CLARIVATE PLC, 10-Q filed on 4/29/2026
Quarterly Report
v3.26.1
Cover
 3 Months Ended
Mar. 31, 2026
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2026
Document Transition Report false
Entity File Number 001-38911
Entity Registrant Name CLARIVATE PLC
Entity Incorporation, State or Country Code Y9
Entity Address, Address Line One 70 St. Mary Axe
Entity Address, City or Town London
Entity Address, Postal Zip Code EC3A 8BE
Entity Address, Country GB
Country Region 44
City Area Code 207
Local Phone Number 4334000
Title of 12(b) Security Ordinary Shares, no par value
Trading Symbol CLVT
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 639,216,510
Entity Central Index Key 0001764046
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q1
Entity Tax Identification Number 00-0000000
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents, including restricted cash $ 242.2 $ 329.2
Accounts receivable, net 882.9 821.7
Prepaid expenses 109.1 94.2
Other current assets 66.9 64.9
Total current assets 1,301.1 1,310.0
Property and equipment, net 50.9 52.7
Other intangible assets, net 7,863.7 8,008.1
Goodwill 1,566.6 1,566.7
Other non-current assets 85.8 68.1
Deferred income taxes 16.5 17.2
Operating lease right-of-use assets 42.5 46.6
Total assets 10,927.1 11,069.4
Current liabilities:    
Accounts payable 135.7 150.6
Accrued compensation 100.6 146.7
Accrued expenses and other current liabilities 286.3 273.0
Current portion of deferred revenues 1,000.4 878.6
Current portion of operating lease liability 17.6 18.4
Current portion of long-term debt 1.5 101.5
Total current liabilities 1,542.1 1,568.8
Long-term debt 4,281.6 4,321.5
Other non-current liabilities 75.9 86.2
Deferred income taxes 205.0 212.1
Operating lease liabilities 33.7 37.9
Total liabilities 6,138.3 6,226.5
Commitments and contingencies (Note 12)
Shareholders' equity:    
Ordinary Shares, no par value; unlimited shares authorized; 639.2 and 640.7 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 12,801.3 12,810.6
Accumulated other comprehensive loss (457.7) (453.1)
Accumulated deficit (7,554.8) (7,514.6)
Total shareholders' equity 4,788.8 4,842.9
Total liabilities and shareholders' equity $ 10,927.1 $ 11,069.4
Common Stock, Shares Authorized, Unlimited [Fixed List] Unlimited Unlimited
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Ordinary shares, par value (in dollars per share) $ 0 $ 0
Ordinary shares, issued (in shares) 639.2 640.7
Ordinary shares, outstanding (in shares) 639.2 640.7
Common Stock, Shares Authorized, Unlimited [Fixed List] Unlimited Unlimited
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenues $ 585.5 $ 593.7
Operating Expenses:    
Cost of revenues 192.1 207.0
Selling, general and administrative costs 176.3 178.4
Depreciation and amortization 184.0 185.4
Restructuring costs 12.0 24.7
Other operating expense (income), net (9.1) 19.0
Total operating expenses 555.3 614.5
Income (loss) from operations 30.2 (20.8)
Interest expense, net 59.0 64.3
Income (loss) before income taxes (28.8) (85.1)
Provision (benefit) for income taxes 11.4 18.8
Net income (loss) $ (40.2) $ (103.9)
Per share    
Basic (in dollars per share) $ (0.06) $ (0.15)
Diluted (in dollars per share) $ (0.06) $ (0.15)
Weighted average shares used to compute earnings per share:    
Basic (in shares) 640.7 689.8
Diluted (in shares) 640.7 689.8
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ (40.2) $ (103.9)
Other comprehensive income (loss), net of tax:    
Interest rate swaps 8.5 (3.8)
Defined benefit pension plans, net of tax 0.1 0.0
Foreign currency translation adjustment (13.2) 39.5
Other comprehensive income (loss), net of tax (4.6) 35.7
Comprehensive income (loss) $ (44.8) $ (68.2)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Interest rate swaps, tax $ 0.0 $ (1.3)
Net income (loss) $ (40.2) $ (103.9)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Ordinary Shares
Accumulated other comprehensive loss
Accumulated deficit
Balance at beginning of the period (in shares) at Dec. 31, 2024   691,400,000    
Balance at beginning of the period at Dec. 31, 2024 $ 5,139.0 $ 12,978.8 $ (526.3) $ (7,313.5)
Increase (Decrease) in Shareholders' Equity        
Vesting of restricted stock units (in shares)   5,100,000    
Share-based award activity (in shares)   (1,700,000)    
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 6.3 $ 6.3    
Stock repurchased and retired (in shares)   (11,700,000)    
Stock Repurchased and Retired During Period, Value (50.0) $ (50.0)    
Net income (loss) (103.9)     (103.9)
Other comprehensive income (loss) 35.7   35.7  
Balance at end of the period (in shares) at Mar. 31, 2025   683,100,000    
Balance at end of the period at Mar. 31, 2025 5,027.1 $ 12,935.1 (490.6) (7,417.4)
Balance at beginning of the period (in shares) at Dec. 31, 2025   640,700,000    
Balance at beginning of the period at Dec. 31, 2025 4,842.9 $ 12,810.6 (453.1) (7,514.6)
Increase (Decrease) in Shareholders' Equity        
Vesting of restricted stock units (in shares)   8,100,000    
Share-based award activity (in shares)   (2,600,000)    
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition $ 8.8 $ 8.8    
Stock repurchased and retired (in shares) (7,000,000.0) (7,000,000.0)    
Stock Repurchased and Retired During Period, Value $ (18.1) $ (18.1)    
Net income (loss) (40.2)     (40.2)
Other comprehensive income (loss) (4.6)   (4.6)  
Balance at end of the period (in shares) at Mar. 31, 2026   639,200,000    
Balance at end of the period at Mar. 31, 2026 $ 4,788.8 $ 12,801.3 $ (457.7) $ (7,554.8)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities    
Net income (loss) $ (40.2) $ (103.9)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 184.0 185.4
Share-based compensation 14.2 10.7
Amortization and write-off of debt issuance costs 3.3 2.9
Other operating activities (16.8) 21.6
Changes in operating assets and liabilities:    
Accounts receivable (62.3) (33.6)
Prepaid expenses (15.2) (14.7)
Other assets (8.7) 1.9
Accounts payable (14.5) (5.8)
Accrued expenses and other current liabilities (34.8) (3.9)
Deferred revenues 129.3 111.3
Operating leases, net (0.8) (1.5)
Other liabilities (2.8) 0.8
Net cash provided by operating activities 134.7 171.2
Cash Flows From Investing Activities    
Capital expenditures (55.8) (60.9)
Net cash used for investing activities (55.8) (60.9)
Cash Flows From Financing Activities    
Principal payments on debt (138.5) 0.0
Payments for Repurchase of Equity 18.1 50.0
Payments related to tax withholding for share-based compensation (5.3) (6.4)
Other financing activities (0.4) (0.2)
Net cash used for financing activities (162.3) (56.6)
Effects of exchange rates (3.6) 5.1
Net change in cash and cash equivalents, including restricted cash (87.0) 58.8
Cash and cash equivalents, including restricted cash, beginning of period 329.2 295.2
Cash and cash equivalents, including restricted cash, end of period $ 242.2 $ 354.0
v3.26.1
Nature of Operations and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Nature of Operations and Summary of Significant Accounting Policies Nature of Operations and Summary of Significant Accounting Policies
Clarivate Plc (“Clarivate,” “us,” “we,” “our,” or the “Company”) is a public limited company incorporated under the laws of
Jersey, Channel Islands.
We are a leading global provider of transformative intelligence. We support the entire innovation lifecycle, from cultivating
curiosity to protecting the world’s critical intellectual property assets. We offer intelligence solutions, workflow solutions,
and tech-enabled services to our customers in the Academia & Government (“A&G”), Intellectual Property (“IP”), and Life
Sciences & Healthcare (“LS&H”) end markets, which form the basis of our three reportable segments, organized by the
different products and services we offer and the markets we serve. For additional information on our reportable segments, see
Note 11 - Segment Information.
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally
accepted accounting principles (“GAAP”) and include our accounts and those of our wholly owned subsidiaries. In our
opinion, these interim statements reflect all adjustments necessary for a fair presentation of the results for the periods
presented, and such adjustments are of a normal, recurring nature. Results for interim periods are not necessarily indicative of
results for the full year. The financial statements included herein should be read in conjunction with the financial statements
and notes included in our annual report on Form 10-K for the year ended December 31, 2025. The year-end condensed
balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. All
significant intercompany transactions and balances have been eliminated in consolidation.
