Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

12.FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments consist primarily of cash and equivalents, trade receivables, restricted cash and investments, trade payables, debt instruments, contingent consideration obligations and interest rate swaps. As of June 30, 2026 and December 31, 2025, the carrying values of cash and equivalents, trade receivables, restricted cash and

investments, trade payables and contingent consideration are considered to be representative of their respective fair values. The carrying values of the Company’s debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of June 30, 2026 and December 31, 2025, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2 within the fair value hierarchy. The carrying values and fair values of the Company’s debt instruments where the carrying values do not approximate their fair values as of June 30, 2026 and December 31, 2025, are as follows:


		Carrying Value at						Fair Value ^(a) at
		June 30,			December 31,			June 30,			December 31,
		2026			2025			2026			2025
4.25% Senior Notes due 2028		$	500,000		$	500,000		$	496,950		$	503,750
3.50% Senior Notes due 2029		$	500,000		$	500,000		$	487,200		$	491,900
4.50% Senior Notes due 2029		$	351,850		$	364,800		$	361,561		$	377,001
2.60% Senior Notes due 2030		$	600,000		$	600,000		$	561,840		$	566,100
2.20% Senior Notes due 2032		$	650,000		$	650,000		$	569,595		$	574,730
3.20% Senior Notes due 2032		$	500,000		$	500,000		$	459,500		$	465,900
4.20% Senior Notes due 2033		$	750,000		$	750,000		$	721,275		$	736,350
5.00% Senior Notes due 2034		$	750,000		$	750,000		$	731,625		$	767,175
5.25% Senior Notes due 2035		$	500,000		$	500,000		$	500,100		$	518,550
4.80% Senior Notes due 2036		$	600,000		$	—		$	585,300		$	—
3.05% Senior Notes due 2050		$	500,000		$	500,000		$	333,150		$	335,550
2.95% Senior Notes due 2052		$	850,000		$	850,000		$	546,720		$	551,650

(a)

Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value inputs include third-party calculations of the market interest rate of notes with similar ratings in similar industries over the remaining note terms.

For details on the fair value of the Company’s interest rate swaps, restricted cash and investments and contingent consideration, refer to Note 14.