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FAIR VALUE MEASUREMENT
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT FAIR VALUE MEASUREMENT
Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk.
The Company applied FASB Accounting Standards Codification (“ASC”) 820 — Fair Value Measurement, which provides guidance for using fair value to measure assets and liabilities by defining fair value and establishing the framework for measuring fair value. ASC 820 applies to financial and nonfinancial instruments that are measured and reported on a fair value basis. The three-level hierarchy of fair value measurements is based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The fair value hierarchy requires the use of observable market data when available and consists of the following levels:
•Level 1—Unadjusted inputs based on quoted markets for identical assets or liabilities.
•Level 2—Observable inputs, either direct or indirect, not including Level 1 measurements, corroborated by market data or based upon quoted prices in non-active markets.
•Level 3—Unobservable inputs that reflect management’s best assumptions of what market participants would use in valuing the asset or liability.
The Company has included a tabular disclosure for financial assets and liabilities that are measured at fair value on a recurring basis in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in millions):
June 30, 2026
TotalLevel 1Level 2Level 3
Assets:
U.S. and UK Treasury securities (1)$1,452.4 $1,452.4 $— $— 
Money market funds (1)264.8 264.8 — — 
U.S. Treasury securities (2)74.5 74.5 — — 
Digital assets held (3)0.4 — 0.4 — 
Marketable securities (2):
Mutual funds33.8 33.8 — — 
Money market funds6.2 6.2 — — 
Total assets$1,832.1 $1,831.7 $0.4 $— 
December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
U.S. and UK Treasury securities (1)$1,294.1 $1,294.1 $— $— 
Money market funds (1)248.1 248.1 — — 
U.S. Treasury securities (2)0.3 0.3 — — 
Marketable securities (2):
Mutual funds28.5 28.5 — — 
Money market funds7.3 7.3 — — 
Total assets$1,578.3 $1,578.3 $— $— 
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(1)These amounts are reflected within cash and cash equivalents in the condensed consolidated balance sheets.
(2)These amounts are reflected within financial investments in the condensed consolidated balance sheets.
(3)This amount is reflected within intangible assets, net in the condensed consolidated balance sheets.
The following is a description of the Company’s valuation methodologies used for instruments measured at fair value on a recurring basis:
Cash Equivalents
Cash equivalents consist of cash investments of highly liquid U.S. and UK Treasury securities and money market funds. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers, and therefore categorized as Level 1.
Financial Investments
Financial investments consist of highly liquid U.S. Treasury securities and marketable securities held in a trust for the Company’s non-qualified retirement and benefit plans, also referred to as deferred compensation plan assets. The deferred compensation plan assets have an equal and offsetting deferred compensation plan liability based on the value of the deferred compensation plan assets. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers and therefore categorized as Level 1. No material adjustments were made to the carrying value of financial investments for the period ended June 30, 2026. See Note 15 (“Employee Benefit Plans”) for more information.
Intangible Assets, Net
Intangible assets, net measured at fair value consist of digital assets held. Digital assets held are valued by using prices from multiple observable markets, including active third-party digital asset exchanges, but with certain time-based restrictions to their availability to the Company, and therefore categorized as Level 2. The Company's principal market for PYTH tokens is Bitstamp. See Note 8 (“Goodwill, Intangible Assets, Net, and Digital Assets Held”) for more information.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain assets, such as goodwill and intangible assets, are measured at fair value on a non-recurring basis. For goodwill, the process involves using a market approach and income approach (using discounted estimated cash flows) to determine the fair value of each reporting unit or disposal group on a stand-alone basis. That fair value is compared to the carrying value of the reporting unit, including its recorded goodwill. In connection with the annual impairment evaluation of goodwill and indefinite-lived intangibles, impairment is considered to have occurred if the fair value of the reporting unit is lower than the carrying value of the reporting unit. See Note 3 ("Acquisitions and Strategic Realignment") for more information on the reallocation of goodwill to assets held for sale related to the disposal group.
For equity method investments and intangible assets, other than digital assets held, the process also involves using a discounted cash flow method to determine the fair value of each asset. Impairment is considered to have occurred if the fair value of the asset is lower than its carrying value. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired.
Equity investments without readily determinable fair values that are valued using the measurement alternative are measured at fair value on a non-recurring basis. No observable transactions or impairments impacted the measurements of the investments accounted for as other equity investments, other than those described in Note 4 ("Investments"). Accordingly, there were no nonrecurring Level 3 fair value measurements related to these investments.
Fair Value of Assets and Liabilities
The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of June 30, 2026 and December 31, 2025 (in millions):
June 30, 2026
TotalLevel 1Level 2Level 3
Assets:
U.S. and UK Treasury securities (1)$1,452.4 $1,452.4 $— $— 
Money market funds (1)264.8 264.8 — — 
U.S. Treasury securities (2)74.5 74.5 — — 
Deferred compensation plan assets (2)40.0 40.0 — — 
Digital assets held (3)0.4 — 0.4 — 
Total assets$1,832.1 $1,831.7 $0.4 $— 
Liabilities:
Deferred compensation plan liabilities (4)$40.0 $40.0 $— $— 
Debt (5)1,361.6 — 1,361.6 — 
Total liabilities$1,401.6 $40.0 $1,361.6 $— 
December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
U.S. and UK Treasury securities (1)$1,294.1 $1,294.1 $— $— 
Money market funds (1)248.1 248.1 — — 
U.S. Treasury securities (2)0.3 0.3 — — 
Deferred compensation plan assets (2)35.8 35.8 — — 
Total assets$1,578.3 $1,578.3 $— $— 
Liabilities:
Deferred compensation plan liabilities (4)$35.8 $35.8 $— $— 
Debt (5)1,371.8 — 1,371.8 — 
Total liabilities$1,407.6 $35.8 $1,371.8 $— 
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(1)These amounts are reflected within cash and cash equivalents in the condensed consolidated balance sheets.
(2)These amounts are reflected within financial investments in the condensed consolidated balance sheets.
(3)This amount is reflected within intangible assets, net in the condensed consolidated balance sheets.
(4)These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets.
(5)These balances are presented at fair value in this table, but are carried at their historical value within the condensed consolidated balance sheets.
Certain financial assets and liabilities, including cash and cash equivalents, income tax receivable, margin deposits, default fund, and interoperability fund, other assets, Section 31 fees payable, and notes receivable are not measured at fair value on a recurring basis, but the carrying values approximate fair value due to their liquid or short-term nature.
Debt
The debt balance consists of fixed rate Senior Notes. The fair values of the Senior Notes are classified as Level 2 under the fair value hierarchy and are estimated using prevailing market quotes.
At June 30, 2026 and December 31, 2025, the fair values of the Company’s debt obligations were as follows (in millions):
June 30, 2026December 31, 2025
3.650% Senior Notes
$649.6 $648.9 
1.625% Senior Notes
439.0 444.6 
3.000% Senior Notes
273.0 278.3