Cash and cash equivalents comprises cash on hand and short-term deposits with an original maturity at the date of purchase
of three months or less, and includes restricted cash of $9.9 and $12.6 as of March 31, 2026 and December 31, 2025,
respectively.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts in the Condensed Consolidated Financial Statements and accompanying notes. Actual results
could differ from those estimates. The most significant of these estimates relate to our asset impairment analyses and income
taxes. We evaluate these estimates, assumptions, and judgments on an ongoing basis by reference to our historical experience
and other factors, including expectations of future events that we believe are reasonable under the circumstances.
For example, we continue to monitor rapidly changing macroeconomic, industry, and competitive conditions, as well as the
potential sale of our LS&H segment, to evaluate for potential triggering events, which may occur in an interim period. If we
determine that a triggering event has occurred, we update our impairment assessment by reviewing and potentially changing
assumptions and estimates, which could result in future impairment charges.
Significant Accounting Policies
Our significant accounting policies are those that we believe are important to the portrayal of our financial condition and
results of operations, as well as those that involve significant judgments or estimates about matters that are inherently
uncertain. There have been no material changes to the significant accounting policies discussed in Note 1 - Nature of
Operations and Summary of Significant Accounting Policies included in Part II, Item 8 of our annual report on Form 10-K for
the year ended December 31, 2025.
Recently Adopted Accounting Standards
In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets,
which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets. The
practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the
remaining life of the asset when measuring credit losses. We adopted this standard on a prospective basis in the first quarter
of 2026, with no material impact on our financial statements or related disclosures.
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires footnote
disclosure that disaggregates relevant expense captions, including the total amount of selling expenses. The amendments in
this update are effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after
December 15, 2027 on a prospective basis, with the option for retrospective application. Early adoption is permitted. We are
currently assessing the impact of this update on our financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software,
which removes all references to project stages and clarifies the threshold that entities apply to begin capitalizing costs. The
update further specifies required disclosures for all capitalized internal-use software costs. The amendments in this update are
effective for fiscal years, including interim reporting periods, beginning after December 15, 2027, with early adoption
permitted as of the beginning of an annual reporting period. Entities are permitted to apply the new guidance using a
prospective, modified, or retrospective transition approach. We are currently assessing the impact of this update on our
financial statements and related disclosures.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenues
We derive revenue through subscriptions to our product offerings, re-occurring contracts in our IP segment, and transactional
sales that are typically quoted on a product, data set, or project basis.
•Subscription-based revenues are recurring revenues that we typically earn under annual contracts, pursuant to which
we license the right to use our products to our customers or provide maintenance services over a contractual term. We
invoice and collect the subscription fee at the beginning of the subscription period. For multi-year agreements, we
generally invoice customers annually at the beginning of each annual coverage period. Cash received or receivable in
advance of completing the performance obligations is included in deferred revenue. We recognize subscription
revenue ratably over the contract term as the access or service is provided.
•Re-occurring revenues are derived solely from the patent and trademark renewal services provided by our IP
segment. Our services help customers maintain and protect their patents and trademarks in multiple jurisdictions
around the world. Because of the re-occurring nature of the patent and trademark lifecycle, our customers engage us on
a regular basis to ensure their intellectual property rights remain protected. These contracts typically include evergreen
clauses or are multi-year agreements. We invoice and recognize revenue upon delivery of the service.
•Transactional revenues are earned for specific deliverables that are typically quoted on a product, data set, or project
basis. Transactional revenues include content sales (including single-document and aggregated collection sales),
consulting engagements, and other professional services such as software implementation services. We typically
invoice and record revenue for this revenue stream upon delivery of the product, data set, project, or related
performance obligations.
The following table presents revenues disaggregated by transaction type (see Note 11 - Segment Information for revenues by
segment):
Three Months Ended March 31,
2026
2025
Subscription
$397.5
$388.6
Re-occurring
108.6
105.9
Recurring revenues
506.1
494.5
Transactional
79.4
99.2
Revenues
$585.5
$593.7
The following table presents our contract balances:
March 31, 2026
December 31, 2025
Accounts receivable, net
$882.9
$821.7
Current portion of deferred revenues
$1,000.4
$878.6
Non-current portion of deferred revenues(1)
$18.9
$17.0
(1)Included in Other non-current liabilities on the Condensed Consolidated Balance Sheets.
During the three months ended March 31, 2026, we recognized revenues of $319.5 attributable to deferred revenues recorded
at the beginning of the period, primarily consisting of subscription revenues recognized ratably over the contractual term.
Our remaining performance obligations are included in the current or non-current portion of deferred revenues on the
Condensed Consolidated Balance Sheets. The majority of these obligations relate to customer contracts where we license the
right to use our products or provide maintenance services over a contractual term, generally one year or less.
v3.26.1
Other Intangible Assets, Net
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets, Net Other Intangible Assets, Net
The following table summarizes the gross carrying amounts and accumulated amortization of our identifiable intangible
assets by major class:
March 31, 2026
December 31, 2025
Gross
Accumulated
Amortization
Net
Gross
Accumulated
Amortization
Net
Customer relationships
$7,807.7
$(1,956.9)
$5,850.8
$7,828.2
$(1,875.4)
$5,952.8
Technology and content
2,828.9
(1,493.2)
1,335.7
2,832.2
(1,453.1)
1,379.1
Computer software
1,282.4
(787.1)
495.3
1,252.1
(758.8)
493.3
Trade names and other
89.1
(64.1)
25.0
89.3
(63.3)
26.0
Definite-lived intangible assets
12,008.1
(4,301.3)
7,706.8
12,001.8
(4,150.6)
7,851.2
Indefinite-lived trade names
156.9
–
156.9
156.9
–
156.9
Other intangible assets, net
$12,165.0
$(4,301.3)
$7,863.7
$12,158.7
$(4,150.6)
$8,008.1
Amortization expense related to intangible assets was $178.7 and $180.6 during the three months ended March 31, 2026, and
2025, respectively.
v3.26.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
We are exposed to various market risks, including foreign currency exchange rate risk and interest rate risk. We use
derivative instruments to manage these risk exposures. We enter into foreign currency contracts and cross-currency swaps to
help manage our exposure to foreign currency exchange rate risk and we use interest rate swaps to mitigate interest rate risk.
We assess the fair value of these instruments by considering current and anticipated movements in future interest rates and
the relevant currency spot and future rates available in the market. Accordingly, these instruments are classified within Level
2 of the fair value hierarchy.
Cash flow hedges
We have interest rate swap arrangements with counterparties to reduce our exposure to variability in cash flows related to
interest payments on our outstanding term loans. These swaps are designated as cash flow hedges of the risk associated with
floating interest rates on designated future monthly interest payments. We determine the fair value of our interest rate swaps
by comparing the present value of the remaining fixed payments to the present value of the remaining floating payments,
using discount factors based on interest rate yield curves.
As of March 31, 2026, we have outstanding interest rate swaps with an aggregate notional value of $1,754.0. This amount
includes five swap arrangements currently in effect and two forward-starting swaps that are scheduled to commence on the
October 2026 maturity date of the May 2023 swaps, as further summarized in the table below:
Type
Notional Value
Effective Date
Maturity Date
Swaps entered May 2023
$736.3
May 2023
October 2026
Swaps entered June 2025
402.7
June 2025
January 2031
Swap entered December 2025
115.0
December 2025
January 2031
Forward-starting swaps entered August 2025
500.0
October 2026
January 2030
Total
$1,754.0
Changes in fair value are recorded in Accumulated other comprehensive loss (“AOCL”) in the Condensed Consolidated
Balance Sheets, with a corresponding adjustment to the derivative asset or liability. Amounts recorded in AOCL are
reclassified to Interest expense, net in the same period during which the hedged transactions affect earnings. As of March 31,
2026, we estimate that approximately $4.4 of pre-tax gain related to interest rate swaps recorded in AOCL will be reclassified
into earnings within the next 12 months. For additional information on changes recorded in AOCL, see Note 6 -
Shareholders' Equity.
Fair value hedges
In June and December 2025, we entered into three cross-currency swaps with a combined notional value of €448.0, maturing
in January 2031, to mitigate foreign currency exposure related to intercompany loans and economically reduce interest
expense. We have designated these swaps as fair value hedges. We elected to assess the effectiveness of these hedges based
on changes in spot rates. We determine the fair value of our cross-currency swaps by comparing the present value of the
remaining cash flows in the non-valuation currency (converted using the month-end spot rate) to the present value of the
remaining cash flows in the valuation currency.
Changes in fair value are recognized as foreign exchange gains or losses within Other operating expense (income), net, and
are intended to offset the foreign exchange gains or losses arising from the remeasurement of the hedged intercompany loans.
Unrealized gains or losses on components excluded from the hedge effectiveness assessment are recorded in AOCL and are
reclassified into earnings over the life of the swaps. For additional information on changes recorded in AOCL, see Note 6 -
Shareholders' Equity.
