Audit Information |
12 Months Ended |
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Dec. 31, 2025 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 238 |
| Auditor Name | PricewaterhouseCoopers LLP |
| Auditor Location | Philadelphia, Pennsylvania |
Cover |
12 Months Ended |
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Dec. 31, 2025 | |
| Cover [Abstract] | |
| Documents Incorporated by Reference | The information required by Part III of this Form 10-K, to the extent not set forth herein, is incorporated herein by reference to the registrant’s definitive proxy statement on Schedule 14A for the 2026 Annual General Meeting of Shareholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the close of the registrant’s fiscal year.
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions |
12 Months Ended | |
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Dec. 31, 2025 |
Dec. 31, 2024 |
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| Statement of Financial Position [Abstract] | ||
| Ordinary shares, par value (in dollars per share) | $ 0 | $ 0 |
| Ordinary shares, issued (in shares) | 640.7 | 691.4 |
| Ordinary shares, outstanding (in shares) | 640.7 | 691.4 |
| Common Stock, Shares Authorized, Unlimited [Fixed List] | Unlimited | Unlimited |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net income (loss) | $ (201.1) | $ (636.7) | $ (911.2) |
| Other comprehensive income (loss), net of tax: | |||
| Interest rate swaps | (8.4) | (5.5) | (21.9) |
| Defined benefit pension plans, net of tax | (0.7) | (0.8) | (1.1) |
| Foreign currency translation adjustment | 82.3 | (24.7) | 193.6 |
| Other comprehensive income (loss), net of tax | 73.2 | (31.0) | 170.6 |
| Comprehensive income (loss) | $ (127.9) | $ (667.7) | $ (740.6) |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Statement of Comprehensive Income [Abstract] | |||
| Interest rate swaps, tax | $ (2.5) | $ (1.7) | $ (7.2) |
| Net income (loss) | $ (201.1) | $ (636.7) | $ (911.2) |
Nature of Operations and Summary of Significant Accounting Policies |
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| 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 15 - Segment Information. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include our accounts and the accounts of our wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. 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 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. Concentration of Credit Risk Accounts receivable are the primary financial instrument that potentially subjects us to significant concentrations of credit risk. Accounts receivable represent arrangements in which services were transferred to a customer before the customer pays consideration or before payment is due. We do not require collateral or other securities to support customer receivables. We perform ongoing credit evaluations of our customers and limit the amount of credit extended when deemed appropriate. We maintain our cash and cash equivalent balances with high-quality financial institutions and consequently, we believe that such funds are subject to minimal credit risk. Fair Value Measurements Fair value is determined based on the assumptions that market participants would use in pricing the asset or liability. We utilize the following fair value hierarchy in determining fair values: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3 - Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. The carrying value of cash and cash equivalents, accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments. As further discussed in Note 2 - Acquisitions and Divestitures, we have classified the contingent consideration associated with the Valipat divestiture within Level 3 of the fair value hierarchy. As further discussed in Note 9 - Debt, we have classified our debt instruments within Level 2 of the fair value hierarchy. We have also classified our derivative instruments described in Note 8 - Derivative Instruments within Level 2 of the fair value hierarchy. Cash and Cash Equivalents Cash and cash equivalents is comprised of 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 $12.6 and $10.5 as of December 31, 2025 and 2024, respectively. Allowance for Credit Losses We estimate credit losses for trade receivables by using a current expected credit loss model. The credit loss allowance is determined through an analysis of historical collection experience, the aging of accounts receivable, and an evaluation of the impact of current and projected economic conditions. Trade and other receivables are written off when there is no reasonable expectation of recovery, such as a past due status greater than 360 days or bankruptcy of the debtor. Property and Equipment Property and equipment is recorded at cost, and depreciation is recorded using the straight‑line method over the estimated useful lives of the assets, as follows:
Repair and maintenance costs are expensed as incurred. Internally Developed Software and Content Internally Developed Software — Development costs related to internally generated software are capitalized once a project has progressed to the application development stage. Costs of significant improvements or enhancements on existing software for internal use, both internally developed and purchased, are also capitalized. Costs related to the preliminary project stage, data conversion, and the post-implementation/operation stage of an internal-use software development project are expensed as incurred. Capitalized costs are amortized over five years, which is the estimated useful life of the related software. Purchased software is amortized over three years, which is the estimated useful life of the related software. Content — Costs related to the acquisition of source materials, content selection, document