0000950170-24-088968 | 10-Q | XBRL Viewer | SSC Technologies Holdings INC

Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Note 2—Property, Plant and Equipment, net

Property, plant and equipment and the related accumulated depreciation are as follows (in millions):


	June 30,			December 31,
	2024			2023
Land	$	37.6		$	37.7
Building and improvements		268.0			265.5
Equipment, furniture, and fixtures		546.1			525.7
		851.7			828.9
Less: accumulated depreciation		(547.0	)		(513.6	)
Total property, plant and equipment, net	$	304.7		$	315.3

Depreciation expense for the three and six months ended June 30, 2024 was $18.4 million and $36.3 million, respectively. Depreciation expense for the three and six months ended June 30, 2023 was $18.1 million and $37.1 million, respectively. As of June 30, 2024 and December 31, 2023, assets held for sale were $5.9 million and $9.0 million, respectively, and are presented in prepaid expenses and other current assets in our condensed consolidated balance sheet. Unpaid property, plant and equipment additions of $14.0 million and $2.9 million are included in accounts payable and other accrued expenses as of June 30, 2024 and December 31, 2023, respectively, in our condensed consolidated balance sheet.

Income Taxes	6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 11—Income Taxes The effective tax rate was 6.7% and 32.7% for the three months ended June 30, 2024 and 2023, respectively, and 18.8% and 31.1% for the six months ended June 30, 2024 and 2023, respectively. The change in the effective tax rate for the three and six months ended June 30, 2024 compared to the prior year was primarily due to releases of uncertain tax positions in the current year due to closed audits and a proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions. The effective tax rates for the three and six months ended June 30, 2024 include tax benefits of $40.8 million related to releases of uncertain tax positions and $5.7 million of tax refunds, both due to closed audits.

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 11—Income Taxes

The effective tax rate was 6.7% and 32.7% for the three months ended June 30, 2024 and 2023, respectively, and 18.8% and 31.1% for the six months ended June 30, 2024 and 2023, respectively. The change in the effective tax rate for the three and six months ended June 30, 2024 compared to the prior year was primarily due to releases of uncertain tax positions in the current year due to closed audits and a proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions. The effective tax rates for the three and six months ended June 30, 2024 include tax benefits of $40.8 million related to releases of uncertain tax positions and $5.7 million of tax refunds, both due to closed audits.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Stock Based Compensation - Summary of Stock Option and Stock Appreciation Rights ("SARs") Restricted Stock Units ("RSUs") and Performance Stock Units ("PSU") Activity (Detail) shares in Millions	6 Months Ended
	Jun. 30, 2024 shares
Stock Options and SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding Opening	38.8
Granted	1.8
Cancelled/forfeited	(1.1)
Exercised	(2.4)
Vested	0.0
Number of Shares, Outstanding Closing	37.1
PSUs and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	3.4
Number of Shares, Outstanding Opening	3.5
Cancelled/forfeited	(0.9)
Exercised	0.0
Vested	(0.7)
Number of Shares, Outstanding Closing	5.3

Unconsolidated Affiliates - Schedule of Equity in Earnings of Unconsolidated Affiliates (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Investments [Line Items]
Equity in earnings of unconsolidated affiliates, net	$ 17.3	$ 9.4	$ 19.6	$ 15.1
Orbit Private Investments L.P.
Schedule of Investments [Line Items]
Equity in earnings of unconsolidated affiliates, net	16.2	7.6	17.4	12.4
International Financial Data Services L.P.
Schedule of Investments [Line Items]
Equity in earnings of unconsolidated affiliates, net	1.5	1.4	3.0	2.5
Pershing Road Development Company, LLC
Schedule of Investments [Line Items]
Equity in earnings of unconsolidated affiliates, net	(0.2)	(0.7)	(0.3)	(0.9)
Broadway Square Partners, LLP
Schedule of Investments [Line Items]
Equity in earnings of unconsolidated affiliates, net	(0.2)	(0.1)	(0.5)	0.0
Other Unconsolidated Affiliates
Schedule of Investments [Line Items]
Equity in earnings of unconsolidated affiliates, net	$ 0.0	$ 1.2	$ 0.0	$ 1.1

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 462.7	$ 432.2
Funds receivable and funds held on behalf of clients	1,624.2	2,615.6
Accounts receivable, net of allowance for credit losses of $29.9 and $25.1, respectively	868.4	799.4
Contract asset	40.7	36.1
Prepaid expenses and other current assets	132.8	165.8
Restricted cash and cash equivalents	3.3	2.4
Total current assets	3,132.1	4,051.5
Property, plant and equipment, net (Note 2)	304.7	315.3
Operating lease right-of-use assets	203.9	221.4
Investments (Note 3)	181.2	184.7
Unconsolidated affiliates (Note 4)	337.1	345.2
Contract asset	101.7	99.7
Goodwill (Note 5)	8,935.3	8,969.5
Intangible and other assets, net of accumulated amortization of $4,354.1 and $4,063.4, respectively	3,709.2	3,915.2
Total assets	16,905.2	18,102.5
Current liabilities:
Current portion of long-term debt (Note 6)	39.0	51.5
Client funds obligations	1,624.2	2,615.6
Accounts payable	57.2	80.3
Income taxes payable	1.0	22.3
Accrued employee compensation and benefits	221.6	270.2
Interest payable	36.1	29.4
Other accrued expenses	229.7	232.3
Deferred revenues	482.9	470.3
Total current liabilities	2,691.7	3,771.9
Long-term debt, net of current portion (Note 6)	6,575.1	6,668.5
Operating lease liabilities	183.0	199.1
Other long-term liabilities	198.9	248.7
Deferred income taxes	769.7	816.6
Total liabilities	10,418.4	11,704.8
Commitments and contingencies (Note 13)
Stockholders' equity (Note7):
Preferred stock, $0.01 par value per share, 5.0 million shares authorized; no shares issued	0.0	0.0
Additional paid-in capital	5,557.0	5,371.0
Accumulated other comprehensive loss	(471.1)	(426.3)
Retained earnings	3,354.4	3,126.3
Cost of common stock in treasury, 33.8 and 29.3 million shares, respectively	(2,015.2)	(1,734.2)
Total SS&C stockholders' equity	6,427.9	6,339.6
Noncontrolling interest (Note 8)	58.9	58.1
Total equity	6,486.8	6,397.7
Total liabilities and equity	16,905.2	18,102.5
Class A Non-Voting Common Stock [Member]
Stockholders' equity (Note7):
Common stock	0.0	0.0
Common Stock Class Undefined [Member]
Stockholders' equity (Note7):
Common stock	$ 2.8	$ 2.8

