Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

The following table sets forth our financial assets and liabilities subject to fair value measurements by level within the fair value hierarchy:


	As of June 30, 2025								As of December 31, 2024
			Fair Value Hierarchy								Fair Value Hierarchy
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3

	(in millions)
Financial instruments carried at fair value (asset positions):
Cash equivalents	$	1,012.6	$	244.5	$	768.1	$	—	$	1,687.1	$	613.3	$	1,073.8	$	—
Marketable securities:
Corporate equity securities	27.9		27.9		—		—		36.6		36.6		—		—
U.S. Treasury securities	1,818.1		1,818.1		—		—		1,602.0		1,566.8		35.2		—
U.S. government agency securities	195.0		—		195.0		—		240.5		—		240.5		—
Asset-backed securities	1,397.3		—		1,397.3		—		1,244.2		—		1,244.2		—
Certificates of deposit	24.1		—		24.1		—		—		—		—		—
Corporate debt securities	3,563.1		—		3,563.1		—		3,525.9		—		3,525.9		—
Commercial paper	31.0		—		31.0		—		5.0		—		5.0		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	2.6		—		2.6		—		130.1		—		130.1		—
Other assets:
Foreign currency forward contracts	—		—		—		—		12.4		—		12.4		—
Total financial assets	$	8,071.7	$	2,090.5	$	5,981.2	$	—	$	8,483.8	$	2,216.7	$	6,267.1	$	—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(157.0)	$	—	$	(157.0)	$	—	$	—	$	—	$	—	$	—

Other long-term liabilities:
Foreign currency forward contracts	(65.1)		—		(65.1)		—		—		—		—		—
Contingent consideration	(80.0)		—		—		(80.0)		(76.9)		—		—		(76.9)
Total financial liabilities	$	(302.1)	$	—	$	(222.1)	$	(80.0)	$	(76.9)	$	—	$	—	$	(76.9)

The following table represents a rollforward of the fair value of our contingent consideration liabilities:


	Six Months Ended June 30, 2025
	(in millions)
Balance at December 31, 2024	$	76.9
Increase in fair value of contingent payments	3.1
Balance at June 30, 2025	$	80.0