  | December 31, 2022
Long-term debt, fair value | $ | 360.1 |  |  | 360.9 |
Long-term debt, carrying value, net of debt issuance costs | 379.2 |  |  | 372.8 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
| March 31, 2023 |  | December 31, 2022
(in millions) | Level 1 | Level 2 | Level 3 |  | Level 1 | Level 2 | Level 3
Assets |  |  |  |  |  |  |
Investments - fair value | $ | 55.5 |  | — |  | 466.5 |  |  | 58.3 |  | — |  | 452.0 |
Foreign currency forward contracts receivable | — |  | 4.9 |  | — |  |  | — |  | 3.7 |  | — |
Warehouse receivables | — |  | 881.6 |  | — |  |  | — |  | 463.2 |  | — |
Deferred compensation plan assets | — |  | 551.3 |  | — |  |  | — |  | 517.9 |  | — |
Mortgage banking derivative assets | — |  | — |  | 155.2 |  |  | — |  | — |  | 190.2 |
Total assets at fair value | $ | 55.5 |  | 1,437.8 |  | 621.7 |  |  | 58.3 |  | 984.8 |  | 642.2 |
Liabilities |  |  |  |  |  |  |
Foreign currency forward contracts payable | $ | — |  | 3.9 |  | — |  |  | — |  | 4.8 |  | — |
Deferred compensation plan liabilities | — |  | 507.9 |  | — |  |  | — |  | 485.4 |  | — |
Earn-out liabilities | — |  | — |  | 73.1 |  |  | — |  | — |  | 73.2 |
Mortgage banking derivative liabilities | — |  | — |  | 142.4 |  |  | — |  | — |  | 169.5 |
Total liabilities at fair value | $ | — |  | 511.8 |  | 215.5 |  |  | — |  | 490.2 |  | 242.7 |
Foreign currency forward contracts, gross notional value and net basis | The following table details the gross notional value and net basis of these contracts.
(in billions) | March 31, 2023 |  | December 31, 2022
Foreign currency forward contracts, gross notional value | $ | 1.79 |  |  | 1.81 |
Foreign currency forward contracts, net basis | 0.90 |  |  | 1.02 |
Schedule of Foreign Exchange Contracts, Statement of Financial Position | The outstanding balances of these contracts are presented in the following table.
(in millions) | March 31, 2023 |  | December 31, 2022
Net asset, receivable positions | $ | 6.7 |  |  | 7.7 |
Net asset, payable positions | (1.8) |  |  | (4.0) |
Foreign currency forward contracts receivable | $ | 4.9 |  |  | 3.7 |
Net liability, receivable positions | $ | (1.5) |  |  | (1.6) |
Net liability, payable positions | 5.4 |  |  | 6.4 |
Foreign currency forward contracts payable | $ | 3.9 |  |  | 4.8 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). For the comparative period, we have reclassified certain investments previously reported as NAV investments to Level 3 to conform with current presentation.
(in millions) | Balance as of December 31, 2022 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements |  |  | Balance as of March 31, 2023
Investments | $ | 452.0 |  | 4.9 |  | 0.5 |  | 9.1 |  | — |  |  |  | $ | 466.5 |
Mortgage banking derivative assets and liabilities, net | 20.7 |  | (5.0) |  | — |  | 31.1 |  | (34.0) |  |  |  | 12.8 |
Earn-out liabilities | 73.2 |  | — |  | 0.2 |  | — |  | (0.3) |  |  |  | 73.1 |
(in millions) | Balance as of December 31, 2021 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements |  |  | Balance as of March 31, 2022
Investments | $ | 303.5 |  | 17.2 |  | — |  | 23.5 |  | — |  |  |  | $ | 344.2 |
Mortgage banking derivative assets and liabilities, net | 21.9 |  | 20.4 |  | — |  | 37.6 |  | (42.8) |  |  |  | 37.1 |
Earn-out liabilities | 84.1 |  | (0.7) |  | (0.1) |  | 2.0 |  | (5.8) |  |  |  | 79.5 |
(1) CTA: Currency translation adjustments
Fair Value, Qualitative Disclosures About Assets and Liabilities using Unobservable Inputs | Net change in fair value, included in the tables above, is reported in Net income as follows.
Category of Assets/Liabilities using Unobservable Inputs | Condensed Consolidated Statements of Comprehensive Income Account Caption
Earn-out liabilities (Short-term and Long-term) | Restructuring and acquisition charges
Investments | Equity earnings
Other current assets - Mortgage banking derivative assets | Revenue
Other current liabilities - Mortgage banking derivative liabilities | Revenue

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