v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
Financial Instruments Recorded at Fair Value (in millions):
March 31, 2026December 31, 2025
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:        
Cash and cash equivalents$1,868.2 $— $— $1,868.2 $1,957.2 $— $— $1,957.2 
Deferred compensation asset (a)
0.5 — — 0.5 0.5 — — 0.5 
Liabilities:  
Deferred compensation obligation (a)
$0.5 $— $— $0.5 $0.5 $— $— $0.5 
 
(a)    The deferred compensation obligation represents the balance of deferred compensation plus net investment earnings. The deferred compensation plan is funded through a rabbi trust. Trust funds are invested in mutual funds for which unit prices are quoted in active markets and are classified within Level 1 of the valuation hierarchy.
Fair Value Option, Disclosures
The carrying value and estimated fair value of long-term debt were as follows (in millions):

March 31, 2026December 31, 2025
Carrying Value
Estimated Fair Value (a)
Carrying Value
Estimated Fair Value (a)
2.25% Convertible Notes
$391.7 
(b)
$816.1 $391.2 
(c)
$1080.4 
0% Convertible Notes
$784.5 
(c)
$849.3 $783.7 
(c)
$1089.8 
(a) Estimated fair value is based on bid/ask quotes as of or near the balance sheet date, which are considered Level 2 inputs.
(b)As of March 31, 2026 and December 31, 2025, the carrying value of the 2.25% Convertible Notes is net of $10.8 million and $11.3 million of unamortized debt issuance costs, respectively. Refer to Note 6, Debt.
(c)As of March 31, 2026 and December 31, 2025, the carrying value of the 0% Convertible Notes is net of $20.5 million and $21.3 million of unamortized debt issuance costs, respectively. Refer to Note 6, Debt.