Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Assets and Liabilities Measured at Fair Value On a Recurring Basis

The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs:


	Fair Values as of the end of the second quarter of 2023								Fair Values at the end of 2022
	Quoted prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)	(Level I)		(Level II)		(Level III)		Total		(Level I)		(Level II)		(Level III)		Total
Assets
Deferred compensation plan (1)	$	30.8	$	—	$	—	$	30.8	$	31.5	$	—	$	—	$	31.5
Derivatives (2)	—		0.4		—		0.4		—		18.0		—		18.0
Contingent consideration (3)	—		—		1.9		1.9		—		—		3.1		3.1
Total assets measured at fair value	$	30.8	$	0.4	$	1.9	$	33.1	$	31.5	$	18.0	$	3.1	$	52.6

Liabilities
Deferred compensation plan (1)	$	30.8	$	—	$	—	$	30.8	$	31.5	$	—	$	—	$	31.5
Derivatives (2)	—		0.6		—		0.6		—		0.2		—		0.2

Total liabilities measured at fair value	$	30.8	$	0.6	$	—	$	31.4	$	31.5	$	0.2	$	—	$	31.7

(1)Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets.

(2)Represents forward currency exchange contracts, and for 2022, a treasury rate lock contract, all that are included in Other current assets and Other current liabilities on our Condensed Consolidated Balance Sheets.

(3)Represents arrangements to receive payments from buyers of our divested companies that are included in Other current assets on our Condensed Consolidated Balance Sheets. The fair values are estimated using scenario-based methods based upon estimated future milestones.