Net investment hedge
In July 2023, we entered into a €100.0 cross-currency swap maturing in November 2026 to mitigate foreign currency
exposure related to our net investment in various euro-functional-currency consolidated subsidiaries. We have designated this
swap as a net investment hedge. We elected to assess the effectiveness of this net investment hedge based on changes in spot
rates and we amortize the portion of the hedge excluded from the effectiveness assessment to Interest expense, net over the
life of the swap.
Changes in fair value related to the effective portion of the hedge are recorded in AOCL as part of the foreign currency
translation adjustment, with a corresponding adjustment to the derivative asset or liability. Any accumulated gain or loss will
be reclassified into earnings when the hedged net investment is either sold or substantially liquidated. For additional
information on changes recorded in AOCL, see Note 6 - Shareholders' Equity.
Derivatives not designated as accounting hedges
We periodically enter into foreign currency forward contracts, generally with maturities of 180 days or less, to reduce our
exposure to foreign exchange rate risks. These contracts are not designated as accounting hedges. As of March 31, 2026 and
December 31, 2025, the notional amount of our outstanding foreign currency forward contracts was $146.4 and $162.1,
respectively.
We initially recognize these contracts at fair value on the execution date and subsequently remeasure them at the end of each
reporting period. We determine the fair value of these instruments by comparing the notional value of the trade using the
current month-end exchange rate to the notional value of the trade using the trade date exchange rate.
The gain or loss related to the change in fair value for these contracts is recognized within Other operating expense (income),
net. We recognized a loss (gain) from the fair value adjustment of $3.5 and $(2.3) for the three months ended March 31, 2026
and 2025, respectively.
The following table provides the location and the fair value of our derivative instruments in the Condensed Consolidated
Balance Sheets as of March 31, 2026 and December 31, 2025:
Balance Sheet Location
March 31, 2026
December 31, 2025
Cash flow hedging relationships
Interest rate swaps
Other current assets
$3.2
$3.2
Interest rate swaps
Other non-current assets
4.8
1.8
Interest rate swaps
Other non-current liabilities
1.0
3.6
Fair value hedging relationships
Cross-currency swaps
Other non-current assets
9.3
–
Cross-currency swaps
Other non-current liabilities
–
5.8
Net investment hedge
Cross-currency swap
Accrued expenses and other current liabilities
5.1
8.0
Not designated as accounting hedges
Foreign currency forwards
Other current assets
–
1.2
Foreign currency forwards
Accrued expenses and other current liabilities
2.4
0.1
Total derivative assets
$17.3
$6.2
Total derivative liabilities
$8.5
$17.5
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our total indebtedness:
March 31, 2026
December 31, 2025
Type
Maturity
Effective
Interest
Rate
Carrying
Value
Effective
Interest
Rate
Carrying
Value
Senior Secured Notes
2026
4.500 %
$–
4.500 %
$100.0
Senior Secured Notes
2028
3.875 %
900.0
3.875 %
921.2
Senior Notes
2029
4.875 %
900.0
4.875 %
921.4
Revolving Credit Facility
2029
6.418 %
–
6.466 %
–
Term Loan Facility (Tranche 1)
2031
6.418 %
1,999.2
6.466 %
1,999.2
Term Loan Facility (Tranche 2)
2031
6.918 %
500.0
6.966 %
500.0
Finance lease
2036
6.936 %
27.6
6.936 %
28.1
Total debt outstanding
4,326.8
4,469.9
Debt discounts and issuance costs
(43.7)
(46.9)
Current portion of long-term debt(1)
(1.5)
(101.5)
Long-term debt
$4,281.6
$4,321.5
(1)As of December 31, 2025, $100.0 of the Senior Secured Notes due 2026 were outstanding, which we fully redeemed in January 2026.
Senior Secured Notes (2026)
Interest on the Senior Secured Notes due 2026 was payable semi-annually to holders of record on May 1 and November 1 of
each year. In January 2026, we redeemed the remaining $100.0 aggregate principal amount of the outstanding Senior Secured
Notes due 2026, plus accrued and unpaid interest through the January 30, 2026 redemption date.
Senior Secured Notes (2028) and Senior Notes (2029)
Interest on the Senior Secured Notes due 2028 and the Senior Notes due 2029 is payable semi-annually to holders of record
on June 30 and December 30 of each year. The Senior Secured Notes due 2028 are secured on a first-lien pari passu basis
with borrowings under our credit facilities. Both series of Notes are guaranteed on a joint and several basis by each of our
indirect subsidiaries that is an obligor or guarantor under our credit facilities.
During March 2026, we repurchased a portion of the Senior Secured Notes due 2028 and the Senior Notes due 2029 for $38.5
in cash and retired the associated debt with an aggregate carrying value of $42.6. These transactions were accounted for as
debt extinguishments, resulting in a net gain of $3.8 recorded within Interest expense, net for the three months ended March
31, 2026.
The Credit Facilities
Revolving Credit Facility (2029)
Our $775.0 revolving credit facility provides for revolving loans, same-day borrowings, and letters of credit (with a sublimit
of $77.0). Proceeds of loans made under the revolving credit facility may be borrowed, repaid, and reborrowed prior to its
maturity in January 2029 (subject to a “springing” maturity date that is 91 days prior to the maturity date of the Senior
Secured Notes due 2028, but only to the extent that those notes have not been refinanced or extended prior to their original
maturity date). As of March 31, 2026, letters of credit totaling $6.3 were collateralized by the revolving credit facility.
Term Loan Facility (2031)
Our term loan facility matures in January 2031 and consists of two tranches of term loans. Our Tranche 1 term loans carry a
base interest rate at Term SOFR, plus 2.75% per annum. Our Tranche 2 term loans carry a base interest rate at Term SOFR,
plus 3.25% per annum.
The carrying value of our variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value due
to the short-term nature of the interest rate benchmark rates. The fair value of the fixed rate debt is estimated based on market
observable data for debt with similar prepayment features. The fair value of our debt was $3,816.9 and $4,369.9 at March 31,
2026 and December 31, 2025, respectively, and is considered Level 2 under the fair value hierarchy
v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Share Repurchase Program
In December 2024, the Board authorized a share repurchase program of up to $500.0 of our ordinary shares for a period of
two years, from January 1, 2025 through December 31, 2026. During the three months ended March 31, 2026, we
repurchased approximately 7.0 million ordinary shares for $18.1 at an average price of $2.59 per share. All repurchased
shares were immediately retired and restored as authorized but unissued ordinary shares.
Accumulated Other Comprehensive Loss (“AOCL”)
The following tables provide information about the changes in AOCL by component and the related amounts reclassified to
net earnings during the periods indicated (net of tax):
Three Months Ended March 31, 2026
Hedging
relationships(1)
Defined benefit
pension plans
Foreign currency
translation
adjustment(2)
AOCL
Balance as of December 31, 2025
$2.3
$(1.1)
$(454.3)
$(453.1)
Other comprehensive income (loss) before reclassifications
8.5
0.1
(12.9)
(4.3)
Reclassifications from AOCL to net earnings
–
–
(0.3)
(0.3)
Net other comprehensive income (loss)
8.5
0.1
(13.2)
(4.6)
Balance as of March 31, 2026
$10.8
$(1.0)
$(467.5)
$(457.7)
Three Months Ended March 31, 2025
Hedging
relationships(1)
Defined benefit
pension plans
Foreign currency
translation
adjustment(2)
AOCL
Balance as of December 31, 2024
$10.7
$(0.4)
$(536.6)
$(526.3)
Other comprehensive income (loss) before reclassifications
(1.1)
–
39.8
38.7
Reclassifications from AOCL to net earnings
(2.7)
–
(0.3)
(3.0)
Net other comprehensive income (loss)
(3.8)
–
39.5
35.7
Balance as of March 31, 2025
$6.9
$(0.4)
$(497.1)
$(490.6)
(1)Includes amounts related to our interest rate swaps designated as cash flow hedges, and for the three months ended March 31, 2026, also includes the
excluded component of our cross-currency swaps designated as fair value hedges. Refer to Note 4 - Derivative Instruments for further information.
(2)Includes the impact of translating foreign subsidiary assets and liabilities from their functional currency to USD, as well as amounts related to our
cross-currency swap designated as a net investment hedge.
v3.26.1
Restructuring
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
We have engaged in various restructuring programs to strengthen our business and streamline our operations, including
taking actions related to the location and use of leased facilities. Our recent restructuring programs include the following:
•Value Creation Plan - During the fourth quarter of 2024, we approved a broad-based plan to optimize our business
model, which includes reductions in force and lease rationalization activities. We expect to incur approximately $13 of
additional costs associated with this plan, primarily in 2026.
•Segment Optimization - During the second quarter of 2023, we approved a restructuring plan to reduce operational
costs within targeted areas of the Company, with the primary cost savings driver being from a reduction in workforce.
This program is complete.
