Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The following table summarizes the changes in the carrying amount of goodwill (in millions):

	Americas			EMEA			Asia Pacific			Total
Balance at January 1, 2024
Goodwill	$	8,273.5		$	1,326.8		$	552.7		$	10,153.0
Accumulated impairment losses		(7.7	)		(1,326.8	)		-			(1,334.5	)
		8,265.8			-			552.7			8,818.5
2024 acquisitions		156.5			44.1			-			200.6
Currency translation		(53.2	)		(0.4	)		(14.4	)		(68.0	)
Balance at December 31, 2024
Goodwill		8,376.8			1,370.5			538.3			10,285.6
Accumulated impairment losses		(7.7	)		(1,326.8	)		-			(1,334.5	)
		8,369.1			43.7			538.3			8,951.1
Purchase accounting adjustments related to 2024 acquisitions		1.7			0.6			-			2.3
Paragon 28 acquisition		513.3			32.6			74.2			620.1
Monogram acquisition		263.0			-			-			263.0
Currency translation		101.6			1.7			7.3			110.6
Balance at December 31, 2025
Goodwill		9,256.4			1,405.4			619.8			11,281.6
Accumulated impairment losses		(7.7	)		(1,326.8	)		-			(1,334.5	)
	$	9,248.7		$	78.6		$	619.8		$	9,947.1

Components of Identifiable Intangible Assets

The components of identifiable intangible assets were as follows (in millions):

	Technology			Intellectual Property Rights			Trademarks and Trade Names			Customer Relationships			IPR&D		Other			Total
As of December 31, 2025:
Intangible assets subject to amortization:
Gross carrying amount	$	3,833.1		$	478.0		$	571.1		$	5,290.0		$	-	$	206.7		$	10,378.9
Accumulated amortization		(2,322.5	)		(383.2	)		(349.6	)		(3,110.7	)		-		(171.0	)		(6,337.0	)
Intangible assets not subject to    amortization:
Gross carrying amount		-			-			459.3			-			216.1		-			675.4
Total identifiable intangible assets	$	1,510.6		$	94.8		$	680.8		$	2,179.3		$	216.1	$	35.7		$	4,717.3
As of December 31, 2024:
Intangible assets subject to amortization:
Gross carrying amount	$	3,438.1		$	478.0		$	520.4		$	5,124.5		$	-	$	188.4		$	9,749.4
Accumulated amortization		(2,056.6	)		(346.3	)		(313.0	)		(2,761.4	)		-		(123.7	)		(5,601.0	)
Intangible assets not subject to    amortization:
Gross carrying amount		-			-			450.0			-			-		-			450.0
Total identifiable intangible assets	$	1,381.5		$	131.7		$	657.4		$	2,363.1		$	-	$	64.7		$	4,598.4

Estimated Annual Amortization Expense Based on Intangible Assets Recognized

Estimated annual amortization expense based upon intangible assets recognized as of December 31, 2025 for the years ending December 31, 2026 through 2030 is (in millions):

For the Years Ending December 31,
2026	$	633.6
2027		619.8
2028		613.6
2029		564.9
2030		448.4