Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| 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) | June 30, 2025 | | December 31, 2024 | | Long-term debt, fair value | $ | 838.0 | | | 785.2 | | | Long-term debt, carrying value, net of debt issuance costs | 805.3 | | | 756.7 | |
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| 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. | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | (in millions) | Level 1 | Level 2 | Level 3 | | Level 1 | Level 2 | Level 3 | | Assets | | | | | | | | | Investments - fair value | $ | 45.5 | | — | | 293.1 | | | 43.8 | | — | | 330.3 | | | Foreign currency forward contracts receivable | — | | 6.3 | | — | | | — | | 4.9 | | — | | | Warehouse receivables | — | | 1,228.6 | | — | | | — | | 770.7 | | — | | | Deferred compensation plan assets | — | | 674.9 | | — | | | — | | 664.0 | | — | | | Mortgage banking derivative assets | — | | — | | 54.2 | | | — | | — | | 161.1 | | | Total assets at fair value | $ | 45.5 | | 1,909.8 | | 347.3 | | | 43.8 | | 1,439.6 | | 491.4 | | | Liabilities | | | | | | | | | Foreign currency forward contracts payable | $ | — | | 8.5 | | — | | | — | | 13.9 | | — | | | Deferred compensation plan liabilities | — | | 658.5 | | — | | | — | | 658.4 | | — | | | Earn-out liabilities | — | | — | | 19.1 | | | — | | — | | 35.8 | | | Mortgage banking derivative liabilities | — | | — | | 34.3 | | | — | | — | | 67.3 | | | Total liabilities at fair value | $ | — | | 667.0 | | 53.4 | | | — | | 672.3 | | 103.1 | |
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| 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) | June 30, 2025 | | December 31, 2024 | | Foreign currency forward contracts, gross notional value | $ | 2.20 | | | 2.21 | | | Foreign currency forward contracts, net basis | 1.17 | | | 1.08 | |
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| Schedule of Foreign Exchange Contracts, Statement of Financial Position |
The outstanding balances of these contracts are presented in the following table. | | | | | | | | | | | | | (in millions) | June 30, 2025 | | December 31, 2024 | | Net asset, receivable positions | $ | 7.5 | | | 5.4 | | | Net asset, payable positions | (1.2) | | | (0.5) | | | Foreign currency forward contracts receivable | $ | 6.3 | | | 4.9 | | | | | | | Net liability, receivable positions | $ | (0.1) | | | (1.9) | | | Net liability, payable positions | 8.6 | | | 15.8 | | | Foreign currency forward contracts payable | $ | 8.5 | | | 13.9 | |
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| Schedule of Deferred Compensation Plan Components [Table] |
The components of the plan are presented in the following table. | | | | | | | | | | | | | (in millions) | June 30, 2025 | | December 31, 2024 | | Deferred compensation plan assets | $ | 674.9 | | | 664.0 | | | Long-term deferred compensation plan liabilities | 658.5 | | | 658.4 | | | Shares held in trust | 12.0 | | | 11.8 | |
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| 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 March 31, 2025 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in | | Balance as of June 30, 2025 | | Investments | $ | 311.0 | | (25.3) | | 1.4 | | 6.0 | | — | | — | | | $ | 293.1 | | | Mortgage banking derivative assets and liabilities, net | 16.7 | | 9.7 | | | 34.9 | | (41.4) | | | | 19.9 | | | Earn-out liabilities | 37.5 | | (7.4) | | 0.3 | | 0.2 | | (12.0) | | 0.5 | | | 19.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | Balance as of March 31, 2024 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in (out)(2) | | Balance as of June 30, 2024 | | Investments | $ | 369.7 | | (9.3) | | (0.1) | | 2.3 | | — | | 5.2 | | | $ | 367.8 | | | Mortgage banking derivative assets and liabilities, net | 18.9 | | 19.5 | | — | | 22.3 | | (29.0) | | — | | | 31.7 | | | Earn-out liabilities | 46.7 | | (2.1) | | — | | 11.0 | | (1.7) | | (0.2) | | | 53.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | Balance as of December 31, 2024 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers out | | Balance as of
June 30, 2025 | | Investments | $ | 330.3 | | (45.2) | | 2.1 | | 6.0 | | (0.1) | | — | | | $ | 293.1 | | | Mortgage banking derivative assets and liabilities, net | 93.8 | | 17.0 | | — | | 64.9 | | (155.8) | | — | | | 19.9 | | | Earn-out liabilities | 35.8 | | (3.5) | | 0.4 | | 0.2 | | (12.1) | | (1.7) | | | 19.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (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 June 30, 2024 | | Investments | $ | 367.3 | | (10.4) | | (0.3) | | 2.8 | | — | | 8.4 | | | $ | 367.8 | | | Mortgage banking derivative assets and liabilities, net | 10.3 | | 28.2 | | — | | 46.1 | | (52.9) | | — | | | 31.7 | | | Earn-out liabilities | 57.5 | | (12.6) | | — | | 11.0 | | (2.0) | | (0.2) | | | 53.7 | |
(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.
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| 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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