Hedging (Tables)

3 Months Ended

Mar. 31, 2026

The following table summarizes the notional amount in U.S. dollars of our outstanding foreign currency forward

contracts designated as cash flow hedges under U.S. GAAP:


	As of March 31, 2026	As of December 31, 2025

Foreign Currency	(in millions)
Euro	$4,112.0	$4,677.9
Canadian dollar	445.2	516.1
British pound sterling	423.7	492.6
Australian dollar	231.5	267.5
Swiss franc	109.2	126.0
Total foreign currency forward contracts	$5,321.6	$6,080.1

During the three months ended March 31, 2026 and 2025, we recognized the following related to foreign currency

forward contracts in our condensed consolidated statements of income:


	Three Months Ended March 31,
	2026	2025

(in millions)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$(25.5)	$24.1
Not designated as hedging instruments
Other expense, net	$2.9	$(1.2)

Total reported in the Condensed Consolidated Statements of Income
Product revenues, net	$2,986.9	$2,760.2
Other expense, net	$—	$(17.6)

The following table summarizes the fair value of our outstanding foreign currency forward contracts designated as cash

flow hedges under U.S. GAAP included on our condensed consolidated balance sheets:


As of March 31, 2026
Assets		Liabilities
Classification	Fair Value	Classification	Fair Value

(in millions)
Prepaid expenses and other current assets	$36.1	Other current liabilities	$(50.1)
Other assets	39.4	Other long-term liabilities	(28.1)
Total assets	$75.5	Total liabilities	$(78.2)


As of December 31, 2025
Assets		Liabilities
Classification	Fair Value	Classification	Fair Value

(in millions)
Prepaid expenses and other current assets	$6.2	Other current liabilities	$(79.4)
Other assets	12.7	Other long-term liabilities	(51.0)
Total assets	$18.9	Total liabilities	$(130.4)

The following table summarizes the potential effect of offsetting derivatives by type of financial instrument

designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets:


	As of March 31, 2026
	Gross Amounts Recognized	Gross Amounts Offset	Gross Amounts Presented	Gross Amounts Not Offset	Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$75.5	$—	$75.5	$(75.5)	$—
Total liabilities	(78.2)	—	(78.2)	75.5	(2.7)


	As of December 31, 2025
	Gross Amounts Recognized	Gross Amounts Offset	Gross Amounts Presented	Gross Amounts Not Offset	Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$18.9	$—	$18.9	$(18.9)	$—
Total liabilities	(130.4)	—	(130.4)	18.9	(111.5)

The following table summarizes the potential effect of offsetting derivatives by type of financial instrument

designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets:


	As of March 31, 2026
	Gross Amounts Recognized	Gross Amounts Offset	Gross Amounts Presented	Gross Amounts Not Offset	Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$75.5	$—	$75.5	$(75.5)	$—
Total liabilities	(78.2)	—	(78.2)	75.5	(2.7)


	As of December 31, 2025
	Gross Amounts Recognized	Gross Amounts Offset	Gross Amounts Presented	Gross Amounts Not Offset	Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$18.9	$—	$18.9	$(18.9)	$—
Total liabilities	(130.4)	—	(130.4)	18.9	(111.5)