v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments The fair value and carrying value of our debt, including its current portion, are presented in the following table.
(in millions)June 30, 2026December 31, 2025
Long-term debt, fair value$819.2 838.7 
Long-term debt, carrying value, net of debt issuance costs796.3 805.9 
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, 2026December 31, 2025
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Investments - fair value$42.8  295.6 48.2 — 304.7 
Foreign currency derivative assets 14.8  — 5.8 — 
Warehouse receivables 700.3  — 751.2 — 
Deferred compensation plan assets 797.2  — 723.6 — 
Mortgage banking derivative assets  51.1 — — 52.2 
Total assets at fair value$42.8 1,512.3 346.7 48.2 1,480.6 356.9 
Liabilities
Foreign currency derivative liabilities$ 14.9  — 14.2 — 
Deferred compensation plan liabilities 786.6  — 731.4 — 
Earn-out liabilities  17.0 — — 17.2 
Mortgage banking derivative liabilities  25.3 — — 20.6 
Total liabilities at fair value$ 801.5 42.3 — 745.6 37.8 
Schedule of Deferred Compensation Plan Components [Table] The components of the plan are presented in the following table.
(in millions)June 30, 2026December 31, 2025
Deferred compensation plan assets$797.2 723.6 
Long-term deferred compensation plan liabilities786.6 731.4 
Shares held in trust13.8 13.8 
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, 2026Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlementsTransfers in (out)Balance as of June 30, 2026
Investments$305.7 (10.2)0.1    $295.6 
Mortgage banking derivative assets and liabilities, net46.6 13.6  31.2 (65.6) 25.8 
Earn-out liabilities17.7    (0.7) 17.0 
(in millions)Balance as of March 31, 2025Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlementsTransfers in (out)Balance as of June 30, 2025
Investments$311.0 (25.3)1.4 6.0 — — $293.1 
Mortgage banking derivative assets and liabilities, net16.7 9.7 — 34.9 (41.4)— 19.9 
Earn-out liabilities37.5 (7.4)0.3 0.2 (12.0)0.5 19.1 
(in millions)Balance as of December 31, 2025Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlementsTransfers in (out)Balance as of
June 30, 2026
Investments$304.7 (8.5)(0.6)   $295.6 
Mortgage banking derivative assets and liabilities, net31.6 51.1  65.9 (122.8) 25.8 
Earn-out liabilities17.2 0.5   (0.7) 17.0 
(in millions)Balance as of December 31, 2024Net change in fair value
Foreign CTA(1)
Purchases / AdditionsSettlementsTransfers in (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, net93.8 17.0 — 64.9 (155.8)— 19.9 
Earn-out liabilities35.8 (3.5)0.4 0.2 (12.1)(1.7)19.1 
(1) CTA: Currency translation adjustments
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 InputsConsolidated Statements
of Comprehensive Income Account Caption
Earn-out liabilities (short-term and long-term)Restructuring and acquisition charges
InvestmentsEquity earnings/losses
Other current assets - Mortgage banking derivative assetsRevenue
Other current liabilities - Mortgage banking derivative liabilitiesRevenue