processing, editing, abstracting, and indexing are capitalized. We also capitalize internal and external costs associated with the development of product- related software that adds functionality and improves the customer’s ability to search our content. These capitalized costs are amortized over a to five year useful life. We do not capitalize any costs associated with research and development or marketing. Leases We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) assets, Current portion of operating lease liability, and Operating lease liabilities on our Consolidated Balance Sheets. Our finance lease asset is included within Property and equipment, net on our Consolidated Balance Sheets (see Note 5 - Property and Equipment, Net) and the related finance lease liability is included as an item of indebtedness (see Note 9 - Debt) on our Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial valuation of finance lease assets and liabilities is calculated in the same way. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes initial direct costs incurred and any lease payments made before lease commencement, minus any lease incentives received. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We account for lease and non-lease components as a single lease component. Goodwill and Other Intangible Assets We account for our business combinations using the acquisition method of accounting. We allocate the purchase price of an acquisition to the assets acquired and liabilities assumed based on their estimated fair values. As part of this allocation process, we identify and attribute values and estimated lives to the intangible assets acquired. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Definite-lived intangible assets are generally amortized on a straight-line basis over the following estimated useful lives:
Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment annually as of the first day of the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Asset Impairment Evaluation We evaluate property and equipment, definite-lived intangible assets, and operating lease ROU assets for impairment whenever circumstances indicate the carrying value may not be recoverable. We determine the recoverability of an asset, or a group of assets, by comparing the carrying value to the future undiscounted cash flows that the asset is expected to generate over its remaining life. Any impairment is measured as the difference between the carrying value and the fair value of the asset. Goodwill impairment testing is performed at the reporting unit level. For goodwill impairment testing purposes, we have determined that our business segments are our reporting units. As part of our annual goodwill impairment testing, we have the option to first perform qualitative testing to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If we bypass the qualitative assessment, or if the qualitative assessment indicates that quantitative analysis should be performed, we evaluate goodwill for impairment by comparing the estimated fair value of a reporting unit with its carrying amount, including goodwill. We estimate the fair value of a reporting unit using a discounted cash flow (“DCF”) analysis based on the present value of estimated future cash flows, discounted at an appropriate risk- adjusted rate. We use our internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates. Our indefinite-lived intangible assets are related to trade names. Similar to goodwill, as part of our annual indefinite-lived intangible asset impairment testing, we have the option to first perform qualitative testing by evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the indefinite-lived assets are impaired. If we do not believe that it is more likely than not that the indefinite-lived assets are impaired, no quantitative impairment test is required. If we choose not to complete a qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, we estimate the fair value of the indefinite-lived asset by using the relief-from-royalty method based on the present value of estimated future cash flows that the indefinite-lived asset is expected to generate in the future. Any impairment charge is recognized in full in the reporting period in which it has been identified. For discussion of the analysis and results of our impairment tests, see Note 6 - Other Intangible Assets, Net and Goodwill and Note 12 - Restructuring and Other Impairments. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following:
Income Taxes We recognize income taxes under the asset and liability method. Deferred income tax assets and liabilities arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. Deferred income tax assets and liabilities are recorded at the enacted tax rate expected to apply to the temporary difference when settled or realized. We record U.S. tax expense resulting from Global Intangible Low Taxed Income (“GILTI”) as a current period expense. In assessing the realizability of deferred tax assets, we consider all available positive and negative evidence factors. Evidence considered includes historical and projected future taxable income by tax jurisdiction, character and timing of income or loss, and prudent and feasible tax planning strategies. We record a valuation allowance to reduce deferred tax assets to the net realizable value that is more likely than not to be realized. We record tax benefits when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The amount of tax benefit recorded is the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement. We then record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken on a tax return. Uncertain tax positions are reassessed quarterly and liabilities for unrecognized tax benefits are adjusted when our judgment changes as a result of the evaluation of new information, such as developments