FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The Company’s population of financial assets and liabilities subject to fair value measurements were as follows:

				Fair Value Measurements at
				December 31, 2024
	Consolidated Balance Sheets Classification	Fair Value at December 31, 2024		Using Fair Value Hierarchy
				Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	14.3	$	—	$	14.3	$	—
Cross currency swaps	Accrued expenses and other/Other liabilities	$	142.7	$	—	$	142.7	$	—
Interest rate swaps	Other liabilities	$	76.8	$	—	$	76.8	$	—
Cash surrender value of life insurance policies	Other assets, net	$	102.1	$	—	$	102.1	$	—
Deferred compensation asset	Other assets, net	$	35.7	$	—	$	35.7	$	—
Deferred compensation liability	Other liabilities	$	132.5	$	—	$	132.5	$	—
Contingent consideration	Accrued expenses and other/Other liabilities	$	10.8	$	—	$	—	$	10.8

				Fair Value Measurements at
				December 31, 2023
	Consolidated Balance Sheets Classification	Fair Value at December 31, 2023		Using Fair Value Hierarchy
				Level 1		Level 2		Level 3
Noncontrolling interest put	Noncontrolling interest	$	15.5	$	—	$	15.5	$	—
Cross currency swaps	Accrued expenses and other/Other liabilities	$	109.0	$	—	$	109.0	$	—
Interest rate swaps	Other liabilities	$	69.6	$	—	$	69.6	$	—
Cash surrender value of life insurance policies	Other assets, net	$	95.4	$	—	$	95.4	$	—
Deferred compensation asset	Other assets, net	$	21.1	$	—	$	21.1	$	—
Deferred compensation liability	Other liabilities	$	107.4	$	—	$	107.4	$	—
Contingent consideration	Accrued expenses and other/Other liabilities	$	66.1	$	—	$	—	$	66.1

Fair Value Measurement of Level 3 Liabilities	Contingent Consideration
Balance at January 1, 2023	$	77.4
Cash payments and adjustments	(11.3)
Balance at December 31, 2023	66.1
Cash payments and adjustments	(55.3)
Balance at December 31, 2024	$	10.8

The Company has a noncontrolling interest put related to its Ontario subsidiary that has been classified as mezzanine equity in the Company’s Consolidated Balance Sheets. The noncontrolling interest put is valued at its contractually determined value, which approximates fair value. During the year ended December 31, 2024, the carrying value of the noncontrolling interest put increased by $0.5 for foreign currency translation.

The fair values of derivative financial instruments have been determined based on market value equivalents at the balance sheet date, taking into account the current interest rate environment and therefore were classified as Level 2 measurements in the fair value hierarchy.

The Company offers certain employees the opportunity to participate in a DCP. A participant’s deferrals are allocated by the participant to one or more of multiple measurement funds, which are indexed to externally managed funds. From time to time, to offset the cost of the growth in the participant’s investment accounts, the Company purchases life insurance policies, with the Company named as beneficiary of the policies. Changes in the cash surrender value of the life insurance policies are based upon earnings and changes in the value of the underlying investments, which are typically invested in a similar manner to the participants’ allocations. Changes in the fair value of the DCP obligation are derived using quoted prices in active markets based on the market price per unit multiplied by the number of units. The cash surrender value and the DCP obligations are classified within Level 2 because their inputs are derived principally from observable market data by correlation to the hypothetical investments.

Contingent accrued earn-out business acquisition consideration liabilities for which fair values are measured as Level 3 instruments. These contingent consideration liabilities were recorded at fair value on the acquisition date and are remeasured quarterly based on the then assessed fair value and adjusted if necessary. The increases or decreases in the fair value of contingent consideration payable can result from changes in anticipated revenue levels and changes in assumed discount periods and rates. As the fair value measure is based on significant inputs that are not observable in the market, they are categorized as Level 3.

The carrying amounts of cash and cash equivalents, accounts receivable, income taxes receivable, and accounts payable are considered to be representative of their respective fair values due to their short-term nature. Although recorded at amortized cost on the Company’s Consolidated Balance Sheets, the fair market value of the Company’s senior notes was $5,762.6 and $4,850.4 at December 31, 2024, and 2023, respectively. The Company’s senior notes are considered Level 2 instruments, as the fair market values of these instruments are based on observable market pricing.