Earnings per Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to SS&C common stockholders	$ 190.3	$ 130.7	$ 347.9	$ 256.7
Shares attributable to SS&C:
Weighted-average common shares outstanding – used in calculation of basic EPS	246.2	248.5	246.6	249.5
Weighted-average common stock equivalents – stock options and restricted shares	6.1	6.5	6.1	6.5
Weighted-average common and common equivalent shares outstanding – used in calculation of diluted EPS	252.3	255.0	252.7	256.0
Earnings per share attributable to SS&C common stockholders - Basic	$ 0.77	$ 0.53	$ 1.41	$ 1.03
Earnings per share attributable to SS&C common stockholders - Diluted	$ 0.75	$ 0.51	$ 1.38	$ 1

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13—Commitments and Contingencies

From time to time, we are subject to legal proceedings and claims. In our opinion, we are not involved in any litigation or proceedings that would have a material adverse effect on us or our business.

Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Note 3—Investments

Investments are as follows (in millions):


	June 30,		December 31,
	2024		2023
Non-marketable equity securities	$	124.0	$	124.0
Seed capital investments		25.9		26.1
Marketable equity securities		20.6		23.1
Partnership interests in private equity funds		10.7		11.5
Total investments	$	181.2	$	184.7

There were no realized gains or losses for our equity securities in the three and six months ended June 30, 2024 and 2023. Unrealized gains for our equity securities are as follows (in millions):


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024		2023
Unrealized (losses) gains on equity securities held as of the end of the period	$	(0.7	)	$	0.9	$	0.2	$	3.2

Fair Value Measurement

Authoritative accounting guidance on fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

As of June 30, 2024 and December 31, 2023, we held certain investment assets and certain liabilities that are required to be measured at fair value on a recurring basis. These investments include money market funds and marketable equity securities where fair value is determined using quoted prices in active markets. Accordingly, the fair value measurements of these investments have been classified as Level 1 in the tables below. Investments for which we elected net asset value as a practical expedient for fair value and investments measured using the fair value measurement alternative are excluded from the tables below. Fair value for deferred compensation liabilities that are credited with deemed gains or losses of the underlying hypothetical investments, primarily equity securities, have been classified as Level 1 in the tables below.

The following tables present assets and liabilities measured at fair value on a recurring basis (in millions):


				Fair Value Measurements at Reporting Date Using
	June 30, 2024			Quoted prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds (1)	$	1,420.2		$	1,420.2		$	—	$	—
Seed capital investments (2)		25.9			25.9			—		—
Marketable equity securities (2)		20.6			20.6			—		—
Deferred compensation liabilities (3)		(11.6	)		(11.6	)		—		—
Total	$	1,455.1		$	1,455.1		$	—	$	—


				Fair Value Measurements at Reporting Date 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)
Money market funds (1)	$	2,212.6		$	2,212.6		$	—	$	—
Seed capital investments (2)		26.1			26.1			—		—
Marketable equity securities (2)		23.1			23.1			—		—
Deferred compensation liabilities (3)		(11.7	)		(11.7	)		—		—
Total	$	2,250.1		$	2,250.1		$	—	$	—

(1)

As of June 30, 2024, included $130.8 million of cash and cash equivalents, $2.6 million of restricted cash and $1,286.8 million of funds receivable and funds held on behalf of clients on the Condensed Consolidated Balance Sheet. As of December 31, 2023, included $131.7 million of cash and cash equivalents, $1.8 million of restricted cash and $2,079.1 million of funds receivable and funds held on behalf of clients on the Condensed Consolidated Balance Sheet.

(2)

Included in Investments on the Condensed Consolidated Balance Sheet.

(3)

Included in Other long-term liabilities on the Condensed Consolidated Balance Sheet.

We have partnership interests in various private equity funds that are not included in the tables above. Our investments in private equity funds were $10.7 million and $11.5 million at June 30, 2024 and December 31, 2023, respectively, of which $9.2 million in each year, were measured using net asset value as a practical expedient for fair value and $1.5 million and $2.3 million, respectively, were accounted for under the equity method of accounting. The investments in private equity funds represent underlying investments in domestic and international markets across various industry sectors.

Generally, our investments in private equity funds are non-transferable or are subject to long holding periods, and withdrawals from the private equity firm partnerships are typically not permitted. The maximum risk of loss related to our private equity fund investments is limited to the carrying value of its investments in the entities.

