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Fair Value Measurements (Tables)

3 Months Ended

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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Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

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