Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

INVENTORY

INVENTORY

Inventory, net of reserves, consisted of (in millions):

	March 31, 2026		December 31, 2025
Raw materials	$	62.6	$	61.9
Work in process	1.9		3.0
Finished goods	305.1		334.6
Inventory	$	369.6	$	399.5

The excess and obsolete inventory reserve was $125.3 million and $137.5 million as of March 31, 2026 and December 31, 2025, respectively. Inventory write-downs related to excess and obsolete inventory were immaterial during the

three months ended March 31, 2026 and 2025, respectively. These were recorded in cost of product revenue on the condensed consolidated statements of income.