XML 36 R25.htm IDEA: XBRL DOCUMENT v3.26.1

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

Financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2026 are classified in the hierarchy as follows (in millions):

			Level 1						Level 2						Level 3						Total
Financial assets carried at fair value:
Cash equivalents:
Time deposits			—						35.5						—						35.5
Money market funds			114.6						—						—						114.6
Total cash equivalents (a)			114.6						35.5						—						150.1
Restricted investments (b)			1.1						—						—						1.1
Equity securities (c)			4,984.1						—						—						4,984.1
Loan under the fair value option (d)			—						—						359.1						359.1
Available-for-sale investments:
Corporate debt securities			—						481.5						—						481.5
U.S. government sponsored agencies securities			—						77.6						—						77.6
Foreign government obligations			—						11.7						—						11.7
Municipal obligations			—						13.5						—						13.5
Asset-backed securities			—						390.1						—						390.1
Total available-for-sale investments (e)			—						974.4						—						974.4
Forward foreign exchange contracts (f)			—						3.7						—						3.7
Total financial assets carried at fair value			$	5,099.8					$	1,013.6					$	359.1					$	6,472.5
Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)			$	—					$	2.0					$	—					$	2.0
Contingent consideration (h)			—						—						29.7						29.7
Total financial liabilities carried at fair value			$	—					$	2.0					$	29.7					$	31.7

Financial assets and liabilities carried at fair value and measured on a recurring basis as of December 31, 2025 are classified in the hierarchy as follows (in millions):

			Level 1						Level 2						Level 3						Total
Financial assets carried at fair value:
Cash equivalents:
Corporate debt securities			$	—					$	1.6					$	—					$	1.6
Time deposits			—						39.4						—						39.4
U.S. government sponsored agencies securities			—						59.9						—						59.9
Money market funds			209.7						—						—						209.7
Total cash equivalents (a)			209.7						100.9						—						310.6
Restricted investments (b)			1.1						—						—						1.1
Equity securities (c)			5,740.5						—						—						5,740.5
Loan under the fair value option (d)			—						—						373.4						373.4
Available-for-sale investments:
Corporate debt securities			—						451.9						—						451.9
U.S. government sponsored agencies securities			—						79.6						—						79.6
Foreign government obligations			—						11.7						—						11.7
Municipal obligations			—						14.9						—						14.9
Asset-backed securities			—						381.5						—						381.5
Total available-for-sale investments (e)			—						939.6						—						939.6
Forward foreign exchange contracts (f)			—						1.2						—						1.2
Total financial assets carried at fair value			$	5,951.3					$	1,041.7					$	373.4					$	7,366.4
Financial liabilities carried at fair value:
Forward foreign exchange contracts (g)			$	—					$	1.8					$	—					$	1.8
Contingent consideration (h)			—						—						29.6						29.6
Total financial liabilities carried at fair value			$	—					$	1.8					$	29.6					$	31.4

(a)Cash equivalents are included in Cash and cash equivalents in the condensed consolidated balance sheets.

(b) Restricted investments are included in Other investments in the condensed consolidated balance sheets.

(c) Equity securities are included in the following accounts in the condensed consolidated balance sheets (in millions):

			March 31, 2026						December 31, 2025
Short-term investments			$	83.3					$	71.3
Other investments			4,900.8						5,669.2
Total			$	4,984.1					$	5,740.5

(d) The Loan under the fair value option is included in Other investments in the condensed consolidated balance sheets.

(e) Available-for-sale investments are included in Short-term investments in the condensed consolidated balance sheets.

(f) Forward foreign exchange contracts in an asset position are included in Other current assets in the condensed consolidated balance sheets.

(g) Forward foreign exchange contracts in a liability position are included in Other current liabilities in the condensed consolidated balance sheets.

(h) Contingent consideration in a liability position is included in Other long-term liabilities in the condensed consolidated balance sheets. Changes in the estimated fair value of the contingent consideration are included in Research and development expense for the technological milestone and Selling, general and administrative expense for the sales-related milestone.

Debt Securities, Available-for-sale

Available-for-sale investments consist of the following (in millions):

			March 31, 2026
			Amortized Cost						Unrealized Gains						Unrealized Losses									Estimated Fair Value
Short-term investments:
Corporate debt securities			$	481.5					$	2.1					$	(2.1)								$	481.5
U.S. government sponsored agencies securities			77.9						0.1						(0.4)									77.6
Foreign government obligations			11.7						—						—									11.7
Municipal obligations			13.3						0.2						—									13.5
Asset-backed securities			389.8						1.6						(1.3)									390.1
Total			$	974.2					$	4.0					$	(3.8)								$	974.4

Available-for-sale investments consist of the following (in millions):

			December 31, 2025
			Amortized Cost						Unrealized Gains						Unrealized Losses									Estimated Fair Value
Short-term investments:
Corporate debt securities			$	447.4					$	4.6					$	(0.1)								$	451.9
U.S. government sponsored agencies securities			79.1						0.5						—									79.6
Foreign government obligations			11.6						0.1						—									11.7
Municipal obligations			14.6						0.3						—									14.9
Asset-backed securities			378.9						3.3						(0.7)									381.5
Total			$	931.6					$	8.8					$	(0.8)								$	939.6

Summary of amortized cost and estimated fair value of debt securities by contractual maturity date

The following is a summary of the amortized cost and estimated fair value of our debt securities at March 31, 2026 by contractual maturity date (in millions):

			Amortized Cost						Estimated Fair Value
Mature in less than one year			$	53.3					$	53.5
Mature in one to five years			623.1						623.8
Mature in more than five years			297.8						297.1
Total			$	974.2					$	974.4

Discussion of current derivative risk management

Contracts maturing to sell foreign currency in the next 12 months:			March 31, 2026
Notional value			$	748.9
Unrealized loss			$	2.8
Contracts maturing to purchase foreign currency in the next 12 months:
Notional value			$	114.4
Unrealized gain			$	(1.1)

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying value and fair value of our long-term debt, including current maturities, were as follows (in millions):

						March 31, 2026												December 31, 2025
						Carrying Value						Fair Value						Carrying Value						Fair Value
Senior notes						$	1,193.5					$	1,138.6					$	1,193.0					$	1,152.6
Other long-term debt						9.9						9.9						10.0						10.0
Total						$	1,203.4					$	1,148.5					$	1,203.0					$	1,162.6

Fair Value Measurement Inputs and Valuation Techniques

The following table provides a reconciliation of the Level 3 Loan measured at estimated fair value (in millions):

December 31, 2025			$	373.4
Change in estimated fair market value, net			(8.4)
Foreign currency exchange gains (losses), net			(5.9)
March 31, 2026			$	359.1

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the Level 3 Stilla contingent consideration liability in the aggregate measured at estimated fair value (in millions):

December 31, 2025			$	29.6
Change in estimated fair value			0.1
March 31, 2026			$	29.7

The following table provides quantitative information about Level 3 inputs for fair value measurement of our Stilla contingent consideration liability as of March 31, 2026. Significant increases or decreases in these inputs in isolation could result in a significantly lower or higher fair value measurement.

			Valuation Technique			Unobservable Input			Percentage
Stilla			Probability-weighted expected return model			Discount rate			4.5		%

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration