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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Rollforward of Allowance for Doubtful Accounts

Changes in allowance for expected credit losses are as follows:

 

 

Balance at Beginning of Year

 

Provision for Credit Losses

 

Write-Offs

 

Currency Impact and Other

 

Balance at End of Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

$

67.6

 

 

 

$

7.1

 

 

 

$

(11.2

)

 

 

$

10.6

 

 

 

$

74.1

 

 

2024

 

 

99.2

 

 

 

 

9.0

 

 

 

 

(35.6

)

(a)

 

 

(5.0

)

 

 

 

67.6

 

 

2023

 

 

109.3

 

 

 

 

5.4

 

 

 

 

(18.2

)

 

 

 

2.7

 

 

 

 

99.2

 

 
(a)
Includes a $24.7 bad debt write-off in Italy to secure tax benefits.
Schedule of Changes in Restructuring Reserve

Changes in the restructuring reserve by reportable segment and Corporate are shown below:

 

 

 

Americas(a)

 

 

Southern
Europe(b)

 

 

Northern
Europe

 

 

APME

 

 

Corporate

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2023

 

$

4.8

 

 

$

5.9

 

 

$

78.9

 

 

$

0.4

 

 

$

—

 

 

$

90.0

 

Severance costs

 

 

8.6

 

 

 

5.4

 

 

 

28.8

 

 

 

2.8

 

 

 

1.9

 

 

 

47.5

 

Lease costs(c)

 

 

0.5

 

 

 

0.1

 

 

 

2.8

 

 

 

—

 

 

 

—

 

 

 

3.4

 

Other costs

 

 

0.1

 

 

 

0.8

 

 

 

1.8

 

 

 

—

 

 

 

—

 

 

 

2.7

 

Non-cash charges

 

 

(0.5

)

 

 

(0.1

)

 

 

(2.8

)

 

 

—

 

 

 

—

 

 

 

(3.4

)

Costs paid

 

 

(7.8

)

 

 

(7.7

)

 

 

(77.4

)

 

 

(0.8

)

 

 

—

 

 

 

(93.7

)

Balance, December 31, 2024

 

$

5.7

 

 

$

4.4

 

 

$

32.1

 

 

$

2.4

 

 

$

1.9

 

 

$

46.5

 

Severance costs

 

 

5.1

 

 

 

15.4

 

 

 

42.1

 

 

 

0.1

 

 

 

(1.2

)

 

 

61.5

 

Lease costs(c)

 

 

1.1

 

 

 

—

 

 

 

1.6

 

 

 

—

 

 

 

—

 

 

 

2.7

 

Non-cash charges

 

 

(1.1

)

 

 

—

 

 

 

(1.6

)

 

 

—

 

 

 

—

 

 

 

(2.7

)

Costs paid

 

 

(8.1

)

 

 

(11.8

)

 

 

(50.0

)

 

 

(2.3

)

 

 

(0.7

)

 

 

(72.9

)

Balance, December 31, 2025

 

$

2.7

 

 

$

8.0

 

 

$

24.2

 

 

$

0.2

 

 

$

—

 

 

$

35.1

 
(a)
Balance related to United States was $3.7 as of December 31, 2023. In 2024, United States incurred $6.0 for severance costs, $0.1 for other costs and paid $5.8, leaving a $4.0 liability as of December 31, 2024. In 2025, United States incurred $2.6 for severance costs and paid $6.0, leaving a $0.6 liability as of December 31, 2025.
(b)
France had a $2.5 liability as of December 31, 2023. In 2024, France incurred $1.3 for severance costs, $0.5 for other costs and paid $3.1, leaving a $1.2 liability as of December 31, 2024. In 2025, France incurred $5.0 for severance costs and paid $3.1, leaving a $3.1 liability as of December 31, 2025. As of December 31, 2023, Italy had a $1.0 liability. In 2024, Italy incurred $1.9 for severance costs, $0.1 for other costs and paid $1.0, leaving a $2.0 liability as of December 31, 2024. In 2025, Italy incurred $0.4 for severance costs and paid $1.8, leaving a $0.6 liability as of December 31, 2025.
(c)
Liabilities related to exited leased facilities are recorded within our short-term and long-term operating lease liabilities within our Consolidated Balance Sheets.
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis

The assets and liabilities measured and recorded at fair value on a recurring basis were as follows:

 

 

 

Fair Value Measurements Using

 

 

Fair Value Measurements Using

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

December 31, 2024

 

 

Quoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred compensation plan assets

 

$

188.6

 

 

$

188.6

 

 

$

—

 

 

$

—

 

 

$

165.4

 

 

$

165.4

 

 

$

—

 

 

$

—

 

Cross-currency swaps

 

 

14.6

 

 

 

—

 

 

 

14.6

 

 

 

—

 

 

 

10.3

 

 

 

—

 

 

 

10.3

 

 

 

—

 

 

$

203.2

 

 

$

188.6

 

 

$

14.6

 

 

$

—

 

 

$

175.7

 

 

$

165.4

 

 

$

10.3

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency swaps

 

$

102.9

 

 

$

—

 

 

$

102.9

 

 

$

—

 

 

$

37.0

 

 

$

—

 

 

$

37.0

 

 

$

—

 

Foreign currency forward contracts

 

 

0.8

 

 

 

—

 

 

 

0.8

 

 

 

—

 

 

 

0.7

 

 

 

—

 

 

 

0.7

 

 

 

—

 

 

$

103.7

 

 

$

—

 

 

$

103.7

 

 

$

—

 

 

$

37.7

 

 

$

—

 

 

$

37.7

 

 

$

—

 
Schedule of Goodwill, Finite-Lived Intangible Assets and Indefinite-Lived Intangible Assets

We had goodwill, finite-lived intangible assets and indefinite-lived intangible assets as follows:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill(a)

 

$

1,544.6

 

 

$

—

 

 

$

1,544.6

 

 

$

1,563.4

 

 

$

—

 

 

$

1,563.4

 

Intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

833.2

 

 

$

556.1

 

 

$

277.1

 

 

$

814.2

 

 

$

509.1

 

 

$

305.1

 

Other

 

 

25.3

 

 

 

23.0

 

 

 

2.3

 

 

 

24.4

 

 

 

21.3

 

 

 

3.1

 

 

 

858.5

 

 

 

579.1

 

 

 

279.4

 

 

 

838.6

 

 

 

530.4

 

 

 

308.2

 

Indefinite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames(b)

 

 

52.0

 

 

 

—

 

 

 

52.0

 

 

 

52.0

 

 

 

—

 

 

 

52.0

 

Reacquired franchise rights(c)

 

 

98.7

 

 

 

—

 

 

 

98.7

 

 

 

125.9

 

 

 

—

 

 

 

125.9

 

 

 

150.7

 

 

 

—

 

 

 

150.7

 

 

 

177.9

 

 

 

—

 

 

 

177.9

 

Total intangible assets

 

$

1,009.2

 

 

$

579.1

 

 

$

430.1

 

 

$

1,016.5

 

 

$

530.4

 

 

$

486.1

 
(a)
Balances were net of accumulated impairment loss of $807.4 and $749.3 as of December 31, 2025 and 2024, respectively.
(b)
Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2025 and 2024.
(c)
Balances were net of accumulated impairment loss of $30.6 and none as of December 31, 2025 and 2024, respectively.
Summary of Property and Equipment

A summary of property and equipment as of December 31 is as follows:

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Land

 

$

0.5

 

 

$

0.4

 

Buildings

 

 

6.3

 

 

 

6.0

 

Furniture, fixtures, and autos

 

 

153.5

 

 

 

145.6

 

Computer equipment

 

 

107.9

 

 

 

106.1

 

Leasehold improvements

 

 

258.7

 

 

 

230.1

 

Property and equipment

 

$

526.9

 

 

$

488.2