The following table summarizes the pre-tax charges by activity and program during the periods indicated:
Three Months Ended March 31,
2026
2025
Severance and related benefit costs
Value Creation Plan
$11.9
$24.0
Segment Optimization
–
0.4
Total Severance and related benefit costs
11.9
24.4
Exit and disposal costs
Value Creation Plan
0.1
0.3
Total Exit and disposal costs
0.1
0.3
Restructuring costs
$12.0
$24.7
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
Three Months Ended March 31,
2026
2025
Academia & Government
Value Creation Plan
$4.8
$12.3
Total A&G
4.8
12.3
Intellectual Property
Value Creation Plan
4.1
6.2
Segment Optimization
—
0.3
Total IP
4.1
6.5
Life Sciences & Healthcare
Value Creation Plan
3.1
5.8
Segment Optimization
—
0.1
Total LS&H
3.1
5.9
Restructuring costs
$12.0
$24.7
The table below summarizes the changes in our restructuring reserves by activity during the periods indicated:
Severance and
related benefit costs
Exit and disposal
costs
Total
Reserve balance as of December 31, 2024
$2.3
$–
$2.3
Expenses recorded
24.4
0.3
24.7
Payments made
(15.3)
(0.1)
(15.4)
Noncash items
(2.0)
(0.2)
(2.2)
Reserve balance as of March 31, 2025
$9.4
$–
$9.4
Reserve balance as of December 31, 2025
$6.5
$–
$6.5
Expenses recorded
11.9
0.1
12.0
Payments made
(13.0)
(0.1)
(13.1)
Noncash items
(0.1)
–
(0.1)
Reserve balance as of March 31, 2026
$5.3
$–
$5.3
v3.26.1
Other Operating Expense (Income), Net
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Other Operating Expense (Income), Net Other Operating Expense (Income), Net
Other operating expense (income), net, consisted of the following:
Three Months Ended March 31,
2026
2025
Net foreign exchange loss (gain)
$(12.6)
$20.7
Miscellaneous expense (income), net
3.5
(1.7)
Other operating expense (income), net
$(9.1)
$19.0
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We compute our provision (benefit) for income taxes by applying the estimated annual effective tax rate to year-to-date pre-
tax income (loss) and adjust the provision for discrete tax items recorded in the period.
The income tax provision of $11.4 and $18.8 for the three months ended March 31, 2026 and 2025, respectively, was
primarily due to the mix of jurisdictions in which pre-tax profits and losses were recognized.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table presents the computation of basic and diluted EPS:
Three Months Ended March 31,
2026
2025
Net income (loss)
$(40.2)
$(103.9)
Basic, weighted average shares outstanding
640.7
689.8
Weighted average effect of potentially dilutive shares
–
–
Diluted, weighted average shares outstanding
640.7
689.8
Basic EPS
$(0.06)
$(0.15)
Diluted EPS
$(0.06)
$(0.15)
Potential ordinary shares on a gross basis of 21.7 and 14.0 related to share-based awards were excluded from diluted EPS for
the three months ended March 31, 2026 and 2025, respectively, as their inclusion would have been antidilutive.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
As discussed in Note 1 - Nature of Operations and Summary of Significant Accounting Policies, we have organized our
business into three reportable segments: Academia & Government, Intellectual Property, and Life Sciences & Healthcare.
Our chief operating decision maker (“CODM”) evaluates performance for our reportable segments based primarily on
revenues and Adjusted EBITDA. Adjusted EBITDA represents Net income (loss) before the Provision (benefit) for income
taxes, Depreciation and amortization, and Interest expense, net, adjusted to exclude share-based compensation, impairments,
restructuring expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or
disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that are
included in Net income (loss) for the period that we do not consider indicative of our ongoing operating performance.
Significant segment expenses include people-related costs, royalties and other product costs, technology costs (comprised
primarily of software licenses and hosting costs), and outside service costs (comprised primarily of professional services and
contracted labor). Other costs primarily include facilities costs and product marketing costs.
The following table summarizes reportable segment revenues, expenses, and profit and provides a reconciliation of total
reportable segment Adjusted EBITDA to Net income (loss) for the periods indicated:
Three Months Ended March 31,
2026
2025
Academia & Government
Revenues
$295.0
$302.7
People-related costs
(85.3)
(86.2)
Royalties and other product costs
(45.1)
(55.1)
Technology costs
(21.0)
(19.6)
Outside service costs
(7.3)
(9.1)
Other costs
(9.7)
(8.9)
A&G Adjusted EBITDA
$126.6
$123.8
Intellectual Property
Revenues
$197.2
$192.7
People-related costs
(73.2)
(72.7)
Royalties and other product costs
(15.9)
(18.0)
Technology costs
(12.8)
(12.3)
Outside service costs
(4.2)
(5.7)
Other costs
(5.7)
(5.2)
IP Adjusted EBITDA
$85.4
$78.8
Life Sciences & Healthcare
Revenues
$93.3
$98.3
People-related costs
(43.7)
(46.8)
Royalties and other product costs
(8.8)
(8.8)
Technology costs
(6.6)
(7.0)
Outside service costs
(2.0)
(2.6)
Other costs
(3.0)
(2.5)
LS&H Adjusted EBITDA
$29.2
$30.6
Total Reportable Segments
Revenues
$585.5
$593.7
People-related costs
(202.2)
(205.7)
Royalties and other product costs
(69.8)
(81.9)
Technology costs
(40.4)
(38.9)
Outside service costs
(13.5)
(17.4)
Other costs
(18.4)
(16.6)
Total Reportable Segments Adjusted EBITDA
$241.2
$233.2
Benefit (provision) for income taxes
(11.4)
(18.8)
Depreciation and amortization
(184.0)
(185.4)
Interest expense, net
(59.0)
(64.3)
Share-based compensation expense
(14.6)
(11.1)
Restructuring costs
(12.0)
(24.7)
Transaction related costs
(8.2)
(6.3)
Other(1)
7.8
(26.5)
Net income (loss)
$(40.2)
$(103.9)
(1)Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing
operating performance.
Our CODM does not review assets by segment for the purpose of assessing performance or allocating resources due to the
significant amount of intangible assets acquired through business combinations, as well as the centralized nature of our
working capital management functions.
Commitments and Contingencies Commitments and Contingencies
Lawsuits and Legal Claims
We are engaged in various legal proceedings, claims, audits, and investigations that have arisen in the ordinary course of
business. These matters may include among others, antitrust/competition claims, intellectual property infringement claims,
employment matters, and commercial matters. The outcome of the matters against us are subject to future resolution,
including the uncertainties of litigation.
From time to time, we are involved in litigation in the ordinary course of our business, including claims or contingencies that
may arise related to matters occurring prior to our acquisition of businesses. At the present time, primarily because the
matters are generally in early stages, we can give no assurance as to the outcome of any pending litigation to which we are
currently a party, and we are unable to determine the ultimate resolution of these matters or the effect they may have on us.
We have and will continue to vigorously defend ourselves against these claims. We maintain appropriate levels of insurance,
which we expect are likely to provide coverage for some of these liabilities or other losses that may arise from these litigation
matters.
Between January and March 2022, three putative securities class action complaints were filed in the United States District
Court for the Eastern District of New York against Clarivate and certain of its executives and directors alleging that there
were weaknesses in the Company’s internal controls over financial reporting and financial reporting procedures that it failed
to disclose in violation of federal securities law. The complaints were consolidated into a single proceeding in May 2022. In
August 2022, plaintiffs filed a consolidated amended complaint, seeking damages on behalf of a putative class of
shareholders who acquired Clarivate securities between July 30, 2020, and February 2, 2022, and/or acquired Clarivate
ordinary or preferred shares in connection with offerings on June 10, 2021, or Clarivate ordinary shares in connection with a
September 13, 2021, offering. The amended complaint, like the prior complaints, references an error in the accounting
treatment of an equity plan included in the Company’s 2020 business combination with CPA Global that was disclosed on
December 27, 2021, and related restatements issued on February 3, 2022, of certain of the Company’s previously issued
financial statements. The amended complaint also alleges that the Company and certain of its executives and directors made
false or misleading statements relating to the Company’s product quality and expected organic revenues and organic growth
rate, and that they failed to disclose significant known changes to the Company’s business model. Defendants moved to
dismiss the amended complaint in October 2022. Without deciding the motion, the court entered an order in June 2023,
allowing plaintiffs limited leave to amend, and plaintiffs filed an amended complaint in July 2023. In August 2023, the court
issued an order deeming defendants’ prior motions and briefs to be directed at the amended complaint and permitting
defendants to file supplemental briefs to address the new allegations in the amended complaint. Supplemental briefing on the
motions was completed in September 2023. In March 2026, the court granted in part and denied in part defendants’ motions
to dismiss the amended complaint.
