Hedging (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedging Instruments

The following table summarizes the notional amount in U.S. dollars of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP:

	As of March 31, 2025		As of December 31, 2024
Foreign Currency	(in millions)
Euro	$	2,652.3	$	1,977.4
British pound sterling	314.5		301.7
Canadian dollar	272.2		322.0
Australian dollar	147.6		179.2
Swiss Franc	67.3		79.7
Total foreign currency forward contracts	$	3,453.9	$	2,860.0

Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations

During the three months ended March 31, 2025 and 2024, we recognized the following related to foreign currency forward contracts in our condensed consolidated statements of income:

	Three Months Ended March 31,
	2025		2024
	(in millions)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	24.1	$	3.4
Not designated as hedging instruments
Other expense, net	$	(1.2)	$	(2.4)
Total reported in the Condensed Consolidated Statements of Income
Product revenues, net	$	2,760.2	$	2,690.6
Other expense, net	$	(17.6)	$	(31.2)

Schedule of Foreign Exchange Contracts

The following table summarizes the fair value of our outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP included on our condensed consolidated balance sheets:

As of March 31, 2025
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in millions)
Prepaid expenses and other current assets	$	50.5	Other current liabilities	$	(18.3)
Other assets	0.6		Other long-term liabilities	(6.3)
Total assets	$	51.1	Total liabilities	$	(24.6)

As of December 31, 2024
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in millions)
Prepaid expenses and other current assets	$	130.1	Other current liabilities	$	—
Other assets	12.4		Other long-term liabilities	—
Total assets	$	142.5	Total liabilities	$	—

Schedule of Offsetting Assets

The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets:

	As of March 31, 2025
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset
Foreign currency forward contracts	(in millions)
Total assets	$	51.1	$	—	$	51.1	$	(24.6)	$	26.5
Total liabilities	(24.6)		—		(24.6)		24.6		—

	As of December 31, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset
Foreign currency forward contracts	(in millions)
Total assets	$	142.5	$	—	$	142.5	$	—	$	142.5
Total liabilities	—		—		—		—		—

Schedule of Offsetting Liabilities

The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on our condensed consolidated balance sheets:

	As of March 31, 2025
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset
Foreign currency forward contracts	(in millions)
Total assets	$	51.1	$	—	$	51.1	$	(24.6)	$	26.5
Total liabilities	(24.6)		—		(24.6)		24.6		—

	As of December 31, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset
Foreign currency forward contracts	(in millions)
Total assets	$	142.5	$	—	$	142.5	$	—	$	142.5
Total liabilities	—		—		—		—		—