Property, Plant and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment and Related Accumulated Depreciation

Property, plant and equipment and the related accumulated depreciation are as follows (in millions):


	June 30,			December 31,
	2024			2023
Land	$	37.6		$	37.7
Building and improvements		268.0			265.5
Equipment, furniture, and fixtures		546.1			525.7
		851.7			828.9
Less: accumulated depreciation		(547.0	)		(513.6	)
Total property, plant and equipment, net	$	304.7		$	315.3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share	$ 0.24	$ 0.2	$ 0.48	$ 0.4

Revenues - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Deferred Revenue Arrangement [Line Items]
Deferred revenue presented net within contract assets arising from contract	$ 65.6	$ 72.0
Deferred revenue recognized	111.7
Revenue expected to be recognized from remaining performance obligations	0.3
Revenue expected to be recognized from remaining performance obligations in next twelve months	$ 493.3
Minimum [Member] \| Software-enabled Services [Member]
Deferred Revenue Arrangement [Line Items]
Revenue recognition period	1 year
Maximum [Member] \| Software-enabled Services [Member]
Deferred Revenue Arrangement [Line Items]
Revenue recognition period	5 years

Goodwill

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Note 5—Goodwill

The change in carrying value of goodwill as of and for the six months ended June 30, 2024 is as follows (in millions):


Balance at December 31, 2023	$	8,969.5
Adjustments to prior acquisitions		0.1
Effect of foreign currency translation		(34.3	)
Balance at June 30, 2024	$	8,935.3

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	6.70%	32.70%	18.80%	31.10%
Uncertain tax positions	$ 40.8		$ 40.8
Income Tax Benefit Related to Uncertain Tax Positions	13.8	$ 63.6	80.5	$ 116.1
Tax Refunds due to Closed Audits	$ 5.7		$ 5.7

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 31, 2024	Jul. 31, 2023
Class of Stock [Line Items]
Payments for repurchase of common stock	$ 228.1		$ 111.9		$ 281.0	$ 246.6
Quarterly cash dividend paid	$ 0.24	$ 0.24	$ 0.2	$ 0.2
Dividends paid on common stock	$ 119.8		$ 101.2		$ 119.8	$ 101.2
Stock Repurchase Program [Member]
Class of Stock [Line Items]
Repurchase of common stock , shares	3,700,000		2,000,000		4,500,000	4,300,000
Payments for repurchase of common stock	$ 228.1		$ 111.9		$ 281.0	$ 246.6
Maximum [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized amount							$ 1,000.0	$ 1,000.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Earnings per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock Options, SARs, RSUs, and RSAs [Member]
Earnings Per Share [Line Items]
Anti-dilutive shares not included in computation of diluted EPS	15.1	24.9	17.4	24.9

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

Note 7—Stockholders’ Equity

Stock repurchase program

In July 2023, our Board of Directors authorized a stock repurchase program, which enabled us to repurchase up to $1 billion in the aggregate of our outstanding common stock on the open market or in privately negotiated transactions until the one-year anniversary of the Board’s authorization, unless earlier terminated by the Board. In July 2024, our Board of Directors authorized a stock repurchase program, which enables us to repurchase up to $1 billion in the aggregate of our outstanding common stock on the open market or in privately negotiated transactions until the one-year anniversary of the Board’s authorization, unless earlier terminated by the Board. During the three and six months ended June 30, 2024, we repurchased 3.7 million and 4.5 million shares, respectively, of common stock for approximately $228.1 million and $281.0 million, respectively, which includes a 1% excise tax on share repurchases. During the three and six months ended June 30, 2023, we repurchased 2.0 million and 4.3 million shares, respectively, of common stock for approximately $111.9 million and $246.6 million, respectively, which includes a 1% excise tax on share repurchases. We use the cost method to account for treasury stock purchases. Under the cost method, the price paid for the stock is charged to the treasury stock account.

Dividends

We paid quarterly cash dividends of $0.24 per share of common stock in each of March and June 2024 totaling $119.8 million. We paid quarterly cash dividends of $0.20 per share of common stock in each of March and June 2023 totaling $101.2 million.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss balances, net of tax, consist of the following (in millions):


	Foreign Currency Translation			Defined Benefit Obligation			Accumulated Other Comprehensive Loss
Balance, December 31, 2023	$	(424.5	)	$	(1.8	)	$	(426.3	)
Net current period other comprehensive (loss) income		(44.9	)		0.1			(44.8	)
Balance, June 30, 2024	$	(469.4	)	$	(1.7	)	$	(471.1	)

Adjustments to accumulated other comprehensive loss are as follows (in millions):


	Three Months Ended June 30,											Six Months Ended June 30,
	2024					2023						2024					2023
	Pretax		Tax Effect			Pretax			Tax Effect			Pretax			Tax Effect		Pretax			Tax Effect
Defined Benefit Pension
Unrealized net gains (losses) on defined benefit pension plan	$	—	$	0.1		$	(0.1	)	$	—		$	—		$	0.1	$	(0.1	)	$	0.1
Foreign Currency Translation
Current period translation adjustments		3.1		(0.4	)		69.3			(3.1	)		(45.5	)		0.6		113.6			(5.4	)
Total other comprehensive income (loss)	$	3.1	$	(0.3	)	$	69.2		$	(3.1	)	$	(45.5	)	$	0.7	$	113.5		$	(5.3	)

- Definition

The entire disclosure for equity.

