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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Rollforward of Allowance for Doubtful Accounts

We have an allowance for expected credit losses recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, age of receivables, market conditions, and a specific review for expected credit losses. Items that affect this balance mainly include provision for expected credit losses and the write-off of accounts receivable balances.

Changes in allowance for expected credit losses are as follows:


	Balance at Beginning of Year		Bad Debt Expense		Write-Offs				Translation Adjustments			Reclassifications and Other			Balance at End of Year

2024	$	99.2	$	9.0	$	(35.6	)	(a)	$	(5.0	)	$	—		$	67.6
2023		109.3		5.4		(18.2	)			2.7			—			99.2
2022		121.6		6.2		(12.4	)			(5.8	)		(0.3	)		109.3

(a)

Includes a $24.7 bad debt write-off in Italy to secure tax benefits.

Schedule of Changes in Restructuring Reserve

Changes in the restructuring reserve by reportable segment and Corporate are shown below:


	Americas(a)			Southern Europe(b)			Northern Europe			APME			Corporate			Total

Balance, December 31, 2022	$	1.0		$	1.0		$	11.0		$	0.2		$	—			13.2
Severance costs		11.5			11.3			87.4			3.3			0.4			113.9
Other costs		—			2.3			33.0			—			—			35.3
Costs paid		(7.7	)		(8.7	)		(52.5	)		(3.1	)		(0.4	)		(72.4	)
Balance, December 31, 2023	$	4.8		$	5.9		$	78.9		$	0.4		$	—		$	90.0
Severance costs		8.6			5.4			28.8			2.8			1.9			47.5
Lease costs(c)		0.5			0.1			2.8			—			—			3.4
Other costs		0.1			0.8			1.8			—			—			2.7
Non-cash charges		(0.5	)		(0.1	)		(2.8	)		—			—			(3.4	)
Costs paid		(7.8	)		(7.7	)		(77.4	)		(0.8	)		—			(93.7	)
Balance, December 31, 2024	$	5.7		$	4.4		$	32.1		$	2.4		$	1.9		$	46.5

(a)

Balance related to United States was $0.6 as of December 31, 2022. In 2023, United States incurred $7.7 for severance costs and paid $4.6, leaving a $3.7 liability as of December 31, 2023. In 2024, United States incurred $6.0 for severance costs, $0.1 for other costs and paid $5.8, leaving a $4.0 liability as of December 31, 2024.

(b)

France had a $0.9 liability as of December 31, 2022. In 2023, France incurred $2.1 for severance costs, $0.4 for other costs and paid $0.9, leaving a $2.5 liability as of December 31, 2023. In 2024, France incurred $1.3 for severance costs, $0.5 for other costs and paid $3.1, leaving a $1.2 liability as of December 31, 2024. As of December 31, 2022 Italy had no restructuring liability. In 2023, Italy incurred $1.6 for severance costs and paid $0.6, leaving a $1.0 liability as of December 31, 2023. In 2024, Italy incurred $1.9 for severance costs, $0.1 for other costs and paid $1.0, leaving a $2.0 liability as of December 31, 2024.

(c)

Liabilities related to exited leased facilities are recorded within our short-term and long-term operating lease liabilities within our Consolidated Balance Sheets.

Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis

The assets and liabilities measured and recorded at fair value on a recurring basis were as follows:


	Fair Value Measurements Using								Fair Value Measurements Using


	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Assets
Deferred compensation plan assets	$	165.4	$	165.4	$	—	$	—	$	144.2	$	144.2	$	—	$	—
Cross-currency swaps		10.3		—		10.3		—		31.7		—		31.7		—
Foreign currency forward contracts		—		—		—		—		6.7		—		6.7		—
	$	175.7	$	165.4	$	10.3	$	—	$	182.6	$	144.2	$	38.4	$	—
Liabilities
Cross-currency swaps	$	37.0	$	—	$	37.0	$	—	$	73.3	$	—	$	73.3	$	—
Foreign currency forward contracts		0.7		—		0.7		—		2.3		—		2.3		—
	$	37.7	$	—	$	37.7	$	—	$	75.6	$	—	$	75.6	$	—

Our

Schedule of Goodwill, Finite-Lived Intangible Assets and Indefinite-Lived Intangible Assets

We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows:


	December 31, 2024						December 31, 2023


	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net

Goodwill(a)	$	1,563.4	$	—	$	1,563.4	$	1,586.8	$	—	$	1,586.8
Intangible assets:
Finite-lived:
Customer relationships	$	814.2	$	509.1	$	305.1	$	824.9	$	486.0	$	338.9
Other		24.4		21.3		3.1		21.5		21.2	$	0.3
		838.6		530.4		308.2		846.4		507.2		339.2
Indefinite-lived:
Tradenames(b)		52.0		—		52.0		52.0		—		52.0
Reacquired franchise rights		125.9		—		125.9		128.4		—		128.4
		177.9		—		177.9		180.4		—		180.4
Total intangible assets	$	1,016.5	$	530.4	$	486.1	$	1,026.8	$	507.2	$	519.6

(a)

Balances were net of accumulated impairment loss of $749.3 as of both December 31, 2024 and 2023.

(b)

Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2024 and 2023.

Summary of Property and Equipment

A summary of property and equipment as of December 31 is as follows:


	2024		2023

Land	$	0.4	$	0.4
Buildings		6.0		6.4
Furniture, fixtures, and autos		145.6		148.5
Computer equipment		106.1		127.3
Leasehold improvements		230.1		243.9
Property and equipment	$	488.2	$	526.5