v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025.
June 30, 2026
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$26.9 $— $— $26.9 
Interest rate swaps(2)
— 2.7 — 2.7 
Cross-currency interest rate swaps(3)
— 7.8 — 7.8 
Foreign currency forwards(4)
— 0.9 — 0.9 
Total$26.9 $11.4 $— $38.3 
Financial Liabilities
Deferred compensation plans(1)
$32.0 $— $— $32.0 
Interest rate swaps(2)
— 2.5 — 2.5 
Cross-currency interest rate swaps(3)
— 99.6 — 99.6 
Foreign currency forwards(4)
— 0.3 — 0.3 
Contingent consideration(5)
— — 31.4 31.4 
Total$32.0 $102.4 $31.4 $165.8 
December 31, 2025
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$24.4 $— $— $24.4 
Interest rate swaps(2)
— 19.8 — 19.8 
Cross-currency interest rate swaps(3)
— 10.7 — 10.7 
Foreign currency forwards(4)
— — — — 
Total$24.4 $30.5 $— $54.9 
Financial Liabilities
Deferred compensation plan(1)
$30.8 $— $— $30.8 
Cross-currency interest rate swaps(3)
— 130.5 — 130.5 
Foreign currency forwards(4)
— 0.9 — 0.9 
Contingent consideration(5)
— — 44.0 44.0 
Total$30.8 $131.4 $44.0 $206.2 
(1)Based on the quoted price of publicly traded mutual funds and other equity securities which are classified as trading securities and accounted for using the mark-to-market method.
(2)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of the end of the period. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.
(3)Measured as the present value of all expected future cash flows on each leg of the contracts. The model utilizes inputs of observable market data including interest yield curves and foreign currency exchange rates. The present value calculation uses cross-currency basis-adjusted discount factors that have been adjusted to reflect the credit quality of the Company and its counterparties.
(4)Based on calculations that use readily observable market parameters as their basis, such as spot and forward rates.
(5)Measured as the present value of expected consideration payable for completed acquisitions, generally derived using probability-weighted analysis of achieving projected revenue or EBITDA targets.
Schedule of Activity for Contingent Consideration
The following table provides a reconciliation of the activity for contingent consideration for the three and six month periods ended June 30, 2026 and 2025.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2026202520262025
Balance at beginning of the period$45.1 $32.8 $44.0 $22.2 
Acquisitions— 6.1 0.1 15.8 
Changes in fair value(12.3)0.3 (11.0)0.3 
Payments(1.5)— (1.5)— 
Foreign currency translation0.1 0.6 (0.2)1.5 
Balance at end of the period$31.4 $39.8 $31.4 $39.8