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+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	SS&C TECHNOLOGIES HOLDINGS, INC.
Entity Central Index Key	0001402436
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-34675
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0987913
Entity Address, Address Line One	80 Lamberton Road
Entity Address, City or Town	Windsor
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06095
City Area Code	860
Local Phone Number	298-4500
Document Quarterly Report	true
Document Transition Report	false
Security12b Title	Common stock, par value $0.01 per share
Trading Symbol	SSNC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		245,419,928

Debt - Schedule of Senior Secured Credit Facilities and Senior Note (Parenthetical) (Details) - Senior Notes	Jun. 30, 2024	May 09, 2024
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.50%
5.5% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.50%
6.5% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Variable Interest Entities (Additional Information) (Details)	Jul. 31, 2021
DomaniRx LLC [Member]
Variable Interest Entity [Line Items]
Ownership Percentage	80.20%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flow from operating activities:
Net income	$ 348.7	$ 257.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	333.0	331.8
Equity in earnings of unconsolidated affiliates, net	(19.6)	(15.1)
Distributions received from unconsolidated affiliates	2.5	16.2
Stock-based compensation expense	95.7	75.4
Net losses (gains) on investments	0.6	(1.8)
Amortization and write-offs of loan origination costs and original issue discounts	5.2	6.9
Loss on extinguishment of debt	28.8	0.6
(Gain) loss on sale or disposition of property and equipment	(0.1)	6.9
Deferred income taxes	(49.4)	(52.7)
Provision for credit losses	9.7	8.0
Changes in operating assets and liabilities, excluding effects from acquisitions:
Accounts receivable	(83.3)	(28.2)
Prepaid expenses and other assets	16.5	62.7
Contract assets	(7.2)	9.0
Accounts payable	(37.4)	(5.0)
Accrued expenses and other liabilities	(90.2)	(106.4)
Income taxes prepaid and payable	(8.3)	0.9
Deferred revenue	20.2	17.9
Net cash provided by operating activities	565.4	584.2
Cash flow from investing activities:
Cash paid for business acquisitions, net of cash acquired and asset acquisitions	(0.9)	(0.1)
Additions to property and equipment	(15.8)	(24.2)
Proceeds from sale of property and equipment	3.2	0.0
Additions to capitalized software	(100.2)	(97.2)
Proceeds from sales / maturities of investments	0.2	2.1
Distributions received from unconsolidated affiliates	24.5	0.0
Collection of other non-current receivables	5.0	5.0
Net cash used in investing activities	(84.0)	(114.4)
Cash flow from financing activities:
Cash received from debt borrowings, net of original issue discount	4,745.0	175.0
Repayments of debt	(4,850.1)	(344.8)
Payment of deferred financing fees	(30.0)	0.0
Net decrease in client funds obligations	(1,151.6)	(613.6)
Proceeds from exercise of stock options	103.7	45.1
Withholding taxes paid related to equity award net share settlement	(14.9)	(1.6)
Purchases of common stock for treasury	(279.9)	(244.1)
Dividends paid on common stock	(119.8)	(101.2)
Net cash used in financing activities	(1,597.6)	(1,085.2)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3.9)	0.6
Net decrease in cash, cash equivalents and restricted cash	(1,120.1)	(614.8)
Cash, cash equivalents and restricted cash, beginning of period	2,998.6	1,337.6
Cash, cash equivalents and restricted cash and cash equivalents, end of period	1,878.5	722.8
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents:
Cash and cash equivalents	462.7	439.7
Restricted cash and cash equivalents	3.3	2.5
Restricted cash and cash equivalents included in funds receivable and funds held on behalf of clients	1,412.5	280.6
Cash and cash equivalents and restricted cash	$ 1,878.5	$ 722.8

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Component of Debt

At June 30, 2024 and December 31, 2023, debt consisted of the following (in millions):


	June 30,			December 31,
	2024			2023
Senior secured credit facilities, weighted-average interest rate of 7.34% and 7.35%, respectively	$	3,900.0		$	4,755.1
5.5% senior notes due 2027		2,000.0			2,000.0
6.5% senior notes due 2032		750.0			—
Unamortized original issue discount and debt issuance costs		(35.9	)		(35.1	)
		6,614.1			6,720.0
Less: current portion of long-term debt		39.0			51.5
Long-term debt	$	6,575.1		$	6,668.5

Schedule of the key terms of our Senior Secured Credit Facilities and Senior Notes

The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes:


	Amount Outstanding at June 30, 2024		Maturity	Scheduled Quarterly
	(in millions)		Date	Payments Required
Senior Secured Credit Facilities
Term Loan B-8	$	3,900.0	May 9, 2031	0.25%
Revolving Credit Facility		—	December 28, 2027	None
5.5% Senior Notes		2,000.0	September 30, 2027	None
6.5% Senior Notes		750.0	June 1, 2032	None

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and fair values of financial instruments are as follows (in millions):


	June 30, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial liabilities:
Senior secured credit facilities	$	3,873.8	$	3,915.8	$	4,722.7	$	4,774.4
5.5% senior notes due 2027		1,997.7		1,972.1		1,997.3		1,974.0
6.5% senior notes due 2032		742.6		757.6		—		—

Earnings per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

Note 12—Earnings per Share

The following table sets forth the computation of basic and diluted EPS (in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income attributable to SS&C common stockholders	$	190.3	$	130.7	$	347.9	$	256.7

Shares attributable to SS&C:
Weighted-average common shares outstanding – used in calculation of basic EPS		246.2		248.5		246.6		249.5
Weighted-average common stock equivalents – stock options and restricted shares		6.1		6.5		6.1		6.5
Weighted-average common and common equivalent shares outstanding – used in calculation of diluted EPS		252.3		255.0		252.7		256.0

Earnings per share attributable to SS&C common stockholders – Basic	$	0.77	$	0.53	$	1.41	$	1.03
Earnings per share attributable to SS&C common stockholders – Diluted	$	0.75	$	0.51	$	1.38	$	1.00

Weighted-average stock options, SARs, RSUs and PSUs representing 15.1 million and 17.4 million shares were outstanding for the three and six months ended June 30, 2024, respectively, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive. Weighted-average stock options, SARs, RSUs and PSUs representing 24.9 million shares were outstanding for the each of the three and six month periods ended June 30, 2023, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive.

Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Stock-Based Compensation Expense Recognized

The amount of stock-based compensation expense recognized in our Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 was as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
Condensed Consolidated Statements of Comprehensive Income Classification	2024		2023		2024		2023
Cost of software-enabled services	$	17.7	$	12.9	$	33.1	$	28.4
Cost of license, maintenance and other related		2.2		1.5		3.8		3.3
Total cost of revenues		19.9		14.4		36.9		31.7
Selling and marketing		9.3		6.6		17.0		14.5
Research and development		7.8		4.6		14.0		10.0
General and administrative		13.6		7.9		27.8		19.2
Total operating expenses		30.7		19.1		58.8		43.7
Total stock-based compensation expense	$	50.6	$	33.5	$	95.7	$	75.4

Summary of Stock Option and Stock Appreciation Rights ("SARs") Restricted Stock Units ("RSUs") and Performance Stock Units ("PSU") Activity

The following table summarizes stock option and stock appreciation rights (“SARs”) activity, as well as performance stock units (“PSUs”) and restricted stock units (“RSUs”) activity, for the six months ended June 30, 2024 (shares in millions):


	Stock Options and SARs			PSUs and RSUs
Outstanding at December 31, 2023		38.8			3.5
Granted		1.8			3.4
Cancelled/forfeited		(1.1	)		(0.9	)
Exercised		(2.4	)		—
Vested		—			(0.7	)
Outstanding at June 30, 2024		37.1			5.3

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss Balances, Net of Tax

Accumulated other comprehensive loss balances, net of tax, consist of the following (in millions):


	Foreign Currency Translation			Defined Benefit Obligation			Accumulated Other Comprehensive Loss
Balance, December 31, 2023	$	(424.5	)	$	(1.8	)	$	(426.3	)
Net current period other comprehensive (loss) income		(44.9	)		0.1			(44.8	)
Balance, June 30, 2024	$	(469.4	)	$	(1.7	)	$	(471.1	)

Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss)

Adjustments to accumulated other comprehensive loss are as follows (in millions):


	Three Months Ended June 30,											Six Months Ended June 30,
	2024					2023						2024					2023
	Pretax		Tax Effect			Pretax			Tax Effect			Pretax			Tax Effect		Pretax			Tax Effect
Defined Benefit Pension
Unrealized net gains (losses) on defined benefit pension plan	$	—	$	0.1		$	(0.1	)	$	—		$	—		$	0.1	$	(0.1	)	$	0.1
Foreign Currency Translation
Current period translation adjustments		3.1		(0.4	)		69.3			(3.1	)		(45.5	)		0.6		113.6			(5.4	)
Total other comprehensive income (loss)	$	3.1	$	(0.3	)	$	69.2		$	(3.1	)	$	(45.5	)	$	0.7	$	113.5		$	(5.3	)

Investments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	$ 130.8	$ 131.7
Restricted Cash	2.6	1.8
Funds Held for Clients	$ 1,286.8	$ 2,079.1

Unconsolidated Affiliates - Schedule of Investments in Unconsolidated Affiliates (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Carrying Value	$ 337.1	$ 345.2
Excess carrying value of investment over proportionate share of net assets	$ 113.0	116.3
Orbit Private Investments Limited Partners
Schedule of Investments [Line Items]
Ownership Percentage	9.80%
Carrying Value	$ 202.2	211.6
Excess carrying value of investment over proportionate share of net assets	$ 0.0	0.0
International Financial Data Services L.P.
Schedule of Investments [Line Items]
Ownership Percentage	50.00%
Carrying Value	$ 70.4	68.3
Excess carrying value of investment over proportionate share of net assets	$ 29.7	31.4
Pershing Road Development Company, LLC
Schedule of Investments [Line Items]
Ownership Percentage	50.00%
Carrying Value	$ 9.8	10.0
Excess carrying value of investment over proportionate share of net assets	$ 54.2	55.4
Broadway Square Partners, LLP
Schedule of Investments [Line Items]
Ownership Percentage	50.00%
Carrying Value	$ 52.9	53.4
Excess carrying value of investment over proportionate share of net assets	29.1	29.5
Other Unconsolidated Affiliates
Schedule of Investments [Line Items]
Carrying Value	1.8	1.9
Excess carrying value of investment over proportionate share of net assets	$ 0.0	$ 0.0

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment and Related Accumulated Depreciation (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 851.7	$ 828.9
Less: accumulated depreciation	(547.0)	(513.6)
Total property, plant and equipment, net	304.7	315.3
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	37.6	37.7
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	268.0	265.5
Equipment, Furniture, and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 546.1	$ 525.7

Revenues

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Note 9—Revenues

We generate revenues primarily through our software-enabled services. Our software-enabled services are generally provided under contracts with initial terms of one to five years that require monthly or quarterly payments and are subject to automatic annual renewal at the end of the initial term unless terminated by either party. We also generate revenues by licensing our software to clients through either perpetual or term licenses and by selling maintenance services. We classify license revenues related to sales-based royalty arrangements as term license revenue. Maintenance services are generally provided under annually renewable contracts. Our pricing typically scales as a function of our clients’ assets under management, the complexity of asset classes managed, the volume of transactions and the level of service the client requires. Revenues from professional services consist mostly of services provided on a time and materials basis.

Deferred revenues primarily represent unrecognized fees billed or collected for maintenance and professional services. Deferred revenues are recognized as (or when) we perform under the contract. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of June 30, 2024 and December 31, 2023, approximately $65.6 million and $72.0 million, respectively, of deferred revenue is presented net within contract assets arising from the same contracts. The amount of revenues recognized in the period that was included in the opening deferred revenues balance was $111.7 million for the six months ended June 30, 2024.

As of June 30, 2024, revenue of approximately $984.3 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $493.3 million is expected to be recognized over the next twelve months.

We record revenue net of any taxes assessed by governmental authorities.

