Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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	$2,779.1	$1,770.7	$1,008.4	$—	$1,687.1	$613.3	$1,073.8	$—
Marketable securities:
Corporate equity securities	16.6	16.6	—	—	36.6	36.6	—	—
U.S. Treasury securities	1,864.9	1,864.9	—	—	1,602.0	1,566.8	35.2	—
U.S. government agency securities	262.4	—	262.4	—	240.5	—	240.5	—
Asset-backed securities	1,357.0	—	1,357.0	—	1,244.2	—	1,244.2	—
Certificates of deposit	26.2	—	26.2	—	—	—	—	—
Corporate debt securities	3,693.9	—	3,693.9	—	3,525.9	—	3,525.9	—
Commercial paper	14.6	—	14.6	—	5.0	—	5.0	—
Prepaid expenses and other current assets:
Foreign currency forward contracts	6.2	—	6.2	—	130.1	—	130.1	—
Other assets:
Foreign currency forward contracts	12.7	—	12.7	—	12.4	—	12.4	—
Total financial assets	$10,033.6	$3,652.2	$6,381.4	$—	$8,483.8	$2,216.7	$6,267.1	$—

Financial instruments carried at fair value (liability positions):
Other current liabilities:
Foreign currency forward contracts	$(79.4)	$—	$(79.4)	$—	$—	$—	$—	$—
Other long-term liabilities:
Foreign currency forward contracts	(51.0)	—	(51.0)	—	—	—	—	—
Contingent consideration	(79.0)	—	—	(79.0)	(76.9)	—	—	(76.9)
Total financial liabilities	$(209.4)	$—	$(130.4)	$(79.0)	$(76.9)	$—	$—	$(76.9)

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


	Year Ended December 31, 2025
	(in millions)
Balance at December 31, 2024	$76.9
Increase in fair value of contingent payments	2.1
Balance at December 31, 2025	$79.0