In a separate but related litigation, in June 2022, a class action was filed in Pennsylvania state court in the Court of Common
Pleas of Philadelphia asserting claims under the Securities Act of 1933, based on substantially similar allegations, with
respect to alleged misstatements and omissions in the offering documents for two issuances of Clarivate ordinary shares in
June and September 2021. The Company moved to stay this proceeding in August 2022, and filed its preliminary objections
to the state court complaint in October 2022. After granting a partial stay in January 2023, the court denied a further stay of
the proceedings in April 2023. In April 2024, the court sustained the Company’s preliminary objections, but permitted
plaintiff leave to file an amended complaint, which plaintiff filed in May 2024. In August 2024, plaintiff filed a second
amended complaint, to which the Company filed preliminary objections in September 2024. In April 2025, the court issued
an order permitting the parties to take discovery on issues raised in the Company’s preliminary objections related to standing,
and to file supplemental briefs upon completion of such discovery. The parties filed their supplemental briefs in December
2025. In February 2026, following oral argument, the court entered an order sustaining in part the preliminary objections for
plaintiff’s failure to plead standing, dismissing the second amended complaint without prejudice, with leave for plaintiff to
file a third amended complaint, and overruling the remainder of the preliminary objections without prejudice to being
reasserted, if appropriate, in response to any third amended complaint. In March 2026, plaintiff filed a third amended
complaint. In April 2026, the Company filed preliminary objections to the third amended complaint. Briefing on the
preliminary objections will be completed in June 2026.
Clarivate does not believe that the claims alleged against it have merit and will vigorously defend against them. Given the
early stage of the proceedings, we are unable to estimate the reasonably possible loss or range of loss, if any, arising from
these matters.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Lawsuits and Legal Claims
We are engaged in various legal proceedings, claims, audits, and investigations that have arisen in the ordinary course of
business. These matters may include among others, antitrust/competition claims, intellectual property infringement claims,
employment matters, and commercial matters. The outcome of the matters against us are subject to future resolution,
including the uncertainties of litigation.
From time to time, we are involved in litigation in the ordinary course of our business, including claims or contingencies that
may arise related to matters occurring prior to our acquisition of businesses. At the present time, primarily because the
matters are generally in early stages, we can give no assurance as to the outcome of any pending litigation to which we are
currently a party, and we are unable to determine the ultimate resolution of these matters or the effect they may have on us.
We have and will continue to vigorously defend ourselves against these claims. We maintain appropriate levels of insurance,
which we expect are likely to provide coverage for some of these liabilities or other losses that may arise from these litigation
matters.
Between January and March 2022, three putative securities class action complaints were filed in the United States District
Court for the Eastern District of New York against Clarivate and certain of its executives and directors alleging that there
were weaknesses in the Company’s internal controls over financial reporting and financial reporting procedures that it failed
to disclose in violation of federal securities law. The complaints were consolidated into a single proceeding in May 2022. In
August 2022, plaintiffs filed a consolidated amended complaint, seeking damages on behalf of a putative class of
shareholders who acquired Clarivate securities between July 30, 2020, and February 2, 2022, and/or acquired Clarivate
ordinary or preferred shares in connection with offerings on June 10, 2021, or Clarivate ordinary shares in connection with a
September 13, 2021, offering. The amended complaint, like the prior complaints, references an error in the accounting
treatment of an equity plan included in the Company’s 2020 business combination with CPA Global that was disclosed on
December 27, 2021, and related restatements issued on February 3, 2022, of certain of the Company’s previously issued
financial statements. The amended complaint also alleges that the Company and certain of its executives and directors made
false or misleading statements relating to the Company’s product quality and expected organic revenues and organic growth
rate, and that they failed to disclose significant known changes to the Company’s business model. Defendants moved to
dismiss the amended complaint in October 2022. Without deciding the motion, the court entered an order in June 2023,
allowing plaintiffs limited leave to amend, and plaintiffs filed an amended complaint in July 2023. In August 2023, the court
issued an order deeming defendants’ prior motions and briefs to be directed at the amended complaint and permitting
defendants to file supplemental briefs to address the new allegations in the amended complaint. Supplemental briefing on the
motions was completed in September 2023. In March 2026, the court granted in part and denied in part defendants’ motions
to dismiss the amended complaint.
In a separate but related litigation, in June 2022, a class action was filed in Pennsylvania state court in the Court of Common
Pleas of Philadelphia asserting claims under the Securities Act of 1933, based on substantially similar allegations, with
respect to alleged misstatements and omissions in the offering documents for two issuances of Clarivate ordinary shares in
June and September 2021. The Company moved to stay this proceeding in August 2022, and filed its preliminary objections
to the state court complaint in October 2022. After granting a partial stay in January 2023, the court denied a further stay of
the proceedings in April 2023. In April 2024, the court sustained the Company’s preliminary objections, but permitted
plaintiff leave to file an amended complaint, which plaintiff filed in May 2024. In August 2024, plaintiff filed a second
amended complaint, to which the Company filed preliminary objections in September 2024. In April 2025, the court issued
an order permitting the parties to take discovery on issues raised in the Company’s preliminary objections related to standing,
and to file supplemental briefs upon completion of such discovery. The parties filed their supplemental briefs in December
2025. In February 2026, following oral argument, the court entered an order sustaining in part the preliminary objections for
plaintiff’s failure to plead standing, dismissing the second amended complaint without prejudice, with leave for plaintiff to
file a third amended complaint, and overruling the remainder of the preliminary objections without prejudice to being
reasserted, if appropriate, in response to any third amended complaint. In March 2026, plaintiff filed a third amended
complaint. In April 2026, the Company filed preliminary objections to the third amended complaint. Briefing on the
preliminary objections will be completed in June 2026.
Clarivate does not believe that the claims alleged against it have merit and will vigorously defend against them. Given the
early stage of the proceedings, we are unable to estimate the reasonably possible loss or range of loss, if any, arising from
these matters.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Nature of Operations and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally
accepted accounting principles (“GAAP”) and include our accounts and those of our wholly owned subsidiaries. In our
opinion, these interim statements reflect all adjustments necessary for a fair presentation of the results for the periods
presented, and such adjustments are of a normal, recurring nature. Results for interim periods are not necessarily indicative of
results for the full year. The financial statements included herein should be read in conjunction with the financial statements
and notes included in our annual report on Form 10-K for the year ended December 31, 2025. The year-end condensed
balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. All
significant intercompany transactions and balances have been eliminated in consolidation.
Cash and cash equivalents comprises cash on hand and short-term deposits with an original maturity at the date of purchase
of three months or less, and includes restricted cash of $9.9 and $12.6 as of March 31, 2026 and December 31, 2025,
respectively.
Cash and Cash Equivalents Cash and cash equivalents comprises cash on hand and short-term deposits with an original maturity at the date of purchase
of three months or less, and includes restricted cash of $9.9 and $12.6 as of March 31, 2026 and December 31, 2025,
respectively.
Use of Estimates Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts in the Condensed Consolidated Financial Statements and accompanying notes. Actual results
could differ from those estimates. The most significant of these estimates relate to our asset impairment analyses and income
taxes. We evaluate these estimates, assumptions, and judgments on an ongoing basis by reference to our historical experience
and other factors, including expectations of future events that we believe are reasonable under the circumstances.
For example, we continue to monitor rapidly changing macroeconomic, industry, and competitive conditions, as well as the
potential sale of our LS&H segment, to evaluate for potential triggering events, which may occur in an interim period. If we
determine that a triggering event has occurred, we update our impairment assessment by reviewing and potentially changing
assumptions and estimates, which could result in future impairment charges.
Recently Issued Accounting Standards Recently Adopted Accounting Standards
In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets,
which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets. The
practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the
remaining life of the asset when measuring credit losses. We adopted this standard on a prospective basis in the first quarter
of 2026, with no material impact on our financial statements or related disclosures.
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires footnote
disclosure that disaggregates relevant expense captions, including the total amount of selling expenses. The amendments in
this update are effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after
December 15, 2027 on a prospective basis, with the option for retrospective application. Early adoption is permitted. We are
currently assessing the impact of this update on our financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software,
which removes all references to project stages and clarifies the threshold that entities apply to begin capitalizing costs. The
update further specifies required disclosures for all capitalized internal-use software costs. The amendments in this update are
effective for fiscal years, including interim reporting periods, beginning after December 15, 2027, with early adoption
permitted as of the beginning of an annual reporting period. Entities are permitted to apply the new guidance using a
prospective, modified, or retrospective transition approach. We are currently assessing the impact of this update on our
financial statements and related disclosures.
