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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
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) | September 30, 2025 |  | December 31, 2024
Long-term debt, fair value | $ | 840.2 |  |  | 785.2 |
Long-term debt, carrying value, net of debt issuance costs | 806.1 |  |  | 756.7 |
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.
| September 30, 2025 |  | December 31, 2024
(in millions) | Level 1 | Level 2 | Level 3 |  | Level 1 | Level 2 | Level 3
Assets |  |  |  |  |  |  |
Investments - fair value | $ | 45.9 |  | — |  | 309.0 |  |  | 43.8 |  | — |  | 330.3 |
Foreign currency forward contracts receivable | — |  | 0.6 |  | — |  |  | — |  | 4.9 |  | — |
Warehouse receivables | — |  | 1,014.7 |  | — |  |  | — |  | 770.7 |  | — |
Deferred compensation plan assets | — |  | 716.0 |  | — |  |  | — |  | 664.0 |  | — |
Mortgage banking derivative assets | — |  | — |  | 43.1 |  |  | — |  | — |  | 161.1 |
Total assets at fair value | $ | 45.9 |  | 1,731.3 |  | 352.1 |  |  | 43.8 |  | 1,439.6 |  | 491.4 |
Liabilities |  |  |  |  |  |  |
Foreign currency forward contracts payable | $ | — |  | 6.9 |  | — |  |  | — |  | 13.9 |  | — |
Deferred compensation plan liabilities | — |  | 699.0 |  | — |  |  | — |  | 658.4 |  | — |
Earn-out liabilities | — |  | — |  | 16.1 |  |  | — |  | — |  | 35.8 |
Mortgage banking derivative liabilities | — |  | — |  | 28.4 |  |  | — |  | — |  | 67.3 |
Total liabilities at fair value | $ | — |  | 705.9 |  | 44.5 |  |  | — |  | 672.3 |  | 103.1 |
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) | September 30, 2025 |  | December 31, 2024
Foreign currency forward contracts, gross notional value | $ | 2.24 |  |  | 2.21 |
Foreign currency forward contracts, net basis | 1.24 |  |  | 1.08 |
Schedule of Foreign Exchange Contracts, Statement of Financial Position | The outstanding balances of these contracts are presented in the following table.
(in millions) | September 30, 2025 |  | December 31, 2024
Net asset, receivable positions | $ | 1.5 |  |  | 5.4 |
Net asset, payable positions | (0.9) |  |  | (0.5) |
Foreign currency forward contracts receivable | $ | 0.6 |  |  | 4.9 |
Net liability, receivable positions | $ | (0.3) |  |  | (1.9) |
Net liability, payable positions | 7.2 |  |  | 15.8 |
Foreign currency forward contracts payable | $ | 6.9 |  |  | 13.9 |
Schedule of Deferred Compensation Plan Components [Table] | The components of the plan are presented in the following table.
(in millions) | September 30, 2025 |  | December 31, 2024
Deferred compensation plan assets | $ | 716.0 |  |  | 664.0 |
Long-term deferred compensation plan liabilities | 699.0 |  |  | 658.4 |
Shares held in trust | 12.2 |  |  | 11.8 |
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).
(in millions) | Balance as of June 30, 2025 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in (out) |  | Balance as of September 30, 2025
Investments | $ | 293.1 |  | 15.4 |  | (0.3) |  | 0.8 |  | — |  | — |  |  | $ | 309.0 |
Mortgage banking derivative assets and liabilities, net | 19.9 |  | 3.4 |  |  | 52.9 |  | (61.5) |  |  |  | 14.7 |
Earn-out liabilities | 19.1 |  | 0.4 |  | (0.1) |  | — |  | (3.3) |  | — |  |  | 16.1 |
(in millions) | Balance as of June 30, 2024 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in (out) |  | Balance as of September 30, 2024
Investments | $ | 367.8 |  | 9.5 |  | 1.5 |  | — |  | — |  | — |  |  | $ | 378.8 |
Mortgage banking derivative assets and liabilities, net | 31.7 |  | 17.3 |  | — |  | 32.8 |  | (56.1) |  | — |  |  | 25.7 |
Earn-out liabilities | 53.7 |  | (20.9) |  | 0.2 |  | 2.4 |  | (0.2) |  | — |  |  | 35.2 |
(in millions) | Balance as of December 31, 2024 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in (out) |  | Balance as of September 30, 2025
Investments | $ | 330.3 |  | (29.8) |  | 1.8 |  | 6.8 |  | (0.1) |  | — |  |  | $ | 309.0 |
Mortgage banking derivative assets and liabilities, net | 93.8 |  | 20.4 |  | — |  | 117.8 |  | (217.3) |  | — |  |  | 14.7 |
Earn-out liabilities | 35.8 |  | (3.1) |  | 0.3 |  | 0.2 |  | (15.4) |  | (1.7) |  |  | 16.1 |
(in millions) | Balance as of December 31, 2023 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in (out)(2) |  | Balance as of September 30, 2024
Investments | $ | 367.3 |  | (0.9) |  | 1.2 |  | 2.8 |  | — |  | 8.4 |  |  | $ | 378.8 |
Mortgage banking derivative assets and liabilities, net | 10.3 |  | 45.5 |  | — |  | 78.9 |  | (109.0) |  | — |  |  | 25.7 |
Earn-out liabilities | 57.5 |  | (33.5) |  | 0.2 |  | 13.4 |  | (2.2) |  | (0.2) |  |  | 35.2 |
(1) CTA: Currency translation adjustments (2) Transfers in for Investments: Notes receivable (inclusive of accrued interest) converted to unconsolidated equity investments and were classified as a Level 3 investment immediately.
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 | Consolidated Statements of Comprehensive Income Account Caption
Earn-out liabilities (short-term and long-term) | Restructuring and acquisition charges
Investments | Equity earnings/losses
Other current assets - Mortgage banking derivative assets | Revenue
Other current liabilities - Mortgage banking derivative liabilities | Revenue

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