FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's financial instruments which are measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in millions):


December 31, 2025	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	1,366.7	$	1,020.0	$	—	$	2,386.7
Available-for-sale investments:

Corporate debt securities	—		346.9		—		346.9
Asset-backed securities	—		35.0		—		35.0
U.S. government and agency securities	—		466.3		—		466.3

Commercial paper	—		452.3		—		452.3

Equity investments in unconsolidated entities	7.1		—		—		7.1
Investments held for deferred compensation plans	167.0		—		—		167.0
Derivatives	—		21.4		—		21.4
	$	1,540.8	$	2,341.9	$	—	$	3,882.7
Liabilities
Derivatives	$	—	$	27.0	$	—	$	27.0
Contingent consideration liabilities	—		—		2.0		2.0
Other	—		—		6.1		6.1
	$	—	$	27.0	$	8.1	$	35.1

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
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

Schedule of Changes in Fair Value of Contingent Consideration Obligation

The following table summarizes the changes in fair value of Level 3 financial instruments measured at fair value on a recurring basis for the years ended December 31, 2025 and 2024 (in millions), which are included in Other Liabilities:


	Contingent Consideration		Other		Total
Fair value, December 31, 2023	$	—	$	10.3	$	10.3
Additions	16.5		—		16.5

Changes in fair value	—		(5.3)		(5.3)

Fair value, December 31, 2024	$	16.5	$	5.0	$	21.5

Payments	(2.0)		—		(2.0)
Changes in fair value	(12.5)		1.1		(11.4)

Fair value, December 31, 2025	$	2.0	$	6.1	$	8.1