in case law, new regulations or tax law, or changes in the status of ongoing audits. These adjustments will be reflected as increases or decreases to income tax expense in the period in which new information is available. Accrued interest and penalties related to unrecognized tax benefits are included within the Provision (benefit) for income taxes in the Consolidated Statements of Operations. Revenue Recognition 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. When multiple performance obligations exist in a single contract, the transaction price is allocated to each performance obligation in proportion to the standalone selling price of each performance obligation. The standalone selling price is typically determined by reference to our standard price lists and is a reflection of our normal pricing practices when sold separately with consideration of market conditions and other factors, including customer demographics and geographic location. Discounts applied to the contract are allocated based on the same proportion of standalone selling prices. For transactions that involve a third party, we evaluate whether we are acting as the principal or the agent in the transaction by considering factors such as control of the specified goods or services before they are transferred to the customer, fulfillment responsibility, collection risk, and discretion in establishing price. If we determine that we control the good or service before it is transferred to the customer, we recognize revenue on a gross basis. Conversely, if we determine that we do not control the good or service before it is transferred to the customer, we recognize revenue on a net basis. We pay commissions to sales colleagues for obtaining new customers and renewing contracts with existing customers. We treat these commission costs as costs to obtain a contract and are therefore considered contract assets. We capitalize certain of these commission costs within Prepaid expenses and Other non-current assets on the Consolidated Balance Sheets. The costs are amortized to Selling, general and administrative costs within the Consolidated Statements of Operations. The amortization period is between and seven years based on the estimated length of the customer relationship. Share-based Compensation We recognize compensation expense for share-based awards based on grant date fair value. The fair value of restricted share units (“RSUs”) is based on the fair value of our common shares on the date of grant, and we use a Monte Carlo simulation to determine the fair value of our performance share units (“PSUs”) at grant date. We use the graded vesting method to amortize the value of share-based awards to expense. We recognize forfeitures as they occur. Defined Contribution Plans Employees participate in various defined contribution savings plans that provide for Company-matching contributions. Costs for future employee benefits are accrued over the periods in which employees earn the benefits. Total expense related to defined contribution plans was $39.7, $37.3, and $34.9 for the years ended December 31, 2025, 2024, and 2023, respectively, which approximates the cash outlays related to the plans. Restructuring Restructuring expense includes costs associated with involuntary termination benefits provided to employees, certain contract termination costs, and other costs associated with an exit or disposal activity. Involuntary termination benefits are recognized within restructuring charges at the time that the program was approved and all necessary communications were made. The liabilities are recorded within Accrued expenses and other current liabilities in the Consolidated Balance Sheets. The corresponding expenses are recorded within Restructuring and other impairments in the Consolidated Statements of Operations. For further details, see Note 12 - Restructuring and Other Impairments. Legal Costs Legal costs expected to be incurred in connection with a loss contingency are expensed and accrued at the outset of the legal matter giving rise to the estimated legal costs. We reassess the sufficiency of the accrual each reporting period. Other Operating Expense (Income), Net Other operating expense (income), net consisted of the following:
Foreign Currency Translation The operations of each of our entities are measured using the currency of the primary economic environment in which the subsidiary operates (“functional currency”). Assets and liabilities of foreign subsidiaries whose functional currency is the local currency are translated into U.S. dollars using period-end exchange rates. Revenues and expenses are translated at the average exchange rate in effect during each fiscal month during the year. The effects of foreign currency translation adjustments are included as a component of Accumulated other comprehensive loss in the accompanying Consolidated Balance Sheets. Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to ordinary shares by the weighted average number of ordinary shares outstanding for the applicable period. Diluted EPS is computed by dividing net income (loss) attributable to ordinary shares, adjusted for the change in fair value of the private placement warrants, by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding for the applicable period. Diluted EPS reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares, as calculated using the treasury stock method. 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 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. The amendments in this update are effective for fiscal years, including interim reporting periods, beginning after December 15, 2025, with early adoption permitted. We are currently assessing the impact of this update on our financial statements and related 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.
