The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022.


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	13.5	$	—	$	—	$	13.5
Interest rate swaps(2)	—		9.5		—		9.5
Interest rate caps(3)	—		14.5		—		14.5
Cross-currency interest rate swaps(4)	—		14.9		—		14.9

Total	$	13.5	$	38.9	$	—	$	52.4
Financial Liabilities
Deferred compensation plans(1)	$	19.7	$	—	$	—	$	19.7

Cross-currency interest rate swaps(4)	—		36.7		—		36.7
Contingent consideration(6)	—		—		48.4		48.4
Foreign currency forwards(5)	—		0.1		—		0.1
Total	$	19.7	$	36.8	$	48.4	$	104.9


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	12.3	$	—	$	—	$	12.3
Interest rate swaps(2)	—		14.1		—		14.1
Interest rate caps(3)	—		18.1		—		18.1
Cross-currency interest rate swaps(4)	—		17.7		—		17.7
Foreign currency forwards(5)	—		—		—		—
Total	$	12.3	$	49.9	$	—	$	62.2
Financial Liabilities
Deferred compensation plan(1)	$	19.6	$	—	$	—	$	19.6

Cross-currency interest rate swaps(4)	—		28.7		—		28.7
Contingent consideration(6)	—		—		43.9		43.9
Foreign currency forwards(5)	—		—		—		—
Total	$	19.6	$	28.7	$	43.9	$	92.2

(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 March 31, 2023. 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 that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market volatilities and interest rate curves.

(4)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.

(6)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.