FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Assets and Liabilities Measured at Fair Value

A summary of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:


		As of March 31, 2026
	Balance Sheet Location	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
Assets:
Cash	Cash and cash equivalents	$	2,150.6	$	2,150.6	$	—	$	—

Foreign currency exchange forwards	Other current assets	2.4		—		2.4		—
Economic hedges	Other current assets	14.4		—		14.4		—

Total assets		$	2,167.4	$	2,150.6	$	16.8	$	—

Liabilities:
Contingent consideration	Accrued expenses and other liabilities	$	177.3	$	—	$	—	$	177.3

Total liabilities		$	177.3	$	—	$	—	$	177.3


		As of December 31, 2025
	Balance Sheet Location	Total		Quoted prices in active markets for identical assets (Level 1)		Other observable inputs (Level 2)		Unobservable inputs (Level 3)
Assets:
Cash	Cash and cash equivalents	$	1,728.4	$	1,728.4	$	—	$	—
Interest rate swaps	Other current assets	23.4		—		23.4		—
Foreign currency exchange forwards	Other current assets	9.7		—		9.7		—
Economic hedges	Other current assets	26.1		—		26.1		—
Interest rate swaps	Other noncurrent assets	4.8		—		4.8		—
Total assets		$	1,792.4	$	1,728.4	$	64.0	$	—

Liabilities:


Contingent consideration	Other long-term liabilities	$	144.1	$	—	$	—	$	144.1
Total liabilities		$	144.1	$	—	$	—	$	144.1

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the estimated fair value and carrying value of long-term debt, including the current portion of long-term debt as of March 31, 2026 and December 31, 2025.


	March 31, 2026				December 31, 2025
	Fair Value		Par Value(1)		Fair Value		Par Value(1)
Term Loan due 2032	$	—	$	—	$	2,089.1	$	2,076.1
Senior Secured Notes due 2028	834.8		850.0		840.9		850.0
Senior Notes due 2036 at 4.850% at March 31, 2026	583.8		600.0		—		—
Senior Notes due 2046 at 5.650% at March 31, 2026	477.1		500.0		—		—
Senior Notes due 2056 at 5.800% at March 31, 2026	481.0		500.0		—		—
Senior Notes due 2066 at 5.950% at March 31, 2026	478.7		500.0		—		—

(1)See “Note 6 — Debt” for additional information.