Hedging (Tables)

6 Months Ended

Jun. 30, 2026

The following table summarizes the notional amount in U.S. dollars of our outstanding foreign currency forward

contracts designated as cash flow hedges under U.S. GAAP:


	As of June 30, 2026	As of December 31, 2025

Foreign Currency	(in millions)
Euro	$3,520.1	$4,677.9
Canadian dollar	371.7	516.1
British pound sterling	351.6	492.6
Australian dollar	278.0	267.5
Swiss franc	91.2	126.0
Total foreign currency forward contracts	$4,612.6	$6,080.1

During the three and six months ended June 30, 2026 and 2025, we recognized the following related to foreign currency

forward contracts in our condensed consolidated statements of income:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025

	(in millions)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$(10.2)	$(21.3)	$(35.7)	$2.8
Not designated as hedging instruments
Other income (expense), net	$(13.4)	$(3.1)	$(16.3)	$(4.3)

Total reported in the Condensed Consolidated Statements of Income
Product revenues, net	$3,333.9	$2,944.0	$6,320.8	$5,704.2
Other income (expense), net	$24.3	$13.2	$24.3	$(4.4)

The following table summarizes the fair value of our outstanding foreign currency forward contracts designated as cash

flow hedges under U.S. GAAP included on our condensed consolidated balance sheets:


As of June 30, 2026
Assets		Liabilities
Classification	Fair Value	Classification	Fair Value

(in millions)
Prepaid expenses and other current assets	$60.8	Other current liabilities	$(35.2)
Other assets	39.9	Other long-term liabilities	(17.4)
Total assets	$100.7	Total liabilities	$(52.6)


As of December 31, 2025
Assets		Liabilities
Classification	Fair Value	Classification	Fair Value

(in millions)
Prepaid expenses and other current assets	$6.2	Other current liabilities	$(79.4)
Other assets	12.7	Other long-term liabilities	(51.0)
Total assets	$18.9	Total liabilities	$(130.4)

The following table summarizes the potential effect of offsetting derivatives by type of financial instrument

designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets:


	As of June 30, 2026
	Gross Amounts Recognized	Gross Amounts Offset	Gross Amounts Presented	Gross Amounts Not Offset	Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$100.7	$—	$100.7	$(52.6)	$48.1
Total liabilities	(52.6)	—	(52.6)	52.6	—


	As of December 31, 2025
	Gross Amounts Recognized	Gross Amounts Offset	Gross Amounts Presented	Gross Amounts Not Offset	Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$18.9	$—	$18.9	$(18.9)	$—
Total liabilities	(130.4)	—	(130.4)	18.9	(111.5)

The following table summarizes the potential effect of offsetting derivatives by type of financial instrument

designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets:


	As of June 30, 2026
	Gross Amounts Recognized	Gross Amounts Offset	Gross Amounts Presented	Gross Amounts Not Offset	Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$100.7	$—	$100.7	$(52.6)	$48.1
Total liabilities	(52.6)	—	(52.6)	52.6	—


	As of December 31, 2025
	Gross Amounts Recognized	Gross Amounts Offset	Gross Amounts Presented	Gross Amounts Not Offset	Legal Offset

Foreign currency forward contracts	(in millions)
Total assets	$18.9	$—	$18.9	$(18.9)	$—
Total liabilities	(130.4)	—	(130.4)	18.9	(111.5)

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.