FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

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


June 30, 2025	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	1,613.1	$	1,197.1	$	—	$	2,810.2
Available-for-sale investments:

Corporate debt securities	—		120.6		—		120.6
Asset-backed securities	—		51.1		—		51.1
U.S. government and agency securities	—		248.6		—		248.6

Commercial paper	—		416.4		—		416.4

Equity investments in unconsolidated entities	5.1		—		—		5.1
Investments held for deferred compensation plans	154.5		—		—		154.5
Derivatives	—		11.3		—		11.3
	$	1,772.7	$	2,045.1	$	—	$	3,817.8
Liabilities
Derivatives	$	—	$	59.6	$	—	$	59.6
Contingent consideration liabilities	—		—		16.5		16.5
Other	—		—		6.1		6.1
	$	—	$	59.6	$	22.6	$	82.2
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
U.S. 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):