Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	18.4	$	—	$	—	$	18.4
Interest rate swaps(2)	—		10.9		—		10.9
Cross-currency interest rate swaps(3)	—		16.7		—		16.7
Total	$	18.4	$	27.6	$	—	$	46.0
Financial Liabilities
Deferred compensation plans(1)	$	25.7	$	—	$	—	$	25.7
Cross-currency interest rate swaps(3)	—		39.7		—		39.7
Contingent consideration(4)	—		—		48.4		48.4
Total	$	25.7	$	39.7	$	48.4	$	113.8

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	16.8	$	—	$	—	$	16.8
Interest rate swaps(2)	—		9.4		—		9.4
Cross-currency interest rate swaps(3)	—		15.7		—		15.7
Total	$	16.8	$	25.1	$	—	$	41.9
Financial Liabilities
Deferred compensation plan(1)	$	24.7	$	—	$	—	$	24.7
Cross-currency interest rate swaps(3)	—		63.1		—		63.1
Contingent consideration(4)	—		—		42.2		42.2
Total	$	24.7	$	63.1	$	42.2	$	130.0

(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, 2024. 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)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 Reconciliation of Contingent Consideration

The following table provides a reconciliation of the activity for contingent consideration for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of the period	$	42.2	$	43.9
Acquisitions	6.5		—
Changes in fair value	0.2		4.3
Foreign currency translation	(0.5)		0.2
Balance at end of the period	$	48.4	$	48.4