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregated revenues The following table presents revenues disaggregated by transaction type (see Note 11 - Segment Information for revenues by
segment):
Three Months Ended March 31,
2026
2025
Subscription
$397.5
$388.6
Re-occurring
108.6
105.9
Recurring revenues
506.1
494.5
Transactional
79.4
99.2
Revenues
$585.5
$593.7
Schedule of contract balances The following table presents our contract balances:
March 31, 2026
December 31, 2025
Accounts receivable, net
$882.9
$821.7
Current portion of deferred revenues
$1,000.4
$878.6
Non-current portion of deferred revenues(1)
$18.9
$17.0
(1)Included in Other non-current liabilities on the Condensed Consolidated Balance Sheets.
v3.26.1
Other Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Identifiable Intangible Assets The following table summarizes the gross carrying amounts and accumulated amortization of our identifiable intangible
assets by major class:
March 31, 2026
December 31, 2025
Gross
Accumulated
Amortization
Net
Gross
Accumulated
Amortization
Net
Customer relationships
$7,807.7
$(1,956.9)
$5,850.8
$7,828.2
$(1,875.4)
$5,952.8
Technology and content
2,828.9
(1,493.2)
1,335.7
2,832.2
(1,453.1)
1,379.1
Computer software
1,282.4
(787.1)
495.3
1,252.1
(758.8)
493.3
Trade names and other
89.1
(64.1)
25.0
89.3
(63.3)
26.0
Definite-lived intangible assets
12,008.1
(4,301.3)
7,706.8
12,001.8
(4,150.6)
7,851.2
Indefinite-lived trade names
156.9
–
156.9
156.9
–
156.9
Other intangible assets, net
$12,165.0
$(4,301.3)
$7,863.7
$12,158.7
$(4,150.6)
$8,008.1
v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions As of March 31, 2026, we have outstanding interest rate swaps with an aggregate notional value of $1,754.0. This amount
includes five swap arrangements currently in effect and two forward-starting swaps that are scheduled to commence on the
October 2026 maturity date of the May 2023 swaps, as further summarized in the table below:
Type
Notional Value
Effective Date
Maturity Date
Swaps entered May 2023
$736.3
May 2023
October 2026
Swaps entered June 2025
402.7
June 2025
January 2031
Swap entered December 2025
115.0
December 2025
January 2031
Forward-starting swaps entered August 2025
500.0
October 2026
January 2030
Total
$1,754.0
Schedule of Fair Value of Derivative Instruments The following table provides the location and the fair value of our derivative instruments in the Condensed Consolidated
Balance Sheets as of March 31, 2026 and December 31, 2025:
Balance Sheet Location
March 31, 2026
December 31, 2025
Cash flow hedging relationships
Interest rate swaps
Other current assets
$3.2
$3.2
Interest rate swaps
Other non-current assets
4.8
1.8
Interest rate swaps
Other non-current liabilities
1.0
3.6
Fair value hedging relationships
Cross-currency swaps
Other non-current assets
9.3
–
Cross-currency swaps
Other non-current liabilities
–
5.8
Net investment hedge
Cross-currency swap
Accrued expenses and other current liabilities
5.1
8.0
Not designated as accounting hedges
Foreign currency forwards
Other current assets
–
1.2
Foreign currency forwards
Accrued expenses and other current liabilities
2.4
0.1
Total derivative assets
$17.3
$6.2
Total derivative liabilities
$8.5
$17.5
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt The following table summarizes our total indebtedness:
March 31, 2026
December 31, 2025
Type
Maturity
Effective
Interest
Rate
Carrying
Value
Effective
Interest
Rate
Carrying
Value
Senior Secured Notes
2026
4.500 %
$–
4.500 %
$100.0
Senior Secured Notes
2028
3.875 %
900.0
3.875 %
921.2
Senior Notes
2029
4.875 %
900.0
4.875 %
921.4
Revolving Credit Facility
2029
6.418 %
–
6.466 %
–
Term Loan Facility (Tranche 1)
2031
6.418 %
1,999.2
6.466 %
1,999.2
Term Loan Facility (Tranche 2)
2031
6.918 %
500.0
6.966 %
500.0
Finance lease
2036
6.936 %
27.6
6.936 %
28.1
Total debt outstanding
4,326.8
4,469.9
Debt discounts and issuance costs
(43.7)
(46.9)
Current portion of long-term debt(1)
(1.5)
(101.5)
Long-term debt
$4,281.6
$4,321.5
(1)As of December 31, 2025, $100.0 of the Senior Secured Notes due 2026 were outstanding, which we fully redeemed in January 2026.
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) The following tables provide information about the changes in AOCL by component and the related amounts reclassified to
net earnings during the periods indicated (net of tax):
Three Months Ended March 31, 2026
Hedging
relationships(1)
Defined benefit
pension plans
Foreign currency
translation
adjustment(2)
AOCL
Balance as of December 31, 2025
$2.3
$(1.1)
$(454.3)
$(453.1)
Other comprehensive income (loss) before reclassifications
8.5
0.1
(12.9)
(4.3)
Reclassifications from AOCL to net earnings
–
–
(0.3)
(0.3)
Net other comprehensive income (loss)
8.5
0.1
(13.2)
(4.6)
Balance as of March 31, 2026
$10.8
$(1.0)
$(467.5)
$(457.7)
Three Months Ended March 31, 2025
Hedging
relationships(1)
Defined benefit
pension plans
Foreign currency
translation
adjustment(2)
AOCL
Balance as of December 31, 2024
$10.7
$(0.4)
$(536.6)
$(526.3)
Other comprehensive income (loss) before reclassifications
(1.1)
–
39.8
38.7
Reclassifications from AOCL to net earnings
(2.7)
–
(0.3)
(3.0)
Net other comprehensive income (loss)
(3.8)
–
39.5
35.7
Balance as of March 31, 2025
$6.9
$(0.4)
$(497.1)
$(490.6)
(1)Includes amounts related to our interest rate swaps designated as cash flow hedges, and for the three months ended March 31, 2026, also includes the
excluded component of our cross-currency swaps designated as fair value hedges. Refer to Note 4 - Derivative Instruments for further information.
(2)Includes the impact of translating foreign subsidiary assets and liabilities from their functional currency to USD, as well as amounts related to our
cross-currency swap designated as a net investment hedge.
v3.26.1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs The following table summarizes the pre-tax charges by activity and program during the periods indicated:
Three Months Ended March 31,
2026
2025
Severance and related benefit costs
Value Creation Plan
$11.9
$24.0
Segment Optimization
–
0.4
Total Severance and related benefit costs
11.9
24.4
Exit and disposal costs
Value Creation Plan
0.1
0.3
Total Exit and disposal costs
0.1
0.3
Restructuring costs
$12.0
$24.7
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
Three Months Ended March 31,
2026
2025
Academia & Government
Value Creation Plan
$4.8
$12.3
Total A&G
4.8
12.3
Intellectual Property
Value Creation Plan
4.1
6.2
Segment Optimization
—
0.3
Total IP
4.1
6.5
Life Sciences & Healthcare
Value Creation Plan
3.1
5.8
Segment Optimization
—
0.1
Total LS&H
3.1
5.9
Restructuring costs
$12.0
$24.7
The table below summarizes the changes in our restructuring reserves by activity during the periods indicated:
Severance and
related benefit costs
Exit and disposal
costs
Total
Reserve balance as of December 31, 2024
$2.3
$–
$2.3
Expenses recorded
24.4
0.3
24.7
Payments made
(15.3)
(0.1)
(15.4)
Noncash items
(2.0)
(0.2)
(2.2)
Reserve balance as of March 31, 2025
$9.4
$–
$9.4
Reserve balance as of December 31, 2025
$6.5
$–
$6.5
Expenses recorded
11.9
0.1
12.0
Payments made
(13.0)
(0.1)
(13.1)
Noncash items
(0.1)
–
(0.1)
Reserve balance as of March 31, 2026
$5.3
$–
$5.3
v3.26.1
Other Operating Expense (Income), Net (Tables)
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Schedule of Other Operating Expense (Income), Net Other operating expense (income), net, consisted of the following:
Three Months Ended March 31,
2026
2025
Net foreign exchange loss (gain)
$(12.6)
$20.7
Miscellaneous expense (income), net
3.5
(1.7)
Other operating expense (income), net
$(9.1)
$19.0
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted EPS Computations for Ordinary Shares The following table presents the computation of basic and diluted EPS:
Three Months Ended March 31,
2026
2025
Net income (loss)
$(40.2)
$(103.9)
Basic, weighted average shares outstanding
640.7
689.8
Weighted average effect of potentially dilutive shares
–
–
Diluted, weighted average shares outstanding
640.7
689.8
Basic EPS
$(0.06)
$(0.15)
Diluted EPS
$(0.06)
$(0.15)
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following table summarizes reportable segment revenues, expenses, and profit and provides a reconciliation of total
reportable segment Adjusted EBITDA to Net income (loss) for the periods indicated:
Three Months Ended March 31,
2026
2025
Academia & Government
Revenues
$295.0
$302.7
People-related costs
(85.3)
(86.2)
Royalties and other product costs
(45.1)
(55.1)
Technology costs
(21.0)
(19.6)
Outside service costs
(7.3)
(9.1)
Other costs
(9.7)
(8.9)
A&G Adjusted EBITDA
$126.6
$123.8
Intellectual Property
Revenues
$197.2
$192.7
People-related costs
(73.2)
(72.7)
Royalties and other product costs
(15.9)
(18.0)
Technology costs
(12.8)
(12.3)
Outside service costs
(4.2)
(5.7)
Other costs
(5.7)
(5.2)
IP Adjusted EBITDA
$85.4
$78.8
Life Sciences & Healthcare
Revenues
$93.3
$98.3
People-related costs
(43.7)
(46.8)
Royalties and other product costs
(8.8)
(8.8)
Technology costs
(6.6)
(7.0)
Outside service costs
(2.0)
(2.6)
Other costs
(3.0)
(2.5)
LS&H Adjusted EBITDA
$29.2
$30.6
Total Reportable Segments
Revenues
$585.5
$593.7
People-related costs
(202.2)
(205.7)
Royalties and other product costs
(69.8)
(81.9)
Technology costs
(40.4)
(38.9)
Outside service costs
(13.5)
(17.4)
Other costs
(18.4)
(16.6)
Total Reportable Segments Adjusted EBITDA
$241.2
$233.2
Benefit (provision) for income taxes
(11.4)
(18.8)
Depreciation and amortization
(184.0)
(185.4)
Interest expense, net
(59.0)
(64.3)
Share-based compensation expense
(14.6)
(11.1)
Restructuring costs
(12.0)
(24.7)
Transaction related costs
(8.2)
(6.3)
Other(1)
7.8
(26.5)
Net income (loss)
$(40.2)
$(103.9)
(1)Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing
operating performance.
