XML 57 R32.htm IDEA: XBRL DOCUMENT v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Our financial assets and liabilities measured at fair value on a recurring basis were categorized as follows:

 

 

 

December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

 

Level 3

 

 

Total

 

 

 

(In millions)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale customer funds assets

 

$

—

 

 

$

2,178.3

 

(a)

 

$

—

 

 

$

2,178.3

 

Total assets measured at fair value

 

$

—

 

 

$

2,178.3

 

 

 

$

—

 

 

$

2,178.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

DataFuzion contingent consideration

 

$

—

 

 

$

—

 

 

 

$

14.9

 

(b)

$

14.9

 

Total liabilities measured at fair value

 

$

—

 

 

$

—

 

 

 

$

14.9

 

 

$

14.9

 

 

 

 

 

December 31, 2022

 

 

 

Level 1

 

 

Level 2

 

 

 

Level 3

 

 

Total

 

 

 

(In millions)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale customer funds assets

 

$

—

 

 

$

2,011.0

 

(a)

 

$

—

 

 

$

2,011.0

 

Total assets measured at fair value

 

$

—

 

 

$

2,011.0

 

 

 

$

—

 

 

$

2,011.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

DataFuzion contingent consideration

 

$

—

 

 

$

—

 

 

 

$

10.6

 

(b)

$

10.6

 

Total liabilities measured at fair value

 

$

—

 

 

$

—

 

 

 

$

10.6

 

 

$

10.6

 

 

(a)
Fair value is based on inputs that are observable for the asset or liability, other than quoted prices.
(b)
For the contingent consideration related to the 2021 acquisition of certain assets and liabilities of DataFuzion HCM, Inc. ("DataFuzion"), we utilized a Monte Carlo simulation model and a Black-Scholes-Merton option pricing model to estimate the fair value of the contingent liability as of December 31, 2023 and 2022, respectively. These models used certain assumptions related to risk-free rates and volatility as well as certain judgments in forecasting annual recurring revenue. The contingent consideration has been measured as Level 3 given the unobservable inputs that are significant to the measurement of liability. As of December 31, 2023, $8.6 million of the contingent consideration is included within other accrued expenses in our consolidated balance sheets and as of December 31, 2023 and 2022, $6.3 million and $10.6 million of the contingent consideration is included within other liabilities in our consolidated balance sheets, respectively.