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Acquisitions and Divestitures |
12 Months Ended |
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Dec. 31, 2025 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| Acquisitions and Divestitures | Acquisitions and Divestitures 2024 Divestiture of ScholarOne In the fourth quarter of 2024, in connection with focusing our efforts on our core A&G business assets, we sold our ScholarOne product group for net cash proceeds of $103.6. As a result of the divestiture, we recognized a gain of $69.5, which is included in Other operating expense (income), net in the Consolidated Statements of Operations for the year ended December 31, 2024. 2024 Divestiture of Valipat In the second quarter of 2023, we agreed to sell Valipat, a small product group within our IP segment, for $33.8, payable in annual installments over ten years. The transaction closed in April 2024, and we recognized a loss of $14.8, included in Other operating expense (income), net in the Consolidated Statements of Operations for the year ended December 31, 2024. Prior to classifying Valipat as held-for-sale in the second quarter of 2023, the assets to be sold consisted almost entirely of customer relationship intangible assets. These assets were reduced to an estimated fair value of $26.1 based on the present value of the consideration to be received over ten years. The resulting impairment charge of $132.2 is included in Goodwill and intangible asset impairments in the Consolidated Statements of Operations for the year ended December 31, 2023. As of December 31, 2025, the fair value of the related contingent consideration receivable was $30.8, net of cash receipts, reported primarily within Other non-current assets in the Consolidated Balance Sheets. We remeasure this receivable on a recurring basis using Level 3 inputs, specifically discounted revenue projections.
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| Revenue | Revenues We disaggregate our revenues by transaction type, by segment (see Note 15 - Segment Information), and by geography. The following table presents revenues by transaction type, based on revenue recognition pattern:
The following table presents revenues by geography, based on customer location:
For the years ended December 31, 2025, 2024, and 2023, approximately 49%, 50%, and 49% of our revenues were attributed to customers in the U.S., respectively. No other country accounted for more than 10% of our revenues. As of December 31, 2025 and 2024, the capitalized amount of sales commissions included within Prepaid expenses was $15.2 and $15.4, respectively, and the capitalized amount included in Other non-current assets was $18.7 and $21.4, respectively. We have not recorded any impairments against these capitalized commission costs. The following table presents our contract balances:
During the year ended December 31, 2025, we recognized revenues of $737.8 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 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.
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Accounts Receivable |
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| Accounts Receivable | Accounts Receivable Our Accounts receivable, net balance consisted of the following:
The change in our accounts receivable allowance related to the following activity during each of the years presented:
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Property and Equipment, Net |
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| Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following:
Depreciation expense was $21.9, $19.0, and $23.2 for the years ended December 31, 2025, 2024 and 2023, respectively.
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Other Intangible Assets, Net |
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| Other Intangible Assets, Net and Goodwill | Other Intangible Assets, Net and Goodwill Other intangible assets, net The following table summarizes the gross carrying amounts and accumulated amortization of our identifiable intangible assets by major class:
Amortization expense related to intangible assets was $735.3, $708.0, and $685.1 during the years ended December 31, 2025, 2024, and 2023, respectively. In December 2024, the Board approved the wind-down of three product groups within the LS&H and A&G segments in connection with the Value Creation Plan and we recorded an intangible assets impairment charge of $75.0 to write down the carrying values of the associated intangibles, primarily technology and content assets, to their respective estimated net book values. In connection with the Valipat divestiture and related assets and liabilities held-for-sale as of December 31, 2023 (see Note 2 - Acquisitions and Divestitures for further details), we recorded an intangible of $132.2 during the year ended December 31, 2023, primarily associated with purchase-related customer relationships. As of December 31, 2025, the remaining weighted-average estimated useful life (in years) of our definite-lived intangible assets, by major class and in total, was as follows:
As of December 31, 2025, estimated future amortization expense related to definite-lived intangible assets was as follows:
Goodwill The change in the carrying amount of Goodwill by segment was as follows:
In 2025, 2024, and 2023, we completed quantitative goodwill impairment assessments using a DCF analysis to estimate the fair value of each of our reporting units. For additional information related to our goodwill impairment testing policy and procedures, see Note 1 - Nature of Operations and Summary of Significant Accounting Policies. In the fourth quarter of 2023, we performed our annual goodwill impairment assessment and determined that the carrying value of the IP and LS&H segment reporting units exceeded their respective fair values, resulting in a charge of $847.7. The impairments were primarily due to worsening macroeconomic and market conditions. In the second quarter of 2024, primarily due to sustained declines in our share price, we determined that it was appropriate to perform an interim quantitative goodwill impairment assessment and concluded that the estimated fair value of the A&G reporting unit was substantially in excess of its carrying value. For the LS&H reporting unit, we determined the carrying value exceeded its fair value; consequently, we recorded a goodwill impairment charge of $302.8. In the third quarter of 2024, we recorded $13.8 of goodwill associated with a small acquisition within the IP reporting unit. We recorded an impairment to the goodwill because the IP reporting unit’s fair value was significantly below its carrying value based on the results of our second quarter 2024 interim quantitative impairment assessment. In the fourth quarter of 2024, we performed our annual goodwill impairment assessment and, while the estimated fair value decreased for all reporting units, we concluded that the estimated fair value of the A&G reporting unit continued to be substantially in excess of its carrying value. For the LS&H reporting unit, we determined the carrying value exceeded its fair value; consequently, we recorded a goodwill impairment charge of $149.1. The impairment was primarily due to sustained declines in our share price. In the fourth quarter of 2025, we performed our annual goodwill impairment assessment and concluded that the estimated fair values of the A&G and LS&H reporting units were in excess of their respective carrying values and therefore, no impairment charge was required.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases We currently lease office space and certain equipment under non-cancelable operating lease agreements. We also have one financing lease for office space. Some of our leases include renewal options, which we do not consider with respect to the lease term used for calculating the lease liability because the renewal options allow us to maintain operational flexibility, and we are not reasonably certain we will exercise the renewal options. The following table presents the components of our lease cost, supplemental cash flow disclosures, and other information related to our lease arrangements:
The following table presents an analysis of our lease liability maturities as of December 31, 2025:
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| Leases | Leases We currently lease office space and certain equipment under non-cancelable operating lease agreements. We also have one financing lease for office space. Some of our leases include renewal options, which we do not consider with respect to the lease term used for calculating the lease liability because the renewal options allow us to maintain operational flexibility, and we are not reasonably certain we will exercise the renewal options. The following table presents the components of our lease cost, supplemental cash flow disclosures, and other information related to our lease arrangements:
The following table presents an analysis of our lease liability maturities as of December 31, 2025:
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Derivative Instruments |
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| 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 December 31, 2025, we have outstanding interest rate swaps with an aggregate notional value of $1,756.9. 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:
Changes in fair value are recorded in Accumulated other comprehensive loss (“AOCL”) in the 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 December 31, 2025, we estimate that approximately $2.1 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 10 - 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 10 - 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 10 - 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 December 31, 2025 and December 31, 2024, the notional amount of our outstanding foreign currency forward contracts was $162.1 and $91.1, 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 (gain) loss from the fair value adjustment of $(2.2), $2.3 and $(0.8) for the years ended December 31, 2025, 2024, and 2023, respectively. The following table provides the location and the fair value of our derivative instruments in the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024:
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt The following table summarizes our total indebtedness:
Senior Secured Notes (2026) In May 2025, we used the proceeds from the incremental Tranche 2 term loans under the Credit Facilities (described below) to redeem $500.0 aggregate principal amount of the outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the May 30, 2025 redemption date. In September 2025, we redeemed an additional $100.0 aggregate principal amount of the outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the September 30, 2025 redemption date, and in January 2026, we redeemed the remaining $100.0 aggregate principal amount, plus accrued and unpaid interest through the January 30, 2026 redemption date. 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. The Senior Secured Notes due 2026 were secured on a first-lien pari passu basis with borrowings under our credit facilities and Senior Secured Notes due 2028. These Notes were guaranteed on a joint and several basis by each of our indirect subsidiaries that was an obligor or guarantor under our credit facilities and were secured on a first-priority basis by the collateral owned or subsequently acquired by Camelot Finance S.A. (the issuer) and each of the guarantors that secured the issuer’s and such guarantor’s obligations under our credit facilities (subject to permitted liens and other exceptions). Senior Notes (2029) and Senior Secured Notes (2028) Interest on the Senior Notes due 2029 and Senior Secured Notes due 2028 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. The Senior Notes due 2029 and Senior Secured Notes due 2028 are subject to redemption as a result of certain changes in control at 101% of the principal amount, plus accrued and unpaid interest to the date of purchase. Additionally, at our election, both series of Notes may be redeemed during the 12 month period commencing on June 30 of each of the years based on the call premiums listed below, plus accrued and unpaid interest to the date of redemption.
