Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Financial Assets and Liabilities

The fair values of financial assets and liabilities that are recorded at fair value in the Consolidated Balance Sheets and not described above were as follows (in millions):

	As of December 31, 2023								As of December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Financial assets:
Cash equivalents	$	344.8	$	344.8	$	—	$	—	$	191.9	$	191.9	$	—	$	—
Derivative financial instruments	24.9		—		24.9		—		38.7		—		38.7		—
Total financial assets	$	369.7	$	344.8	$	24.9	$	—	$	230.6	$	191.9	$	38.7	$	—
Financial liabilities:
Contingent consideration	$	0.4	$	—	$	—	$	0.4	$	1.9	$	—	$	—	$	1.9

Change in Fair Value of the Contingent Consideration

The change in fair value of the contingent consideration (a Level 3 input) was as follows (in millions):

Contingent consideration liability—January 1, 2023	$	1.9
Preliminary purchase price	0.4
Fair value adjustments	(0.1)
Accretion in value	0.2
Amounts paid to sellers	(2.0)
Contingent consideration liability—December 31, 2023	$	0.4

Summary of Carrying Values and Associated Fair Values of Financial Assets and Liabilities

The carrying values and associated fair values of financial assets and liabilities that are not recorded at fair value in the Consolidated Balance Sheets and not described above include our Senior Notes. To estimate fair value of our Senior Notes, we utilized third-party quotes which are derived all or in part from model prices, external sources or market prices. The Senior Notes represent a Level 2 fair value measurement and are as follows (in millions):

	As of December 31, 2023				As of December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes (1)	$	300.0	$	296.2	$	300.0	$	271.0

(1) Excludes the impact of unamortized debt issuance costs.