INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Short-Term and Long-Term Debt Securities

Investments in short-term and long-term debt securities at the end of each period were as follows (in millions):


	September 30, 2026								December 31, 2025
Held-to-maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Bank time deposits	$	39.0	$	—	$	—	$	39.0	$	39.1	$	—	$	—		$	39.1








Available-for-sale

Commercial paper	$	518.3	$	—	$	—	$	518.3	$	452.3	$	—	$	—		$	452.3
U.S. government and agency securities	260.7		—		(0.5)		260.2		466.5		0.2		(0.4)			466.3

Asset-backed securities	33.2		—		(0.4)		32.8		35.6		—		(0.6)			35.0
Corporate debt securities	725.3		0.1		(1.0)		724.4		347.2		0.1		(0.4)			346.9

Total	$	1,537.5	$	0.1	$	(1.9)	$	1,535.7	$	1,301.6	$	0.3	$	(1.4)		$	1,300.5

Schedule of Cost and Fair Value of Investments in Debt Securities, by Contractual Maturity

The cost and fair value of investments in debt securities, by contractual maturity, as of September 30, 2026, were as follows (in millions):


	Held-to-Maturity				Available-for-Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due in 1 year or less	$	39.0	$	39.0	$	1,496.0	$	1,494.9



Instruments not due at a single maturity date (a)	—		—		41.5		40.8
	$	39.0	$	39.0	$	1,537.5	$	1,535.7

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(a) Consists of mortgage-backed and asset-backed securities.

Schedule of Gross Unrealized Losses and Fair Values for Investments in Unrealized Loss Position

The following tables present gross unrealized losses and fair values for investments that were in an unrealized loss position as of September 30, 2026 and December 31, 2025, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):


	September 30, 2026
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses


U.S. government and agency securities	$	616.9	$	(0.1)	$	7.4	$	(0.4)	$	624.3	$	(0.5)

Asset-backed securities	7.6		(0.1)		17.8		(0.3)		25.4		(0.4)
Corporate debt securities	656.8		(1.0)		—		—		656.8		(1.0)

	$	1,281.3	$	(1.2)	$	25.2	$	(0.7)	$	1,306.5	$	(1.9)


	December 31, 2025
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses


U.S. government and agency securities	$	—	$	—	$	11.2	$	(0.4)	$	11.2	$	(0.4)

Asset-backed securities	5.1		(0.1)		24.3		(0.5)		29.4		(0.6)
Corporate debt securities	76.7		(0.1)		34.3		(0.3)		111.0		(0.4)

	$	81.8	$	(0.2)	$	69.8	$	(1.2)	$	151.6	$	(1.4)

Schedule of Investments in Unconsolidated Affiliates

These investments are recorded in Long-term Investments on the condensed consolidated balance sheets, and are as follows (in millions):


	September 30, 2026		December 31, 2025

Equity method investments
Carrying value of equity method investments	$	36.2	$	34.7
Equity securities
Carrying value of marketable equity securities	48.0		7.1
Carrying value of non-marketable equity securities	137.6		185.5
Total investments in unconsolidated entities	$	221.8	$	227.3