The indentures governing these Notes contain covenants which, among other things, limit the incurrence of additional indebtedness (including acquired indebtedness), issuance of certain preferred stock, the payment of dividends, making restricted payments and investments, the purchase or acquisition or retirement for value of any equity interests, the provision of loans or advances to restricted subsidiaries, the sale or lease or transfer of any properties to any restricted subsidiaries, the transfer or sale of assets, and the creation of certain liens. As of December 31, 2025, we were in compliance with all of the indenture covenants. The Credit Facilities We have a revolving credit facility and a term loan facility (together, the “Credit Facilities”), as further described below. The Credit Facilities are secured by substantially all of our assets and the assets of all of our U.S. restricted subsidiaries and certain of our non-U.S. subsidiaries, including those that are or may be borrowers or guarantors under the Credit Facilities, subject to customary exceptions. The credit agreement governing the Credit Facilities contains customary events of default and restrictive covenants that limit us from, among other things, incurring certain additional indebtedness, issuing preferred stock, making certain restricted payments and investments, certain transfers or sales of assets, entering into certain affiliate transactions, or incurring certain liens. The Credit Facilities provide that, upon the occurrence of certain events of default, our obligations thereunder may be accelerated and the lending commitments terminated. Such events of default include payment defaults to the lenders, material inaccuracies of representations and warranties, covenant defaults, cross-defaults to other material indebtedness (including the Senior Secured Notes due 2028 and the Senior Notes due 2029), voluntary and involuntary bankruptcy proceedings, material money judgments, loss of perfection over a material portion of collateral, material ERISA/pension plan events, certain change of control events, and other customary events of default, in each case subject to threshold, notice, and grace period provisions. We may be subject to certain negative covenants, including either a fixed charge coverage ratio, total first lien net leverage ratio, or total net leverage ratio if certain conditions are met. As of December 31, 2025, we were in compliance with the covenants for 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). In August 2025, we increased the availability under our revolving credit facility from $700.0 to $775.0. All other terms related to the revolving credit facility were substantively unchanged. As of December 31, 2025, letters of credit totaling $6.5 were collateralized by the revolving credit facility. The revolving credit facility carries a base interest rate at Term SOFR, plus 3.25% per annum (which decreases to 3.00% or 2.75% per annum upon the achievement of certain first lien leverage ratios as defined in the credit agreement governing the Credit Facilities). The revolving credit facility is subject to a commitment fee rate of 0.5% per annum (or 0.375% per annum, based on first lien leverage ratios) times the unutilized amount of total revolving commitments. 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. In May 2025, we entered into an incremental $500.0 tranche of term loans. These Tranche 2 term loans carry a base interest rate at Term SOFR, plus 3.25% per annum. The issuance proceeds were used to redeem a portion of the Senior Secured Notes due 2026 described above. 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 $4,369.9 and $4,423.2 at December 31, 2025 and December 31, 2024, respectively, and is considered Level 2 under the fair value hierarchy. Amounts due under our outstanding borrowings as of December 31, 2025 are as follows:
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Shareholders' Equity |
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| Shareholders' Equity | Shareholders' Equity Share Repurchase Program In February 2022, the Board approved the purchase of up to $1,000.0 of our ordinary shares through open-market purchases, to be executed through December 31, 2023. In May 2023, the Board approved the extension of the share repurchase authorization, but reduced the authorization from $1,000.0 to $500.0, to be executed through December 31, 2024. In December 2024, the Board authorized a new 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 year ended December 31, 2023, we repurchased approximately 13.8 million ordinary shares for $100.0 at an average price of $7.22 per share. During the year ended December 31, 2024, we repurchased approximately 34.4 million ordinary shares for $200.0 at an average price of $5.81 per share. During the year ended December 31, 2025, we repurchased approximately 56.0 million ordinary shares for $224.5 at an average price of $4.01 per share. All repurchased shares were immediately retired and restored as authorized but unissued ordinary shares. Accumulated Other Comprehensive Loss (“AOCL”) The table below provides information about the changes in AOCL by component and the related amounts reclassified to net earnings during the periods indicated (net of tax).
