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Financial Instruments − Fair Value and Concentrations of Credit Risk (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis, as classified within the three-level fair value hierarchy:

(in millions)			Fair Value Hierarchy						June 30, 2024						December 31, 2023
Assets:
Money market mutual funds(1)			1						$	44.1					$	25.5
U.S. Treasury bills(1)			2						—						10.4
Investment securities, current:
Debt securities:
U.S. treasury notes			2						$	395.1					$	378.6
Corporate debt securities			2						1,197.6						1,068.8
Municipal bonds			2						65.4						65.7
Asset-backed securities			2						671.2						581.6
Mortgage-backed securities			2						993.2						927.4
Total									$	3,322.5					$	3,022.1
Investment securities, non-current:
Debt securities			2						$	27.4					$	28.4
Mutual fund			1						25.4						25.5
Pooled investment fund measured at NAV(2)									12.9						12.9
Total									$	65.7					$	66.8
Executive deferred compensation plan trust(3)			1						$	15.6					$	13.7
Liabilities
Contingent consideration(4)			3						$	125.1					$	186.2

(1)The fair value is recorded in cash and cash equivalents.

(2)The fair value of this security is measured at NAV as a practical expedient and has not been classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets.

(3)The fair value is recorded as current or long-term based on the timing of the Company’s executive deferred compensation plan payment obligations. At June 30, 2024, $1.4 million and $14.2 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2023, $1.7 million and $12.0 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively.

(4)The fair value is recorded as current or long-term based on the timing of expected payments. At June 30, 2024, $64.8 million and $60.3 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively. At December 31, 2023, $64.5 million and $121.7 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively.

The fair value of the Company’s financial instruments, which are measured and reported at carrying value, is as follows for the periods indicated:

						June 30, 2024												December 31, 2023
(in millions)						Carrying value						Fair value						Carrying value						Fair value
Term A Loans(1)						$	—					$	—					$	843.9					**
Term A-1 Loans(1)						888.8						**						—						—
Term B Loans(1)						—						—						1,402.3						**
Term B-1 Loans(1)						1,395.1						**						—						—
Outstanding borrowings on Revolving Credit Facility(1)						756.3						**						662.0						**
Contractual deposits with maturities in excess of one year(2)						—						—						129.8						**

**     Fair value approximates carrying value.

(1)The Company determines the fair value of borrowings on the Revolving Credit Facility and Term Loans based on market rates for the issuance of the Company’s debt, which are Level 2 inputs in the fair value hierarchy.

(2)The Company determines the fair value of its contractual deposits with maturities in excess of one year using current market interest rates for deposits of similar remaining maturities, which are Level 2 inputs in the fair value hierarchy.

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in the contingent consideration derivative liability are measured at fair value on a recurring basis using unobservable inputs (Level 3 in the fair value hierarchy) and are as follows for the periods indicated:

			Three Months Ended												Six Months Ended
(in millions)			June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
Contingent consideration - beginning of period			$	123.4					$	179.5					$	186.2					$	206.4
Payments of contingent consideration (1)			—						—						(64.5)						(28.7)
Change in fair value of contingent consideration			1.7						1.2						3.4						3.0
Contingent consideration - end of period			$	125.1					$	180.7					$	125.1					$	180.7

(1)The Company has presented $27.2 million of the payment made during the six months ended June 30, 2023, which represents the fair value of the contingent consideration at acquisition date, within net cash provided by financing activities in the condensed consolidated statement of cash flows. The remainder of the prior year payment, as well as the entirety of the current year payment, has been included in net cash (used for) provided by operating activities (specifically within net change in operating assets and liabilities, net of effects of business acquisitions).

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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No definition available.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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