The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis, as classified within the three-level fair value hierarchy:


(in millions)	Fair Value Hierarchy	September 30, 2026		December 31, 2025
Assets:
Money market mutual funds(1)	1	$	85.3	$	64.3
U.S. Treasury bills(1)	2	—		99.9

Investment securities, current:
Available-for-sale debt securities:
U.S. treasury notes	2	$	325.0	$	397.5
Corporate and sovereign debt securities	2	1,667.0		1,349.6
Municipal bonds	2	62.8		66.6
Asset-backed securities	2	1,028.4		868.2
Mortgage-backed securities	2	1,590.4		1,651.0
Total		$	4,673.6	$	4,332.9


(in millions)	Fair Value Hierarchy	September 30, 2026		December 31, 2025
Investment securities, non-current:
Available-for-sale debt securities	2	$	62.9	$	53.7


Equity securities:
Mutual fund	1	26.9		27.6
Pooled investment fund measured at NAV(2)		12.9		12.9
Total		$	102.7	$	94.2

Executive deferred compensation plan trust(3)	1	$	18.0	$	18.4


Liabilities:

Contingent consideration(4)	2	$	18.6	$	68.9

(2)The fair value of this security is measured at NAV as a practical expedient and has not been classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets.

(3)The fair value is recorded as current or long-term based on the timing of the Company’s executive deferred compensation plan payment obligations. At September 30, 2026, $2.0 million and $16.0 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2025, $2.2 million and $16.3 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively.

(4)The fair value is recorded as current or long-term based on the timing of expected payments. As of September 30, 2026, the total fair value of $18.6 million is recorded within accrued expenses and other current liabilities. At December 31, 2025, $51.0 million and $17.9 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively.

The fair value of the Company’s financial instruments, which are measured and reported at carrying value, is as follows for the periods indicated:

September 30, 2026

December 31, 2025

(in millions)

Carrying value

Fair value

Carrying value

Fair value

Term A-1 Loans(1)

787.5

821.3

Term B-2 Loans(1)

1,364.0

1,374.4

Term B-3 Loans(1)

443.3

446.6

Outstanding borrowings on Revolving Credit Facility(1)

395.0

428.4

Senior Notes(1)

550.0

** Fair value approximates carrying value due to the instruments’ applicable interest rates approximating market interest rates as of the end of the respective period.

(1)The Company determines the fair value of borrowings on the Revolving Credit Facility, Term Loans and Senior Notes based on market rates for the issuance of the Company’s debt, which are Level 2 inputs in the fair value hierarchy.