Conversion of Preferred Shares into Ordinary Shares On June 3, 2024, all 14.4 million outstanding shares of our 5.25% Series A Mandatory Convertible Preferred Shares (“MCPS”) automatically converted into 55.3 million ordinary shares at a conversion rate of 3.8462 ordinary shares per MCPS share. All accumulated preferred dividends were paid prior to the conversion.
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Share-based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation | Share-based Compensation We grant share-based awards under the Clarivate Plc 2019 Incentive Award Plan (“the Plan”). A maximum aggregate amount of 85.0 million ordinary shares are reserved for issuance under the Plan. The Plan provides for the issuance of options, share appreciation rights, restricted shares, restricted share units, and cash awards. As of December 31, 2025 and 2024, approximately 32.1 million and 20.7 million shares, respectively, of our ordinary shares were available for share-based awards. Total share-based compensation expense for the years ended December 31, 2025, 2024, and 2023, comprised the following:
Total income tax provision (benefit) recognized for stock-based compensation arrangements were as follows:
RSUs and PSUs RSUs typically vest from to three years under a graded vesting method. RSUs do not have nonforfeitable rights to dividends or dividend equivalents. The fair value of RSUs is based on the fair value of our common shares on the date of grant. PSUs typically either cliff vest over three years or vest ratably between and five years. Payout percentages are based on accomplishing certain levels of growth and profitability, subsequently adjusted for our total shareholder return (“TSR”) compared to the TSR of the S&P 500. We use a Monte Carlo simulation to determine the fair value of our PSUs at grant date. Each quarter, we evaluate the likelihood that the performance criteria will be met. As the number of PSUs expected to vest increases or decreases, compensation expense is also adjusted up or down to reflect the number of shares expected to vest and the cumulative vesting period met to date. A summary of RSU and PSU activity for the year ended December 31, 2025, is presented below:
The 2025, 2024, and 2023 weighted average grant date fair value for RSUs was $4.14, $6.89, and $10.34 and for PSUs was $4.68, $7.77, and $13.55, respectively. For the years ended December 31, 2025, 2024, and 2023, the fair value of RSUs vested was $30.3, $45.3, and $62.4, respectively, and the fair value of PSUs vested was insignificant. Stock Options No stock option awards have been granted to plan participants since 2019. As of December 31, 2025 and 2024, there was no unrecognized compensation cost related to outstanding stock options. As of December 31, 2025, we have 0.6 million options vested and exercisable at a weighted average exercise price per share of $11.71 with a weighted-average remaining contractual life of 1.6 years.
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Restructuring and Other Impairments |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Other Impairments | Restructuring and Other Impairments 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 a cost rationalization component. We have extended this program to include additional reductions in force and lease rationalization activities in 2026. We expect to incur approximately $25 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. •ProQuest Acquisition Integration - During the fourth quarter of 2021, 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:
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
The table below summarizes the changes in our restructuring reserves by activity during the periods indicated:
Other impairments In the fourth quarter of 2023, we recorded a charge of approximately $6.1 related to the impairment of two equity investments, both of which were fully impaired.
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The components of the Provision (benefit) for income taxes by jurisdiction were as follows:
The components of Income (loss) before income taxes were as follows:
Effective tax rate reconciliation While we are a public limited company incorporated under the laws of Jersey, Channel Islands, we are a tax resident of the United Kingdom. The following tables present reconciliations between the statutory U.K. income tax rate and our effective tax rate (“ETR”) for the years ended December 31, 2025, 2024, and 2023. The 2025 reconciliation is presented in accordance with ASU 2023-09, Improvements to Income Tax Disclosures, which we adopted on a prospective basis during the year ended December 31, 2025.
