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v3.25.4

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2025
Accounting Policies [Abstract] |
Summary of Rollforward of Allowance for Doubtful Accounts | Changes in allowance for expected credit losses are as follows:
|  | Balance at Beginning of Year |  | Provision for Credit Losses |  | Write-Offs |  | Currency Impact and Other |  | Balance at End of Year |  |
2025 |  | $ | 67.6 |  |  |  | $ | 7.1 |  |  |  | $ | (11.2 | ) |  |  | $ | 10.6 |  |  |  | $ | 74.1 |  |
2024 |  |  | 99.2 |  |  |  |  | 9.0 |  |  |  |  | (35.6 | ) | (a) |  |  | (5.0 | ) |  |  |  | 67.6 |  |
2023 |  |  | 109.3 |  |  |  |  | 5.4 |  |  |  |  | (18.2 | ) |  |  |  | 2.7 |  |  |  |  | 99.2 |  |
(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, 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 |
Severance costs |  |  | 5.1 |  |  |  | 15.4 |  |  |  | 42.1 |  |  |  | 0.1 |  |  |  | (1.2 | ) |  |  | 61.5 |
Lease costs(c) |  |  | 1.1 |  |  |  | — |  |  |  | 1.6 |  |  |  | — |  |  |  | — |  |  |  | 2.7 |
Non-cash charges |  |  | (1.1 | ) |  |  | — |  |  |  | (1.6 | ) |  |  | — |  |  |  | — |  |  |  | (2.7 | )
Costs paid |  |  | (8.1 | ) |  |  | (11.8 | ) |  |  | (50.0 | ) |  |  | (2.3 | ) |  |  | (0.7 | ) |  |  | (72.9 | )
Balance, December 31, 2025 |  | $ | 2.7 |  |  | $ | 8.0 |  |  | $ | 24.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 35.1 |
(a) Balance related to United States was $3.7 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. In 2025, United States incurred $2.6 for severance costs and paid $6.0, leaving a $0.6 li ability as of December 31, 2025. (b) France had a $2.5 liab ility as of December 31, 2023. In 2024, France incur red $1.3 for severance costs, $0.5 for other costs and paid $3.1, leaving a $1.2 liability as of December 31, 2024. In 2025, France incurred $5.0 for severance costs and paid $3.1, leaving a $3.1 liabilit y as of December 31, 2025. As of December 31, 2023, Italy had a $1.0 liability. In 2024, I taly incurred $1.9 for severance costs, $0.1 for other costs and paid $1.0, leaving a $2.0 lia bility as of December 31, 2024. In 2025, Italy incurred $0.4 f or severance costs and paid $1.8, leaving a $0.6 liability as of December 31, 2025. (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, 2025 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | December 31, 2024 |  |  | 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 |  | $ | 188.6 |  |  | $ | 188.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 165.4 |  |  | $ | 165.4 |  |  | $ | — |  |  | $ | — |
Cross-currency swaps |  |  | 14.6 |  |  |  | — |  |  |  | 14.6 |  |  |  | — |  |  |  | 10.3 |  |  |  | — |  |  |  | 10.3 |  |  |  | — |
|  | $ | 203.2 |  |  | $ | 188.6 |  |  | $ | 14.6 |  |  | $ | — |  |  | $ | 175.7 |  |  | $ | 165.4 |  |  | $ | 10.3 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  | $ | 102.9 |  |  | $ | — |  |  | $ | 102.9 |  |  | $ | — |  |  | $ | 37.0 |  |  | $ | — |  |  | $ | 37.0 |  |  | $ | — |
Foreign currency forward contracts |  |  | 0.8 |  |  |  | — |  |  |  | 0.8 |  |  |  | — |  |  |  | 0.7 |  |  |  | — |  |  |  | 0.7 |  |  |  | — |
|  | $ | 103.7 |  |  | $ | — |  |  | $ | 103.7 |  |  | $ | — |  |  | $ | 37.7 |  |  | $ | — |  |  | $ | 37.7 |  |  | $ | — |
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, 2025 |  |  | December 31, 2024 |
|  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |
Goodwill(a) |  | $ | 1,544.6 |  |  | $ | — |  |  | $ | 1,544.6 |  |  | $ | 1,563.4 |  |  | $ | — |  |  | $ | 1,563.4 |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finite-lived: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 833.2 |  |  | $ | 556.1 |  |  | $ | 277.1 |  |  | $ | 814.2 |  |  | $ | 509.1 |  |  | $ | 305.1 |
Other |  |  | 25.3 |  |  |  | 23.0 |  |  |  | 2.3 |  |  |  | 24.4 |  |  |  | 21.3 |  |  |  | 3.1 |
|  |  | 858.5 |  |  |  | 579.1 |  |  |  | 279.4 |  |  |  | 838.6 |  |  |  | 530.4 |  |  |  | 308.2 |
Indefinite-lived: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradenames(b) |  |  | 52.0 |  |  |  | — |  |  |  | 52.0 |  |  |  | 52.0 |  |  |  | — |  |  |  | 52.0 |
Reacquired franchise rights(c) |  |  | 98.7 |  |  |  | — |  |  |  | 98.7 |  |  |  | 125.9 |  |  |  | — |  |  |  | 125.9 |
|  |  | 150.7 |  |  |  | — |  |  |  | 150.7 |  |  |  | 177.9 |  |  |  | — |  |  |  | 177.9 |
Total intangible assets |  | $ | 1,009.2 |  |  | $ | 579.1 |  |  | $ | 430.1 |  |  | $ | 1,016.5 |  |  | $ | 530.4 |  |  | $ | 486.1 |
(a) Balances were net of accumulated impairment loss of $807.4 and $749.3 as of December 31, 2025 and 2024, respectively. (b) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2025 and 2024. (c) Balances were net of accumulated impairment loss of $30.6 and none as of December 31, 2025 and 2024, respectively.
Summary of Property and Equipment | A summary of property and equipment as of December 31 is as follows:
|  | 2025 |  |  | 2024 |
Land |  | $ | 0.5 |  |  | $ | 0.4 |
Buildings |  |  | 6.3 |  |  |  | 6.0 |
Furniture, fixtures, and autos |  |  | 153.5 |  |  |  | 145.6 |
Computer equipment |  |  | 107.9 |  |  |  | 106.1 |
Leasehold improvements |  |  | 258.7 |  |  |  | 230.1 |
Property and equipment |  | $ | 526.9 |  |  | $ | 488.2 |

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