Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 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	$	1,216.6	$	505.5	$	711.1	$	—	$	1,687.1	$	613.3	$	1,073.8	$	—
Marketable securities:
Corporate equity securities	9.4		9.4		—		—		36.6		36.6		—		—
U.S. Treasury securities	1,937.7		1,937.7		—		—		1,602.0		1,566.8		35.2		—
U.S. government agency securities	190.6		—		190.6		—		240.5		—		240.5		—
Asset-backed securities	1,361.0		—		1,361.0		—		1,244.2		—		1,244.2		—
Certificates of deposit	24.4		—		24.4		—		—		—		—		—
Corporate debt securities	3,538.4		—		3,538.4		—		3,525.9		—		3,525.9		—
Commercial paper	8.7		—		8.7		—		5.0		—		5.0		—
Prepaid expenses and other current assets:
Foreign currency forward contracts	6.7		—		6.7		—		130.1		—		130.1		—
Other assets:
Foreign currency forward contracts	9.4		—		9.4		—		12.4		—		12.4		—
Total financial assets	$	8,302.9	$	2,452.6	$	5,850.3	$	—	$	8,483.8	$	2,216.7	$	6,267.1	$	—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$	(114.3)	$	—	$	(114.3)	$	—	$	—	$	—	$	—	$	—

Other long-term liabilities:
Foreign currency forward contracts	(78.3)		—		(78.3)		—		—		—		—		—
Contingent consideration	(78.1)		—		—		(78.1)		(76.9)		—		—		(76.9)
Total financial liabilities	$	(270.7)	$	—	$	(192.6)	$	(78.1)	$	(76.9)	$	—	$	—	$	(76.9)

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


	Nine Months Ended September 30, 2025
	(in millions)
Balance at December 31, 2024	$	76.9
Increase in fair value of contingent payments	1.2
Balance at September 30, 2025	$	78.1