v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Fair Value Measurements and Disclosures Topic of the ASC applies to the Company’s financial and non-financial assets and liabilities. The guidance applies when other standards require or permit the fair value measurement of assets and liabilities. Under the guidance, assets and liabilities measured at fair value are categorized as follows:
Level 1: Quoted prices in active markets for identical assets
Level 2: Significant other observable inputs
Level 3: Significant unobservable inputs
There were no assets and liabilities measured at fair value on a recurring basis classified as Level 3 at June 30, 2025, December 31, 2024 and June 30, 2024. Except for the acquisition related fair value measurements described in Note 3, there were no assets and liabilities measured at fair value on a nonrecurring basis. The following table presents the Company’s financial assets that are measured at fair value on a recurring basis, categorized using the fair value hierarchy.
June 30, 2025December 31, 2024June 30, 2024
TotalLevel 1Level 2TotalLevel 1Level 2TotalLevel 1Level 2
Assets:
Deferred compensation plan$104.1 $104.1 $— $98.6 $98.6 $— $93.8 $93.8 $— 
Net investment hedges— — — 48.9 — 48.9 8.5 — 8.5 
Interest rate locks4.1 — 4.1 — — — — — — 
$108.2 $104.1 $4.1 $147.5 $98.6 $48.9 $102.3 $93.8 $8.5 
Liabilities:
Net investment hedges$144.1 $— $144.1 $— $— $— $0.1 $— $0.1 
The deferred compensation plan assets consist of investment funds maintained for future payments under the Company’s executive deferred compensation plans, which are structured as rabbi trusts. The investments are marketable securities accounted for under the Debt and Equity Securities Topics of the ASC. The Level 1 investments are valued using quoted market prices multiplied by the number of shares. There was $7.0 million, $7.0 million and $6.6 million of deferred compensation plan assets held in partnership funds measured using net asset value (or its equivalent) as a practical expedient as of June 30, 2025, December 31, 2024 and June 30, 2024, respectively. These investments are not classified in the fair value hierarchy. The cost basis of all investments within the deferred compensation plan was $86.1 million, $82.7 million and $80.3 million at June 30, 2025, December 31, 2024 and June 30, 2024, respectively.
The net investment hedges represent the fair value of the cross currency swaps. See Note 12 for further details. The fair value is based on a valuation model that uses observable inputs, including interest rate curves and the euro foreign currency rate.
The interest rate locks represent the fair value of the hedging contracts entered into in anticipation of a probable issuance of new long-term fixed rate debt. See Note 12 for further details. The fair value is based on a valuation model that uses observable inputs, including interest rate curves.
The carrying amounts reported for Cash and cash equivalents and Short-term borrowings approximate fair value.
The fair value of the Company’s publicly traded debt is based on quoted market prices. The fair value of the Company’s non-publicly traded debt is estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The Company’s publicly traded debt and non-publicly traded debt are classified as Level 1 and Level 2, respectively, in the fair value hierarchy. The following table summarizes the carrying amounts and fair values of the Company’s publicly traded debt and non-publicly traded debt.
June 30, 2025December 31, 2024June 30, 2024
 Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Publicly traded debt$8,979.5 $7,994.3 $9,225.8 $8,172.8 $8,980.0 $7,850.2 
Non-publicly traded debt0.1 0.1 0.2 0.2 0.5 0.5