FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis (in millions):


March 31, 2025	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	1,486.4	$	1,190.8	$	—	$	2,677.2
Available-for-sale investments:
Bank time deposits	—		10.1		—		10.1
Corporate debt securities	—		230.9		—		230.9
Asset-backed securities	—		58.1		—		58.1
United States government and agency securities	—		266.5		—		266.5

Commercial paper	—		255.6		—		255.6
Municipal securities	—		2.8		—		2.8
Equity investments in unconsolidated entities	5.6		—		—		5.6
Investments held for deferred compensation plans	140.1		—		—		140.1
Derivatives	—		39.8		—		39.8
	$	1,632.1	$	2,054.6	$	—	$	3,686.7
Liabilities
Derivatives	$	—	$	10.5	$	—	$	10.5
Contingent consideration liabilities	—		—		16.5		16.5
Other	—		—		6.1		6.1
	$	—	$	10.5	$	22.6	$	33.1
December 31, 2024
Assets
Cash equivalents	$	1,394.4	$	985.5	$	—	$	2,379.9
Available-for-sale investments:
Bank time deposits	—		13.9		—		13.9
Corporate debt securities	—		462.3		—		462.3
Asset-backed securities	—		68.8		—		68.8
United States government and agency securities	—		237.1		—		237.1

Commercial paper	—		236.5		—		236.5
Municipal securities	—		2.7		—		2.7
Equity investments in unconsolidated entities	5.5		—		—		5.5
Investments held for deferred compensation plans	146.6		—		—		146.6
Derivatives	—		82.1		—		82.1
	$	1,546.5	$	2,088.9	$	—	$	3,635.4
Liabilities
Derivatives	$	—	$	8.2	$	—	$	8.2

Contingent consideration liabilities	—		—		16.5		16.5
Other	—		—		5.0		5.0
	$	—	$	8.2	$	21.5	$	29.7

The following tables summarize the changes in fair value of Level 3 financial instruments measured at fair value on a recurring basis (in millions):