v3.26.1
Nature of Operations and Summary of Significant Accounting Policies - General (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Dec. 31, 2025
USD ($)
Accounting Policies [Abstract]    
Number of reportable segments | segment 3  
Restricted cash | $ $ 9.9 $ 12.6
v3.26.1
Revenue - Disaggregated Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenues $ 585.5 $ 593.7
Subscription revenues    
Disaggregation of Revenue [Line Items]    
Revenues 397.5 388.6
Re-occurring Revenues    
Disaggregation of Revenue [Line Items]    
Revenues 108.6 105.9
Recurring Revenues    
Disaggregation of Revenue [Line Items]    
Revenues 506.1 494.5
Transactional and other revenues    
Disaggregation of Revenue [Line Items]    
Revenues $ 79.4 $ 99.2
v3.26.1
Revenue - Contract Balances (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Accounts receivable, net $ 882.9 $ 821.7
Current portion of deferred revenues 1,000.4 878.6
Non-current portion of deferred revenues $ 18.9 $ 17.0
v3.26.1
Revenue - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue recognized that was deferred at the beginning of the period $ 319.5
v3.26.1
Other Intangible Assets, Net - Intangible Assets by Major Class (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Goodwill And Intangible Assets [Line Items]      
Definite-lived intangible assets, Gross $ 12,008.1   $ 12,001.8
Definite-lived intangible assets, Accumulated Amortization (4,301.3)   (4,150.6)
Definite-lived intangible assets, Net 7,706.8   7,851.2
Total intangible assets, Gross 12,165.0   12,158.7
Other intangible assets, net 7,863.7   8,008.1
Amortization of intangible assets 178.7 $ 180.6  
Indefinite-lived trade names      
Goodwill And Intangible Assets [Line Items]      
Indefinite-lived trade names 156.9   156.9
Customer relationships      
Goodwill And Intangible Assets [Line Items]      
Definite-lived intangible assets, Gross 7,807.7   7,828.2
Definite-lived intangible assets, Accumulated Amortization (1,956.9)   (1,875.4)
Definite-lived intangible assets, Net 5,850.8   5,952.8
Technology and content      
Goodwill And Intangible Assets [Line Items]      
Definite-lived intangible assets, Gross 2,828.9   2,832.2
Definite-lived intangible assets, Accumulated Amortization (1,493.2)   (1,453.1)
Definite-lived intangible assets, Net 1,335.7   1,379.1
Computer software      
Goodwill And Intangible Assets [Line Items]      
Definite-lived intangible assets, Gross 1,282.4   1,252.1
Definite-lived intangible assets, Accumulated Amortization (787.1)   (758.8)
Definite-lived intangible assets, Net 495.3   493.3
Trade names and other      
Goodwill And Intangible Assets [Line Items]      
Definite-lived intangible assets, Gross 89.1   89.3
Definite-lived intangible assets, Accumulated Amortization (64.1)   (63.3)
Definite-lived intangible assets, Net $ 25.0   $ 26.0
v3.26.1
Derivative Instruments - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
contract
Mar. 31, 2025
USD ($)
Mar. 31, 2026
EUR (€)
contract
Dec. 31, 2025
USD ($)
Interest rate swap        
Derivative [Line Items]        
Pre-tax gain expected to be reclassified within 12 months $ 4.4      
Interest rate swap | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional value 1,754.0      
Cross currency swap | Fair Value Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional value | €     € 448.0  
Cross currency swap | Net Investment Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional value | €     € 100.0  
Foreign Exchange Contract        
Derivative [Line Items]        
Notional value 146.4     $ 162.1
Loss (gain) from the mark to market adjustment $ 3.5 $ (2.3)    
Foreign Exchange Contract | Maximum        
Derivative [Line Items]        
Term of contract 180 days      
Interest Rate Swap Maturing October 2026 and January 2031 | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Derivative, Number of Instruments Held | contract 5   5  
Interest Rate Swap Maturing January 2031 Entered 2025 | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional value $ 115.0      
v3.26.1
Derivative Instruments - Interest Rate Swap Arrangements (Details) - Cash Flow Hedging - Designated as Hedging Instrument
$ in Millions
Mar. 31, 2026
USD ($)
swap
Interest Rate Swap Maturing October 2026  
Derivative [Line Items]  
Notional value $ 736.3
Interest Rate Swap Maturing January 2031  
Derivative [Line Items]  
Notional value 402.7
Forward Interest Rate Swap Maturing January 2030  
Derivative [Line Items]  
Notional value $ 500.0
Derivative, Number of Instruments Held | swap 2
Interest rate swap  
Derivative [Line Items]  
Notional value $ 1,754.0
Interest Rate Swap Maturing January 2031 Entered 2025  
Derivative [Line Items]  
Notional value $ 115.0
v3.26.1
Derivative Instruments - Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Asset derivatives $ 17.3 $ 6.2
Liability derivatives 8.5 17.5
Other current assets | Interest rate swap | Designated as Hedging Instrument | Cash Flow Hedging    
Derivative [Line Items]    
Asset derivatives 3.2 3.2
Other current assets | Foreign currency forward | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Asset derivatives 0.0 1.2
Noncurrent assets | Interest rate swap | Designated as Hedging Instrument | Cash Flow Hedging    
Derivative [Line Items]    
Asset derivatives 4.8 1.8
Noncurrent assets | Cross currency swap | Designated as Hedging Instrument | Fair Value Hedging    
Derivative [Line Items]    
Asset derivatives 9.3 0.0
Other non-current liabilities | Interest rate swap | Designated as Hedging Instrument | Cash Flow Hedging    
Derivative [Line Items]    
Liability derivatives 1.0 3.6
Other non-current liabilities | Cross currency swap | Designated as Hedging Instrument | Fair Value Hedging    
Derivative [Line Items]    
Liability derivatives 0.0 5.8
Other Current Liabilities | Cross currency swap | Designated as Hedging Instrument | Net Investment Hedging    
Derivative [Line Items]    
Liability derivatives 5.1 8.0
Other Current Liabilities | Foreign currency forward | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Liability derivatives $ 2.4 $ 0.1
v3.26.1
Debt - Summary of Indebtedness (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Finance lease, Effective Interest Rate 6.936% 6.936%
Finance lease, Carrying Value $ 27.6 $ 28.1
Total debt outstanding 4,326.8 4,469.9
Debt discounts and issuance costs (43.7) (46.9)
Current portion of long-term debt (1.5) (101.5)
Long-term debt $ 4,281.6 $ 4,321.5
Senior Secured Notes    
Debt Instrument [Line Items]    
Effective Interest Rate 4.50% 4.50%
Carrying Value $ 0.0 $ 100.0
Senior Secured Notes    
Debt Instrument [Line Items]    
Effective Interest Rate 3.875% 3.875%
Carrying Value $ 900.0 $ 921.2
Senior Notes    
Debt Instrument [Line Items]    
Effective Interest Rate 4.875% 4.875%
Carrying Value $ 900.0 $ 921.4
Revolving Credit Facility    
Debt Instrument [Line Items]    
Effective Interest Rate 6.418% 6.466%
Carrying Value $ 0.0 $ 0.0
Term Loan Facility (Tranche 1)    
Debt Instrument [Line Items]    
Effective Interest Rate 6.418% 6.466%
Carrying Value $ 1,999.2 $ 1,999.2
Term Loan Facility (Tranche 2)    
Debt Instrument [Line Items]    
Effective Interest Rate 6.918% 6.966%
Carrying Value $ 500.0 $ 500.0
v3.26.1
Debt - Senior Secured Notes (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2026
Jan. 31, 2026
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]        
Repayment of long-term debt     $ 138.5 $ 0.0
Senior Notes (2029) and Senior Secured Notes (2028)        
Debt Instrument [Line Items]        
Repayment of long-term debt $ 38.5      
Extinguishment of Debt, Amount 42.6      
Gain (Loss) on Extinguishment of Debt $ 3.8      
Senior Secured Notes        
Debt Instrument [Line Items]        
Repayment of long-term debt   $ 100.0    
v3.26.1
Debt - The Credit Facilities (Details) - USD ($)
$ in Millions
 1 Months Ended
Oct. 31, 2019
May 31, 2025
Mar. 31, 2026
Dec. 31, 2025
Level 2        
Debt Instrument [Line Items]        
Fair vale of company's debt     $ 3,816.9 $ 4,369.9
Revolving Credit Facility        
Debt Instrument [Line Items]        
Collateralized amount     6.3  
Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity     775.0  
Letter of credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity     $ 77.0  
Term Loan Facility (Tranche 2) | Secured Debt        
Debt Instrument [Line Items]        
Interest rate spread (as a percent)   3.25%    
Term Loan Facility (Tranche 2) | First Lien Leverage Ratios        
Debt Instrument [Line Items]        
Interest rate annual adjustment (as a percent) 2.75%      
v3.26.1
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2024
Equity [Abstract]      
Stock repurchase program, authorized amount     $ 500.0
Stock repurchased and retired (in shares) 7,000,000.0    
Stock Repurchased and Retired During Period, Value $ 18.1 $ 50.0  
Treasury stock acquired, average cost per share (in dollars per share) $ 2.59    
v3.26.1
Shareholders' Equity - Accumulated Other Comprehensive Income (Loss) Roll forward (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of the period $ 4,842.9 $ 5,139.0
Other comprehensive income (loss) before reclassifications (4.3) 38.7
Reclassifications from AOCI/ AOCL to net earnings (0.3) (3.0)
Other comprehensive income (loss) (4.6) 35.7
Balance at end of the period 4,788.8 5,027.1
Accumulated other comprehensive loss    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of the period (453.1) (526.3)
Other comprehensive income (loss) (4.6) 35.7
Balance at end of the period (457.7) (490.6)
Interest rate swaps    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of the period 2.3 10.7
Other comprehensive income (loss) before reclassifications 8.5 (1.1)
Reclassifications from AOCI/ AOCL to net earnings 0.0 (2.7)
Other comprehensive income (loss) 8.5 (3.8)
Balance at end of the period 10.8 6.9
Defined benefit pension plans    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of the period (1.1) (0.4)
Other comprehensive income (loss) before reclassifications 0.1 0.0
Reclassifications from AOCI/ AOCL to net earnings 0.0 0.0
Other comprehensive income (loss) 0.1 0.0
Balance at end of the period (1.0) (0.4)
Foreign currency translation adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of the period (454.3) (536.6)
Other comprehensive income (loss) before reclassifications (12.9) 39.8
Reclassifications from AOCI/ AOCL to net earnings (0.3) (0.3)
Other comprehensive income (loss) (13.2) 39.5
Balance at end of the period $ (467.5) $ (497.1)
v3.26.1
Restructuring (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]    
Restructuring costs $ 12.0 $ 24.7
Restructuring Reserve [Roll Forward]    
Restructuring Reserve, Beginning Balance 6.5 2.3
Expenses recorded 12.0 24.7
Payments made (13.1) (15.4)
Noncash items (0.1) (2.2)
Restructuring Reserve, Ending Balance 5.3 9.4
Severance and related benefit costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 11.9 24.4
Restructuring Reserve [Roll Forward]    
Restructuring Reserve, Beginning Balance 6.5 2.3
Expenses recorded 11.9 24.4
Payments made (13.0) (15.3)
Noncash items (0.1) (2.0)
Restructuring Reserve, Ending Balance 5.3 9.4
Lease abandonment costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 0.1 0.3
Restructuring Reserve [Roll Forward]    
Restructuring Reserve, Beginning Balance 0.0 0.0
Expenses recorded 0.1 0.3
Payments made (0.1) (0.1)
Noncash items 0.0 (0.2)
Restructuring Reserve, Ending Balance 0.0 0.0
Exit and disposal costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 0.1 0.3
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.1 0.3
Academia & Government    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 4.8 12.3
Restructuring Reserve [Roll Forward]    
Expenses recorded 4.8 12.3
Intellectual Property    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 4.1 6.5
Restructuring Reserve [Roll Forward]    
Expenses recorded 4.1 6.5
Life Sciences & Healthcare    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 3.1 5.9
Restructuring Reserve [Roll Forward]    
Expenses recorded 3.1 5.9
Segment Optimization Program | Severance and related benefit costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 0.0 0.4
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.0 0.4
Segment Optimization Program | Intellectual Property    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 0.0 0.3
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.0 0.3
Segment Optimization Program | Life Sciences & Healthcare    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 0.0 0.1
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.0 0.1
Value Creation Plan    
Restructuring Cost and Reserve [Line Items]    
Expected additional restructuring costs 13.0  
Value Creation Plan | Severance and related benefit costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 11.9 24.0
Restructuring Reserve [Roll Forward]    
Expenses recorded 11.9 24.0
Value Creation Plan | Exit and disposal costs:    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 0.1 0.3
Restructuring Reserve [Roll Forward]    
Expenses recorded 0.1 0.3
Value Creation Plan | Academia & Government    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 4.8 12.3
Restructuring Reserve [Roll Forward]    
Expenses recorded 4.8 12.3
Value Creation Plan | Intellectual Property    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 4.1 6.2
Restructuring Reserve [Roll Forward]    
Expenses recorded 4.1 6.2
Value Creation Plan | Life Sciences & Healthcare    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 3.1 5.8
Restructuring Reserve [Roll Forward]    
Expenses recorded $ 3.1 $ 5.8
v3.26.1
Other Operating Expense (Income), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Income and Expenses [Abstract]    
Net foreign exchange loss (gain) $ (12.6) $ 20.7
Miscellaneous expense (income), net 3.5 (1.7)
Other operating expense (income), net $ (9.1) $ 19.0
v3.26.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Provision (benefit) for income taxes $ 11.4 $ 18.8
v3.26.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net income (loss) $ (40.2) $ (103.9)
Weighted average shares, basic (in shares) 640.7 689.8
Weighted average effect of potentially dilutive shares (in shares) 0.0 0.0
Weighted average shares, diluted (in shares) 640.7 689.8
Basic EPS (in dollars per share) $ (0.06) $ (0.15)
Diluted EPS (in dollars per share) $ (0.06) $ (0.15)
v3.26.1
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Warrant and share-based payment awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 21.7 14.0
v3.26.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.26.1
Segment Information - Reconciliation of Segment Adjusted EBITDA to Net income (loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information    
Revenues $ 585.5 $ 593.7
People-related costs (202.2) (205.7)
Royalties and other product costs (69.8) (81.9)
Technology costs (40.4) (38.9)
Outside service costs (13.5) (17.4)
Other costs (18.4) (16.6)
Adjusted EBITDA 241.2 233.2
Provision (benefit) for income taxes (11.4) (18.8)
Depreciation and amortization (184.0) (185.4)
Interest expense, net (59.0) (64.3)
Share-based compensation expense (14.6) (11.1)
Restructuring costs (12.0) (24.7)
Transaction related costs (8.2) (6.3)
Other 7.8 (26.5)
Net income (loss) (40.2) (103.9)
Academia & Government    
Segment Reporting Information    
Revenues 295.0 302.7
People-related costs (85.3) (86.2)
Royalties and other product costs (45.1) (55.1)
Technology costs (21.0) (19.6)
Outside service costs (7.3) (9.1)
Other costs (9.7) (8.9)
Adjusted EBITDA 126.6 123.8
Restructuring costs (4.8) (12.3)
Intellectual Property    
Segment Reporting Information    
Revenues 197.2 192.7
People-related costs (73.2) (72.7)
Royalties and other product costs (15.9) (18.0)
Technology costs (12.8) (12.3)
Outside service costs (4.2) (5.7)
Other costs (5.7) (5.2)
Adjusted EBITDA 85.4 78.8
Restructuring costs (4.1) (6.5)
Life Sciences & Healthcare    
Segment Reporting Information    
Revenues 93.3 98.3
People-related costs (43.7) (46.8)
Royalties and other product costs (8.8) (8.8)
Technology costs (6.6) (7.0)
Outside service costs (2.0) (2.6)
Other costs (3.0) (2.5)
Adjusted EBITDA 29.2 30.6
Restructuring costs $ (3.1) $ (5.9)