Financial Instruments − Fair Value and Concentrations of Credit Risk (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis, as classified within the three-level fair value hierarchy:

(In millions)	Fair Value Hierarchy	June 30, 2023		December 31, 2022
Assets:
Money market mutual funds1	1	$	43.6	$	35.1
Investment securities, current:
Debt securities:
U.S. treasury notes	2	$	365.7	$	364.1
Corporate debt securities	2	876.9		497.8
Municipal bonds	2	63.7		45.0
Asset-backed securities	2	505.6		190.7
Mortgage-backed securities	2	829.2		297.7
Total		$	2,641.1	$	1,395.3
Investment securities, non-current:
Debt securities	2	$	14.2	$	14.5
Mutual fund	1	24.8		24.5
Pooled investment fund measured at NAV2		9.0		9.0
Total		$	48.0	$	48.0
Executive deferred compensation plan trust3	1	$	13.0	$	11.1
Interest rate swaps4	2	$	68.9	$	81.4
Liabilities
Contingent consideration5	3	$	180.7	$	206.4

1 The fair value is recorded in cash and cash equivalents.

2 The fair value of this security is measured at NAV as a practical expedient and has not been classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets.

3 The fair value is recorded as current or long-term based on the timing of the Company’s executive deferred compensation plan payment obligations. At June 30, 2023, $1.6 million and $11.4 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2022, $1.9 million and $9.2 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively.

4 The fair value is recorded as current or long-term depending on the timing of expected discounted cash flows. At June 30, 2023, $43.5 million and $25.4 million in fair value is recorded in prepaid expenses and other current assets and other assets, respectively. At December 31, 2022, $45.3 million and $36.1 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively.

5 The fair value is recorded as current or long-term based on the timing of expected payments. At June 30, 2023, $58.3 million and $122.4 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively. At December 31, 2022, $28.7 million and $177.7 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively.

The fair value of the Company’s financial instruments, which are measured and reported at carrying value, is as follows for the periods indicated:

(In millions)	June 30, 2023			December 31, 2022
	Carrying value		Fair value	Carrying value		Fair value
Tranche A Term Loans1	$	868.4	**	$	892.8	**
Tranche B Term Loans1	1,409.6		**	1,416.8		**
Outstanding borrowings on Revolving Credit Facility1	4.0		**	—		—
Convertible Notes2	310.0		352.9	310.0		330.0
Contractual deposits with maturities in excess of one year3	167.7		156.4	334.2		308.1

** Fair value approximates carrying value.

1 The Company determines the fair value of borrowings on the Revolving Credit Facility and Tranche A Term Loans and Tranche B Term Loans based on market rates for the issuance of the Company’s debt, which are Level 2 inputs in the fair value hierarchy.

2 The Company determines the fair value of the Convertible Notes outstanding using our stock price and volatility, the conversion premium on the Convertible Notes and effective interest rates for similarly-rated credit issuances, all of which are Level 2 inputs in the fair value hierarchy.

3 The Company determines the fair value of its contractual deposits with maturities in excess of one year using current market interest rates for deposits of similar remaining maturities, which are Level 2 inputs in the fair value hierarchy.

Schedule of Pooled Investment Fund

Pooled Investment Fund

(In millions)	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
Pooled investment fund, as of June 30, 2023	$	9.0	—	Monthly	30 days

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in the contingent consideration derivative liability are measured at fair value on a recurring basis using unobservable inputs (Level 3 in the fair value hierarchy) and are as follows for the periods indicated:

	Three Months Ended				Six Months Ended
(In millions)	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Contingent consideration - beginning of period	$	179.5	$	83.9	$	206.4	$	67.3
Payments of contingent consideration (1)	—		—		(28.7)		—
Change in fair value of contingent consideration	1.2		88.2		3.0		104.8
Contingent consideration - end of period	$	180.7	$	172.1	$	180.7	$	172.1

(1) The Company has presented $27.2 million of this payment, which represents the fair value of the contingent consideration at acquisition date, within net cash provided by financing activities in the condensed consolidated statement of cash flows. The remainder has been included in net cash provided by (used for) operating activities (specifically within changes in accrued expenses and other current and long-term liabilities).