Revenue Disaggregation

The following table disaggregates our revenues by geography (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
United States	$	1,015.4	$	942.8	$	2,007.7	$	1,897.7
United Kingdom		155.8		157.4		321.3		313.3
Europe (excluding United Kingdom), Middle East and Africa		118.8		115.5		234.7		220.9
Asia-Pacific and Japan		78.9		68.6		152.2		136.6
Canada		54.7		53.7		114.3		109.2
Americas, excluding United States and Canada		27.9		24.6		56.3		47.6
Total	$	1,451.5	$	1,362.6	$	2,886.5	$	2,725.3

The following table disaggregates our revenues by source (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Software-enabled services	$	1,192.4	$	1,106.5	$	2,380.1	$	2,220.7
Maintenance and term licenses		224.4		218.6		443.2		431.9
Professional services		25.1		28.6		48.9		56.3
Perpetual licenses		9.6		8.9		14.3		16.4
Total	$	1,451.5	$	1,362.6	$	2,886.5	$	2,725.3

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Revenues - Disaggregation of Revenues by Geography (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,451.5	$ 1,362.6	$ 2,886.5	$ 2,725.3
United States [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	1,015.4	942.8	2,007.7	1,897.7
United Kingdom [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	155.8	157.4	321.3	313.3
Europe (excluding United Kingdom), Middle East and Africa [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	118.8	115.5	234.7	220.9
Asia-Pacific and Japan [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	78.9	68.6	152.2	136.6
Canada [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	54.7	53.7	114.3	109.2
Americas, excluding United States and Canada [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	$ 27.9	$ 24.6	$ 56.3	$ 47.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments are as follows (in millions):


	June 30,		December 31,
	2024		2023
Non-marketable equity securities	$	124.0	$	124.0
Seed capital investments		25.9		26.1
Marketable equity securities		20.6		23.1
Partnership interests in private equity funds		10.7		11.5
Total investments	$	181.2	$	184.7

Schedule of Realized and Unrealized Gains and Losses on Investments

Unrealized gains for our equity securities are as follows (in millions):


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024		2023
Unrealized (losses) gains on equity securities held as of the end of the period	$	(0.7	)	$	0.9	$	0.2	$	3.2

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present assets and liabilities measured at fair value on a recurring basis (in millions):


				Fair Value Measurements at Reporting Date Using
	June 30, 2024			Quoted prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds (1)	$	1,420.2		$	1,420.2		$	—	$	—
Seed capital investments (2)		25.9			25.9			—		—
Marketable equity securities (2)		20.6			20.6			—		—
Deferred compensation liabilities (3)		(11.6	)		(11.6	)		—		—
Total	$	1,455.1		$	1,455.1		$	—	$	—


				Fair Value Measurements at Reporting Date 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)
Money market funds (1)	$	2,212.6		$	2,212.6		$	—	$	—
Seed capital investments (2)		26.1			26.1			—		—
Marketable equity securities (2)		23.1			23.1			—		—
Deferred compensation liabilities (3)		(11.7	)		(11.7	)		—		—
Total	$	2,250.1		$	2,250.1		$	—	$	—

Debt - Component of Debt (Parenthetical) (Detail)		6 Months Ended	12 Months Ended
Debt - Component of Debt (Parenthetical) (Detail)	May 09, 2024	Jun. 30, 2024	Dec. 31, 2023
6.5% senior notes due 2032
Debt Instrument [Line Items]
Debt, interest rate		6.50%
Secured Debt \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Debt, weighted-average interest rate of credit facility		7.34%	7.35%
Senior Notes
Debt Instrument [Line Items]
Debt, interest rate	6.50%
Senior Notes \| 5.5% Senior Notes due 2027
Debt Instrument [Line Items]
Debt, interest rate		5.50%	5.50%
Debt, due date		2027	2027
Senior Notes \| 6.5% senior notes due 2032
Debt Instrument [Line Items]
Debt, interest rate	6.50%	6.50%	6.50%
Debt, due date	2032	2032	2032

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates are as follows (in millions):


		June 30, 2024				December 31, 2023
	Ownership Percentage	Carrying Value		Excess carrying value of investment over proportionate share of net assets		Carrying Value		Excess carrying value of investment over proportionate share of net assets
Orbit Private Investments L.P.	9.8%	$	202.2	$	—	$	211.6	$	—
International Financial Data Services L.P.	50.0%		70.4		29.7		68.3		31.4
Broadway Square Partners, LLP	50.0%		52.9		29.1		53.4		29.5
Pershing Road Development Company, LLC	50.0%		9.8		54.2		10.0		55.4
Other unconsolidated affiliates			1.8		—		1.9		—
Total		$	337.1	$	113.0	$	345.2	$	116.3

Schedule of Equity in Earnings of Unconsolidated Affiliates

Equity in earnings of unconsolidated affiliates, net are as follows (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Orbit Private Investments L.P.	$	16.2		$	7.6		$	17.4		$	12.4
International Financial Data Services L.P.		1.5			1.4			3.0			2.5
Pershing Road Development Company, LLC		(0.2	)		(0.7	)		(0.3	)		(0.9	)
Broadway Square Partners, LLP		(0.2	)		(0.1	)		(0.5	)		—
Other unconsolidated affiliates		—			1.2			—			1.1
Total	$	17.3		$	9.4		$	19.6		$	15.1

Revenues - Disaggregation of Revenues by Source (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenues	$ 1,451.5	$ 1,362.6	$ 2,886.5	$ 2,725.3
Software-enabled Services [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	1,192.4	1,106.5	2,380.1	2,220.7
Maintenance and Term Licenses [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	224.4	218.6	443.2	431.9
Professional Services [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	25.1	28.6	48.9	56.3
Perpetual Licenses [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	$ 9.6	$ 8.9	$ 14.3	$ 16.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Investments - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Total investments	$ 181.2	$ 184.7
Partnership Interests in Private Equity Funds
Schedule of Investments [Line Items]
Total investments	10.7	11.5
Investments, fair value	9.2	9.2
Equity method investments, fair value	1.5	2.3
Seed Capital Investments [Member]
Schedule of Investments [Line Items]
Total investments	$ 25.9	$ 26.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Note 6—Debt

