v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
Financial assets and liabilities carried at fair value and measured on a recurring basis as of June 30, 2026 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash equivalents:
Time deposits— 33.9 — 33.9 
U.S. government sponsored agencies securities
— 67.9 — 67.9 
Money market funds103.0 — — 103.0 
Total cash equivalents (a)103.0 101.8 — 204.8 
Restricted investments (b)1.0 — — 1.0 
Equity securities (c)
5,389.4 — — 5,389.4 
Loan under the fair value option (d)— — 369.9 369.9 
Available-for-sale investments:
Corporate debt securities— 475.7 — 475.7 
U.S. government sponsored agencies securities
— 120.1 — 120.1 
Foreign government obligations— 9.0 — 9.0 
Municipal obligations— 12.8 — 12.8 
Asset-backed securities— 389.6 — 389.6 
Total available-for-sale investments (e)— 1,007.2 — 1,007.2 
Forward foreign exchange contracts (f)— 1.6 — 1.6 
Total financial assets carried at fair value$5,493.4 $1,110.6 $369.9 $6,973.9 
Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)$— $2.1 $— $2.1 
Contingent consideration (h)— — 30.1 30.1 
Total financial liabilities carried at fair value$— $2.1 $30.1 $32.2 
Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2025 are classified in the hierarchy as follows (in millions):
Level 1Level 2Level 3Total
Financial assets carried at fair value:
Cash equivalents:
Corporate debt securities$— $1.6 $— $1.6 
Time deposits— 39.4 — 39.4 
U.S. government sponsored agencies securities
— 59.9 — 59.9 
Money market funds209.7 — — 209.7 
Total cash equivalents (a)209.7 100.9 — 310.6 
Restricted investments (b)1.1 — — 1.1 
Equity securities (c)5,740.5 — — 5,740.5 
Loan under the fair value option (d)— — 373.4 373.4 
Available-for-sale investments:
Corporate debt securities— 451.9 — 451.9 
U.S. government sponsored agencies securities
— 79.6 — 79.6 
Foreign government obligations— 11.7 — 11.7 
Municipal obligations— 14.9 — 14.9 
Asset-backed securities— 381.5 — 381.5 
Total available-for-sale investments (e)— 939.6 — 939.6 
Forward foreign exchange contracts (f)— 1.2 — 1.2 
Total financial assets carried at fair value$5,951.3 $1,041.7 $373.4 $7,366.4 
Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)$— $1.8 $— $1.8 
Contingent consideration (h)— — 29.6 29.6 
Total financial liabilities carried at fair value$— $1.8 $29.6 $31.4 

(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.

(b) Restricted investments are included in Other investments in the condensed consolidated balance sheets.

(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):
June 30, 2026December 31, 2025
Short-term investments$94.2 $71.3 
Other investments5,295.2 5,669.2 
        Total$5,389.4 $5,740.5 


(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.

(e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.
(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.

(h) Contingent consideration in a liability position is included in Other long-term liabilities in the condensed consolidated balance sheets. Changes in the estimated fair value of the contingent consideration are included in Research and development expense for the technological milestone and Selling, general and administrative expense for the sales-related milestone.
Debt Securities, Available-for-sale
Available-for-sale investments consist of the following (in millions):
June 30, 2026
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Estimated Fair
Value
Short-term investments:
Corporate debt securities$477.5 $1.0 $(2.8)$475.7 
U.S. government sponsored agencies securities
121.0 — (0.9)120.1 
Foreign government obligations9.0 — — 9.0 
Municipal obligations12.8 0.1 (0.1)12.8 
Asset-backed securities390.8 0.8 (2.0)389.6 
Total
$1,011.1 $1.9 $(5.8)$1,007.2 
Available-for-sale investments consist of the following (in millions):
December 31, 2025
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Estimated Fair
Value
Short-term investments:
Corporate debt securities$447.4 $4.6 $(0.1)$451.9 
U.S. government sponsored agencies securities
79.1 0.5 — 79.6 
Foreign government obligations11.6 0.1 — 11.7 
Municipal obligations14.6 0.3 — 14.9 
Asset-backed securities378.9 3.3 (0.7)381.5 
Total$931.6 $8.8 $(0.8)$939.6 
Summary of amortized cost and estimated fair value of debt securities by contractual maturity date
The following is a summary of the amortized cost and estimated fair value of our debt securities at June 30, 2026 by contractual maturity date (in millions):
Amortized
Cost
Estimated Fair
Value
Mature in less than one year$87.2 $87.3 
Mature in one to five years601.8 599.5 
Mature in more than five years322.1 320.4 
Total$1,011.1 $1,007.2 
Discussion of current derivative risk management
Contracts maturing to sell foreign currency in the next 12 months:
June 30, 2026
Notional value$702.6 
Unrealized gain (loss)$(0.4)
Contracts maturing to purchase foreign currency in the next 12 months:
Notional value$107.0 
Unrealized gain (loss)$(0.1)
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying value and fair value of our long-term debt, including current maturities, were as follows (in millions):

June 30, 2026December 31, 2025
Carrying Value
Fair Value
Carrying ValueFair Value
Senior notes
$1,193.9 $1,139.9 $1,193.0 $1,152.6 
Other long-term debt
9.8 9.8 10.0 10.0 
Total
$1,203.7 $1,149.7 $1,203.0 $1,162.6 
Fair Value Measurement Inputs and Valuation Techniques
The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):

Balance as of December 31, 2025$373.4 
Change in estimated fair market value, net6.7 
Foreign currency exchange gains (losses), net(10.2)
Balance as of June 30, 2026$369.9 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation of the Level 3 Stilla contingent consideration liability in the aggregate measured at estimated fair value (in millions):

Balance as of December 31, 2025$29.6 
Change in estimated fair value
0.5 
Balance as of June 30, 2026$30.1 

The following table provides quantitative information about Level 3 inputs for fair value measurement of our Stilla contingent consideration liability as of June 30, 2026. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement.

Valuation Technique Unobservable Input Percentage
Stilla
Probability-weighted expected return model
Discount rate4.4 %