v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Subject to Fair Value Measurements The following table sets forth our financial assets and liabilities subject to fair value measurements by level within the
fair value hierarchy, as described in Note A, “Nature of Business and Accounting Policies,” of our 2025 Annual Report on
Form 10-K:
As of March 31, 2026
As of December 31, 2025
Fair Value Hierarchy
Fair Value Hierarchy
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
(in millions)
Financial instruments carried at fair value (asset positions):
Cash equivalents
$2,569.8
$1,312.8
$1,257.0
$
$2,779.1
$1,770.7
$1,008.4
$
Marketable securities:
Corporate equity securities
20.4
20.4
16.6
16.6
U.S. Treasury securities
1,744.8
1,744.8
1,864.9
1,864.9
U.S. government agency securities
208.2
208.2
262.4
262.4
Asset-backed securities
1,293.6
1,293.6
1,357.0
1,357.0
Certificates of deposit
36.6
36.6
26.2
26.2
Corporate debt securities
4,170.5
4,170.5
3,693.9
3,693.9
Commercial paper
29.6
29.6
14.6
14.6
Prepaid expenses and other current assets:
Foreign currency forward contracts
36.1
36.1
6.2
6.2
Other assets:
Foreign currency forward contracts
39.4
39.4
12.7
12.7
Total financial assets
$10,149.0
$3,078.0
$7,071.0
$
$10,033.6
$3,652.2
$6,381.4
$
Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts
$(50.1)
$
$(50.1)
$
$(79.4)
$
$(79.4)
$
Other long-term liabilities:
Foreign currency forward contracts
(28.1)
(28.1)
(51.0)
(51.0)
Contingent consideration
(79.2)
(79.2)
(79.0)
(79.0)
Total financial liabilities
$(157.4)
$
$(78.2)
$(79.2)
$(209.4)
$
$(130.4)
$(79.0)
Schedule of Fair Value of Our Contingent Consideration Liabilities The following table represents a rollforward of the fair value of our contingent consideration liabilities:
Three Months Ended
March 31, 2026
(in millions)
Balance at December 31, 2025
$79.0
Increase in fair value of contingent payments
0.2
Balance at March 31, 2026
$79.2