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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Rollforward of Allowance for Doubtful Accounts

We have an allowance for doubtful accounts recorded as an estimate of the accounts receivable balance that may not be collected. This allowance is calculated on an entity-by-entity basis with consideration for historical write-off experience, the current aging of receivables, market conditions and a specific review for potential bad debts. Items that affect this balance mainly include bad debt expense and the write-off of accounts receivable balances.

 

 

 

Balance at
Beginning
of Year

 

 

Provisions
Charged to
Earnings

 

 

Write-Offs

 

 

Translation
Adjustments

 

 

Reclassifications
and Other

 

 

Balance
at End
of Year

 

2023

 

$

109.3

 

 

$

5.4

 

 

$

(18.2

)

 

$

2.7

 

 

$

 

 

$

99.2

 

2022

 

 

121.6

 

 

 

6.2

 

 

 

(12.4

)

 

 

(5.8

)

 

 

(0.3

)

 

 

109.3

 

2021

 

 

128.1

 

 

 

17.9

 

 

 

(17.7

)

 

 

(6.5

)

 

 

(0.2

)

 

 

121.6

 

 

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, 2021

 

$

1.0

 

 

$

0.8

 

 

$

21.5

 

 

$

 

 

$

 

 

 

23.3

 

Severance costs

 

 

1.7

 

 

 

 

 

 

0.8

 

 

 

0.1

 

 

 

 

 

 

2.6

 

Other costs

 

 

 

 

 

0.9

 

 

 

 

 

 

0.1

 

 

 

 

 

 

1.0

 

Costs paid

 

 

(1.7

)

 

 

(0.7

)

 

 

(11.3

)

 

 

 

 

 

 

 

 

(13.7

)

Balance, December 31, 2022

 

$

1.0

 

 

$

1.0

 

 

$

11.0

 

 

$

0.2

 

 

$

 

 

$

13.2

 

Severance costs

 

 

11.5

 

 

 

11.3

 

 

 

87.4

 

 

 

3.3

 

 

 

0.4

 

 

 

113.9

 

Other costs

 

 

 

 

 

2.3

 

 

 

33.0

 

 

 

 

 

 

 

 

 

35.3

 

Costs paid

 

 

(7.7

)

 

 

(8.7

)

 

 

(52.5

)

 

 

(3.1

)

 

 

(0.4

)

 

 

(72.4

)

Balance, December 31, 2023

 

$

4.8

 

 

$

5.9

 

 

$

78.9

 

 

$

0.4

 

 

$

 

 

$

90.0

 

 

(a)
Balance related to United States was $0.2 as of December 31, 2021. In 2022, United States incurred $0.8 for severance costs and paid $0.4, leaving a $0.6 liability as of December 31, 2022. In 2023, United States incurred $7.7 for severance costs and paid $4.6, leaving a $3.7 liability as of December 31, 2023.
(b)
France had a $0.6 liability as of December 31, 2021. In 2022, France incurred $0.9 for other costs and paid $0.6, leaving a $0.9 liability as of December 31, 2022. In 2023, France incurred $2.1 for severance costs, $0.4 for other costs and paid $0.9, leaving a $2.5 liability as of December 31, 2023. Balance related to Italy was $$0.3 as of December 31, 2021. In 2022, Italy paid $0.3, leaving no liability as of December 31, 2022. In 2023, Italy incurred $1.6 for severance costs and paid $0.6, leaving a $1.0 liability as of December 31, 2023.
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, 2023

 

 

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

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

December 31, 2022

 

 

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

 

$

144.2

 

 

$

144.2

 

 

$

 

 

$

 

 

$

115.3

 

 

$

115.3

 

 

$

 

 

$

 

Cross-currency swaps

 

 

31.7

 

 

 

 

 

 

31.7

 

 

 

 

 

 

13.8

 

 

 

 

 

 

13.8

 

 

 

 

Foreign currency forward contracts

 

 

6.7

 

 

 

 

 

 

6.7

 

 

 

 

 

 

0.2

 

 

 

 

 

 

0.2

 

 

 

 

 

$

182.6

 

 

$

144.2

 

 

$

38.4

 

 

$

 

 

$

129.3

 

 

$

115.3

 

 

$

14.0

 

 

$

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cross-currency swaps

 

$

73.3

 

 

$

 

 

$

73.3

 

 

$

 

 

$

25.8

 

 

$

 

 

$

25.8

 

 

$

 

Foreign currency forward contracts

 

 

2.3

 

 

 

 

 

 

2.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

75.6

 

 

$

 

 

$

75.6

 

 

$

 

 

$

25.8

 

 

$

 

 

$

25.8

 

 

$

 

 

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, 2023

 

 

December 31, 2022

 

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

 

Gross

 

 

Accumulated
Amortization

 

 

Net

 

Goodwill(a)

 

$

1,586.8

 

 

$

 

 

$

1,586.8

 

 

$

1,628.1

 

 

$

 

 

$

1,628.1

 

Intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

824.9

 

 

$

486.0

 

 

$

338.9

 

 

$

818.9

 

 

$

448.1

 

 

$

370.8

 

Other

 

 

21.5

 

 

 

21.2

 

 

 

0.3

 

 

 

21.3

 

 

 

20.2

 

 

$

1.1

 

 

 

846.4

 

 

 

507.2

 

 

 

339.2

 

 

 

840.2

 

 

 

468.3

 

 

 

371.9

 

Indefinite-lived:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames(b)

 

 

52.0

 

 

 

 

 

 

52.0

 

 

 

52.0

 

 

 

 

 

 

52.0

 

Reacquired franchise rights

 

 

128.4

 

 

 

 

 

 

128.4

 

 

 

125.6

 

 

 

 

 

 

125.6

 

 

 

180.4

 

 

 

 

 

 

180.4

 

 

 

177.6

 

 

 

 

 

 

177.6

 

Total intangible assets

 

$

1,026.8

 

 

$

507.2

 

 

$

519.6

 

 

$

1,017.8

 

 

$

468.3

 

 

$

549.5

 

(a) Balances were net of accumulated impairment loss of $749.3 and $694.2 as of December 31, 2023 and 2022, respectively.

(b) Balances were net of accumulated impairment loss of $139.5 as of both December 31, 2023 and 2022.

Summary of Property and Equipment

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

 

 

2023

 

 

2022

 

Land

 

$

0.4

 

 

$

0.4

 

Buildings

 

 

6.4

 

 

 

6.3

 

Furniture, fixtures, and autos

 

 

148.5

 

 

 

166.4

 

Computer equipment

 

 

127.3

 

 

 

130.1

 

Leasehold improvements

 

 

243.9

 

 

 

281.7

 

Property and equipment

 

$

526.5

 

 

$

584.9