At June 30, 2024 and December 31, 2023, debt consisted of the following (in millions):


	June 30,			December 31,
	2024			2023
Senior secured credit facilities, weighted-average interest rate of 7.34% and 7.35%, respectively	$	3,900.0		$	4,755.1
5.5% senior notes due 2027		2,000.0			2,000.0
6.5% senior notes due 2032		750.0			—
Unamortized original issue discount and debt issuance costs		(35.9	)		(35.1	)
		6,614.1			6,720.0
Less: current portion of long-term debt		39.0			51.5
Long-term debt	$	6,575.1		$	6,668.5

The table below provides a summary of the key terms of our Senior Secured Credit Facilities and Senior Notes:


	Amount Outstanding at June 30, 2024		Maturity	Scheduled Quarterly
	(in millions)		Date	Payments Required
Senior Secured Credit Facilities
Term Loan B-8	$	3,900.0	May 9, 2031	0.25%
Revolving Credit Facility		—	December 28, 2027	None
5.5% Senior Notes		2,000.0	September 30, 2027	None
6.5% Senior Notes		750.0	June 1, 2032	None

Senior Secured Credit Facilities and Senior Notes

On May 9, 2024, we entered into the Incremental Joinder & First Amendment to Credit Agreement (the “Amendment”) which amends our existing amended and restated credit agreement, dated as of April 16, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Pursuant to the Amendment, we borrowed $3,935.0 million in aggregate principal amount of incremental term B-8 loans (the “Term B-8 Loans”). The Term B-8 Loans bear interest at, at our option, the Base Rate (as defined in the Amendment), plus 1.00% per annum, or the Term SOFR Rate (as defined in the Amendment), plus 2.00% per annum.

Also on May 9, 2024, we issued $750.0 million aggregate principal amount of 6.5% Senior Notes due 2032 (the “6.5% Senior Notes”). The 6.5% Senior Notes are senior unsecured obligations and rank equal in right of payment with all of our existing and future senior indebtedness. The 6.5% Senior Notes are fully and unconditionally guaranteed, jointly and severally, by SS&C Holdings and all of its existing domestic restricted subsidiaries (other than SS&C Technologies) that guarantee our existing senior secured credit facilities and future domestic restricted subsidiaries that guarantee our existing senior secured credit facilities and certain other indebtedness. Interest on the 6.5% Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2024.

The net proceeds of the Term B-8 Loans and from the sale of the 6.5% Senior Notes were used to repay all amounts owed under the term B-3 loans, the term B-4 loans, the term B-5 loans, the term B-6 loans and the term B-7 loans (together, the “Existing Term Loans”) under the Credit Agreement, as well as to pay related fees and expenses.

Debt issuance costs and loss on extinguishment of debt

We evaluated the borrowing of our Term B-8 Loans and issuance of 6.5% Senior Notes and the repayment of our Existing Term Loans in accordance with FASB Accounting Standards Codification 470-50, Debt Modifications and Extinguishments. We determined that the new debt borrowing and issuance and existing debt repayment were two independent transactions due to the fact that (i) no single investor held a significant concentration of both the old and the new debt, (ii) none of the old investors were included in negotiations with creditors about modifying the old debt, and (iii) all lenders were provided the same opportunity to participate in the new debt regardless of whether they were an existing lender. Consequently, the refinancing was accounted for as a debt extinguishment. As a result, we capitalized an aggregate of $34.5 million in financing costs during the three months ended June 30, 2024, which represent new third-party costs. The Existing Term Loans borrowing costs of $27.7 million were expensed and are included in Loss on extinguishment of debt in the Condensed Consolidated Statement of Comprehensive Income during the three months ended June 30, 2024.

Fair Value of Debt

The carrying amounts and fair values of financial instruments are as follows (in millions):


	June 30, 2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial liabilities:
Senior secured credit facilities	$	3,873.8	$	3,915.8	$	4,722.7	$	4,774.4
5.5% senior notes due 2027		1,997.7		1,972.1		1,997.3		1,974.0
6.5% senior notes due 2032		742.6		757.6		—		—

The above fair values, which are Level 2 liabilities, were computed based on comparable quoted market prices. The fair values of cash, accounts receivable, net, short-term borrowings, and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Investments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)
$ in Millions

Jun. 30, 2024

Dec. 31, 2023

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts receivable	$ 29.9	$ 25.1
Accumulated amortization of finite-lived intangible assets	$ 4,354.1	$ 4,063.4
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	278,600,000	275,900,000
Common stock, shares outstanding	244,800,000	246,600,000
Treasury stock	33,800,000	29,300,000
Class A Non-Voting Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	0	0

