FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Below are the three levels of inputs that may be used to measure fair value:


			Level 1			Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

			Level 2			Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

			Level 3			Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Key assumptions used to apply this pricing model were as follows:


	2026		2025		2024

Expected term (years)	2.81		2.81		2.81
Risk-free interest rate	3.58	%	3.91	%	4.31	%
Annualized volatility	25.42	%	27.91	%	26.75	%

Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis

The fair values of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value were as follows:


	June 30, 2026					December 31, 2025
	Fair Value Measurements Using					Fair Value Measurements Using
	Level 1		Level 2		Level 3	Level 1		Level 2		Level 3
Assets:

Investments in equity securities (1)	$	18.8	$	194.5	—	$	15.3	$	161.6	—

_______________

(1)Investments in equity securities are recorded in Notes receivable and other non-current assets in the consolidated balance sheets at fair value. Unrealized holding gains and losses for equity securities are recorded in Other income (expense) in the consolidated statements of operations in the current period. During three and six months ended June 30, 2026, the Company recognized unrealized gains of $12.0 million and $36.4 million, respectively, for equity securities held as of June 30, 2026. During three and six months ended June 30, 2025, the Company recognized unrealized gains of $110.7 million and $118.3 million, respectively, for equity securities held as of June 30, 2025.

Schedule of Contractual Amounts of Outstanding Instruments

The following table presents the contractual amounts of the Company's outstanding instruments:


		As of
	Designation	June 30, 2026		December 31, 2025
Foreign currency-denominated debt (1)	Net Investment Hedge	$	5,368.4	$	5,461.6

_______________

(1)During the three and six months ended June 30, 2026 and 2025, the Company recorded $61.4 million, $(204.6) million, $151.0 million and $(204.6) million, respectively, of unrealized foreign currency gains (losses) related to the EUR denominated debt that was designated as a net investment hedge as a foreign currency translation adjustment in Accumulated other comprehensive loss. As of June 30, 2026, includes 4.7 billion EUR ($5.4 billion) of outstanding EUR denominated debt designated as hedges of a portion of the Company’s net investment in foreign operations. This debt matures in fiscal years 2027 through 2034.