v3.26.1
Fair Value
 6 Months Ended
Jun. 30, 2026
Fair Value [Abstract]  
Fair Value Fair Value
Financial assets and liabilities measured at fair value on a recurring basis:
June 30, 2026
Level 1Level 2Level 3Total
Assets:
Cash and cash equivalents$3,336.2 $3,336.2 
Marketable equity securities$0.8 $0.8 
Cross currency swaps - net investment hedge$11.9 $11.9 
Liabilities:   
Contingent purchase price obligations$244.8 $244.8 
December 31, 2025
Level 1Level 2Level 3Total
Assets:
Cash and cash equivalents$6,881.1 $6,881.1 
Marketable equity securities$0.9 $0.9 
Cross currency swaps - net investment hedge$7.1 $7.1 
Liabilities:
Contingent purchase price obligations$214.9 214.9 

Changes in contingent purchase price obligations:
Six Months Ended June 30,
20262025
January 1$214.9 $220.1 
Acquisitions24.8 5.4 
Revaluation and interest8.2 7.3 
Payments(3.3)(41.5)
Foreign currency translation0.2 0.8 
June 30
$244.8 $192.1 
Carrying amount and fair value of our financial assets and liabilities:
 June 30, 2026December 31, 2025
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Assets:    
Cash and cash equivalents$3,336.2 $3,336.2 $6,881.1 $6,881.1 
Marketable equity securities0.8 0.8 0.9 0.9 
Non-marketable equity securities— — 62.1 62.1 
Cross currency swaps - net investment hedge11.9 11.9 7.1 7.1 
Liabilities:    
Short-term debt$48.8 $48.8 $62.0 $62.0 
Foreign currency derivatives0.2 0.2 — — 
Contingent purchase price obligations244.8 244.8 214.9 214.9 
Long-Term Debt9,953.2 9,624.7 9,054.5 8,818.9 
The estimated fair value of the foreign currency derivatives and the cross-currency swaps are determined using model-derived valuations, taking into consideration foreign currency rates, interest rates, and counterparty credit risk. The estimated fair value of the contingent purchase price obligations is calculated in accordance with the terms of each acquisition agreement and is discounted. The fair value of long-term debt is based on quoted market prices.