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 6,100.8	$ 2.7	$ 5,111.6	$ 2,740.1	$ (550.1)	$ (1,260.1)	$ 56.6
Beginning balance, shares at Dec. 31, 2022		271,900,000
Net income	257.1			256.7			0.4
Foreign exchange translation adjustment	108.2				108.2
Stock-based compensation expense	75.4		75.4
Exercise of options, net of withholding taxes	43.6		43.6
Exercise of options, net of withholding taxes, shares		1,300,000
Purchases of common stock	(246.6)					(246.6)
Cash dividends declared	(101.2)			(101.2)
Ending balance at Jun. 30, 2023	6,237.3	$ 2.7	5,230.6	2,895.6	(441.9)	(1,506.7)	57.0
Ending balance, shares at Jun. 30, 2023		273,200,000
Beginning balance at Mar. 31, 2023	6,140.8	$ 2.7	5,168.7	2,815.4	(508.0)	(1,394.8)	56.8
Beginning balance, shares at Mar. 31, 2023		272,300,000
Net income	130.9			130.7			0.2
Foreign exchange translation adjustment	66.2				66.2
Change in defined benefit plan obligation	(0.1)				(0.1)
Stock-based compensation expense	33.5		33.5
Exercise of options, net of withholding taxes	28.4		28.4
Exercise of options, net of withholding taxes, shares		900,000
Purchases of common stock	(111.9)					(111.9)
Cash dividends declared	(50.5)			(50.5)
Ending balance at Jun. 30, 2023	6,237.3	$ 2.7	5,230.6	2,895.6	(441.9)	(1,506.7)	57.0
Ending balance, shares at Jun. 30, 2023		273,200,000
Beginning balance at Dec. 31, 2023	$ 6,397.7	$ 2.8	5,371.0	3,126.3	(426.3)	(1,734.2)	58.1
Beginning balance, shares at Dec. 31, 2023	275,900,000	275,900,000
Net income	$ 348.7			347.9			0.8
Foreign exchange translation adjustment	(44.9)				(44.9)
Change in defined benefit plan obligation	0.1				0.1
Stock-based compensation expense	95.7		95.7
Exercise of options, net of withholding taxes	89.6		89.6
Exercise of options, net of withholding taxes, shares		2,700,000
Purchases of common stock	(281.0)					(281.0)
Cash dividends declared	(119.1)		0.7	(119.8)
Ending balance at Jun. 30, 2024	$ 6,486.8	$ 2.8	5,557.0	3,354.4	(471.1)	(2,015.2)	58.9
Ending balance, shares at Jun. 30, 2024	278,600,000	278,600,000
Beginning balance at Mar. 31, 2024	$ 6,492.7	$ 2.8	5,468.2	3,224.2	(473.9)	(1,787.1)	58.5
Beginning balance, shares at Mar. 31, 2024		277,300,000
Net income	190.7			190.3			0.4
Foreign exchange translation adjustment	2.7				2.7
Change in defined benefit plan obligation	0.1				0.1
Stock-based compensation expense	50.6		50.6
Exercise of options, net of withholding taxes	37.7		37.7
Exercise of options, net of withholding taxes, shares		1,300,000
Purchases of common stock	(228.1)					(228.1)
Cash dividends declared	(59.6)		0.5	(60.1)
Ending balance at Jun. 30, 2024	$ 6,486.8	$ 2.8	$ 5,557.0	$ 3,354.4	$ (471.1)	$ (2,015.2)	$ 58.9
Ending balance, shares at Jun. 30, 2024	278,600,000	278,600,000

Goodwill - Summary of Change in Carrying Value of Goodwill (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 8,969.5
Adjustments to prior acquisitions	0.1
Effect of foreign currency translation	(34.3)
Ending balance	$ 8,935.3

Debt - Component of Debt (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized original issue discount and debt issuance costs	$ (35.9)	$ (35.1)
Debt	6,614.1	6,720.0
Less: current portion of long-term debt	39.0	51.5
Long-term debt	6,575.1	6,668.5
Secured Debt \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	3,900.0	4,755.1
Senior Notes \| 5.5% Senior Notes due 2027
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	2,000.0	2,000.0
Senior Notes \| 6.5% senior notes due 2032
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	$ 750.0	$ 0.0

Debt - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying Amount [Member] \| Senior Secured Credit Facilities
Financial liabilities:
Credit facility	$ 3,873.8	$ 4,722.7
Carrying Amount [Member] \| 5.5% Senior Notes due 2027
Financial liabilities:
Senior notes	1,997.7	1,997.3
Carrying Amount [Member] \| 6.5% senior notes due 2032
Financial liabilities:
Senior notes	742.6	0.0
Fair Value [Member] \| Senior Secured Credit Facilities
Financial liabilities:
Credit facility	3,915.8	4,774.4
Fair Value [Member] \| 5.5% Senior Notes due 2027
Financial liabilities:
Credit facility	1,972.1	1,974.0
Fair Value [Member] \| 6.5% senior notes due 2032
Financial liabilities:
Credit facility	$ 757.6	$ 0.0

Debt - Schedule of Senior Secured Credit Facilities and Senior Note (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt Instrument Carrying Amount	$ 0.0
Debt Instrument, Maturity Date	Dec. 28, 2027
Line Of Credit Facility Periodic Payment Principal Percentage	0.00%
5.5% Senior Notes \| Senior Notes
Line of Credit Facility [Line Items]
Debt Instrument Carrying Amount	$ 2,000.0
Debt Instrument, Maturity Date	Sep. 30, 2027
Line Of Credit Facility Periodic Payment Principal Percentage	0.00%
6.5% Senior Notes
Line of Credit Facility [Line Items]
Debt Instrument Carrying Amount	$ 750.0
Debt Instrument, Maturity Date	Jun. 01, 2032
Line Of Credit Facility Periodic Payment Principal Percentage	0.00%
Senior Secured Credit Facilities \| Term Loan B-8
Line of Credit Facility [Line Items]
Debt Instrument Carrying Amount	$ 3,900.0
Debt Instrument, Maturity Date	May 09, 2031
Line Of Credit Facility Periodic Payment Principal Percentage	0.25%

Variable Interest Entity - Summary of Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Assets:
Cash and cash equivalents	$ 462.7	$ 432.2	$ 439.7
DomaniRx LLC [Member]
Assets:
Cash and cash equivalents	88.5	100.2
Intangible assets	209.0	193.3
Other assets	2.3	3.2
Liabilities:
Other liabilities	$ 2.7	$ 3.9