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Financial Instruments − Fair Value and Concentrations of Credit Risk (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value
The following table presents the Company’s financial instruments that are measured at fair value on a recurring basis, as classified within the three-level fair value hierarchy:
(in millions)
Fair Value
Hierarchy
March 31, 2026December 31, 2025
Assets:
Money market mutual funds(1)
1$28.2 $64.3 
U.S. Treasury bills(1)
2— 99.9 
Investment securities, current:
Available-for-sale debt securities:
U.S. treasury notes2$401.4 $397.5 
Corporate and sovereign debt securities21,596.3 1,349.6 
Municipal bonds268.2 66.6 
Asset-backed securities21,017.1 868.2 
Mortgage-backed securities21,692.4 1,651.0 
Total$4,775.4 $4,332.9 
Investment securities, non-current:
Available-for-sale debt securities2$52.2 $53.7 
Equity securities:
Mutual fund127.7 27.6 
Pooled investment fund measured at NAV(2)
12.9 12.9 
Total$92.8 $94.2 
Executive deferred compensation plan trust(3)
1$16.7 $18.4 
Liabilities:
Contingent consideration(4)
2$18.6 $68.9 
(1)The fair value is recorded in cash and cash equivalents.
(2)The fair value of this security is measured at NAV as a practical expedient and has not been classified within the fair value hierarchy. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets.
(3)The fair value is recorded as current or long-term based on the timing of the Company’s executive deferred compensation plan payment obligations. At March 31, 2026, $1.5 million and $15.2 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively. At December 31, 2025, $2.2 million and $16.3 million in fair value is recorded within prepaid expenses and other current assets and other assets, respectively.
(4)The fair value is recorded as current or long-term based on the timing of expected payments. As of March 31, 2026, the total fair value of $18.6 million is recorded within accrued expenses and other current liabilities. At December 31, 2025, $51.0 million and $17.9 million in fair value is recorded within accrued expenses and other current liabilities and other liabilities, respectively.
The fair value of the Company’s financial instruments, which are measured and reported at carrying value, is as follows for the periods indicated:
March 31, 2026December 31, 2025
(in millions)Carrying valueFair valueCarrying valueFair value
Term A-1 Loans(1)
$810.0 **$821.3 **
Term B-2 Loans(1)
1,371.0 **1,374.4 **
Term B-3 Loans(1)
445.5 **446.6 **
Outstanding borrowings on Revolving Credit Facility(1)
515.8 **428.4 **
Senior Notes(1)
550.0 **550.0 **
**     Fair value approximates carrying value due to the instruments’ applicable interest rates approximating market interest rates as of the end of the respective period.
(1)The Company determines the fair value of borrowings on the Revolving Credit Facility, Term Loans and Senior Notes based on market rates for the issuance of the Company’s debt, which are Level 2 inputs in the fair value hierarchy.