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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 |  | December 31, 2023
Long-term debt, fair value | $ | 795.2 |  |  | 798.1 |
Long-term debt, carrying value, net of debt issuance costs | 770.2 |  |  | 779.3 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.
| March 31, 2024 |  | December 31, 2023
(in millions) | Level 1 | Level 2 | Level 3 |  | Level 1 | Level 2 | Level 3
Assets |  |  |  |  |  |  |
Investments - fair value | $ | 49.0 |  | — |  | 369.7 |  |  | 51.7 |  | — |  | 367.3 |
Foreign currency forward contracts receivable | — |  | 3.8 |  | — |  |  | — |  | 12.5 |  | — |
Warehouse receivables | — |  | 322.4 |  | — |  |  | — |  | 677.4 |  | — |
Deferred compensation plan assets | — |  | 627.1 |  | — |  |  | — |  | 604.3 |  | — |
Mortgage banking derivative assets | — |  | — |  | 139.3 |  |  | — |  | — |  | 128.0 |
Total assets at fair value | $ | 49.0 |  | 953.3 |  | 509.0 |  |  | 51.7 |  | 1,294.2 |  | 495.3 |
Liabilities |  |  |  |  |  |  |
Foreign currency forward contracts payable | $ | — |  | 10.3 |  | — |  |  | — |  | 8.8 |  | — |
Deferred compensation plan liabilities | — |  | 589.9 |  | — |  |  | — |  | 576.1 |  | — |
Earn-out liabilities | — |  | — |  | 46.7 |  |  | — |  | — |  | 57.5 |
Mortgage banking derivative liabilities | — |  | — |  | 120.4 |  |  | — |  | — |  | 117.7 |
Total liabilities at fair value | $ | — |  | 600.2 |  | 167.1 |  |  | — |  | 584.9 |  | 175.2 |
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, 2024 |  | December 31, 2023
Foreign currency forward contracts, gross notional value | $ | 2.10 |  |  | 2.07 |
Foreign currency forward contracts, net basis | 1.16 |  |  | 1.21 |
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, 2024 |  | December 31, 2023
Net asset, receivable positions | $ | 6.4 |  |  | 15.2 |
Net asset, payable positions | (2.6) |  |  | (2.7) |
Foreign currency forward contracts receivable | $ | 3.8 |  |  | 12.5 |
Net liability, receivable positions | $ | (0.9) |  |  | (3.2) |
Net liability, payable positions | 11.2 |  |  | 12.0 |
Foreign currency forward contracts payable | $ | 10.3 |  |  | 8.8 |
Schedule of Deferred Compensation Plan Components [Table] | The components of the plan are presented in the following table.
(in millions) | March 31, 2024 |  | December 31, 2023
Deferred compensation plan assets | $ | 627.1 |  |  | 604.3 |
Long-term deferred compensation plan liabilities | 589.9 |  |  | 576.1 |
Shares held in trust | 10.3 |  |  | 10.4 |
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).
(in millions) |  |  |  |  |  |  |  |
(in millions) |  |  |  |  |  |  |  |
(in millions) | Balance as of December 31, 2023 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in |  | Balance as of March 31, 2024
Investments | $ | 367.3 |  | (1.1) |  | (0.2) |  | 0.5 |  | — |  | 3.2 |  |  | $ | 369.7 |
Mortgage banking derivative assets and liabilities, net | 10.3 |  | 8.7 |  | — |  | 23.8 |  | (23.9) |  | — |  |  | 18.9 |
Earn-out liabilities | 57.5 |  | (10.5) |  | — |  | — |  | (0.3) |  | — |  |  | 46.7 |
(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 |
(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 losses
Other current assets - Mortgage banking derivative assets | Revenue
Other current liabilities - Mortgage banking derivative liabilities | Revenue

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