The income tax provision of $7.2 for the year ended December 31, 2025 was primarily driven by the mix of tax jurisdictions in which pre-tax profits and losses were recognized. These were partially offset by income tax benefits of $21.7 and $10.9 in the U.S. and U.K., respectively, that resulted from intra-entity transactions, as well as a $7.1 benefit due to a reduction in the Base Erosion and Anti-Abuse Tax (“BEAT”). The income tax provision of $82.9 for the year ended December 31, 2024 was driven by a $53.9 expense related to a new 15% corporate income tax enacted by a tax law change in Jersey, Channel Islands, a $10.2 expense to establish valuation allowances, and expenses from the mix of tax jurisdictions in which pre-tax profits and losses were recognized. These were partially offset by benefits of $16.6 and $14.2 associated with the impairment of intangible assets and goodwill, respectively. Deferred tax assets and liabilities The tax effects of the significant components of temporary differences giving rise to our deferred income tax assets and liabilities were as follows:
Deferred tax assets and liabilities are presented net in the Consolidated Balance Sheets if they are in the same jurisdiction. The components of the net deferred tax liability, as reported in the Consolidated Balance Sheets, were as follows:
We are required to assess the realization of our deferred tax assets and the need for a valuation allowance. The assessment requires judgment on the part of management with respect to benefits that could be realized from future taxable income. The valuation allowance was $1,340.4 and $1,279.7 as of December 31, 2025 and 2024, respectively, against certain deferred tax assets, as it more likely than not that such amounts will not be fully realized. During the years ended December 31, 2025 and 2024, the valuation allowance increased by $60.7 and $23.1, respectively. As of December 31, 2025, we had gross U.S. federal tax loss carryforwards of $2,115.7, U.K. tax loss carryforwards of $592.0, U.S. state tax loss carryforwards of $1,001.6, and tax loss carryforwards in other foreign jurisdictions of $59.8. The carryforward period for U.S. federal tax losses is twenty years for losses generated in tax years ended prior to December 31, 2017. The expiration period for these losses begins in 2036. For U.S. losses generated in tax years beginning after January 1, 2018, the carryforward period is indefinite. The carryforward period for the U.K. tax losses is indefinite. The carryforward period for U.S. state losses varies, and the expiration period is between 2026 and 2044. The carryforward period of other losses varies by jurisdiction. As of December 31, 2025, we also had R&D and other tax credit carryforwards of $32.3 that have various carryforward periods, and the expiration period begins in 2027. We have provided income taxes and withholding taxes in the amount of $13.5 on the undistributed earnings of foreign subsidiaries as of December 31, 2025. In general, we are not permanently reinvesting our foreign earnings offshore. Deferred tax valuation allowance The following table summarizes the changes in our deferred tax valuation allowance:
Taxes paid by jurisdiction The following table presents income taxes paid, net of refunds, by jurisdiction in accordance with ASU 2023-09, Improvements to Income Tax Disclosures for the year ended December 31, 2025:
Uncertain tax positions Unrecognized tax benefits represent the difference between the tax benefits that we are able to recognize for financial reporting purposes and the tax benefits that have been recognized, or are expected to be recognized, in filed tax returns. The total amount of net unrecognized tax benefits that, if recognized, would impact our effective tax rate was $38.3 and $30.8 as of December 31, 2025 and 2024, respectively. We recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision. As of December 31, 2025 and 2024, the amount accrued was $5.3 and $3.2, respectively. Interest and penalties recognized for the years ended December 31, 2025, 2024, and 2023 were $2.0, $0.7, and $(23.2). We file income tax returns in the U.K., the U.S., and various other jurisdictions. As of December 31, 2025, our open tax years subject to examination were 2017 through 2024, which includes the major jurisdictions in the U.K. and the U.S. The following table summarizes our unrecognized tax benefits, excluding interest and penalties:
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Earnings Per Share |
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| Earnings Per Share | Earnings Per Share The basic and diluted EPS computations for our ordinary shares are calculated as follows:
Potential ordinary shares on a gross basis of 20.5 million related to share-based awards were excluded from diluted EPS for the year ended December 31, 2025, as their inclusion would have been antidilutive. Potential ordinary shares on a gross basis of 20.2 million and 32.7 million related to share-based awards and private placement warrants were excluded from diluted EPS for the years ended December 31, 2024 and 2023, respectively, as their inclusion would have been antidilutive. As a result of the MCPS conversion described in Note 10 - Shareholders' Equity, during the year ended December 31, 2024, the converted MCPS shares were included in basic EPS for the period subsequent to the conversion. Prior to the conversion, the MCPS shares were evaluated for inclusion in diluted EPS using the if-converted method and, in each period presented, were excluded from diluted EPS as their inclusion would have been antidilutive.
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Segment Information |
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| 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 the following three reportable segments, based on the different products and services we offer and the markets we serve: •Academia & Government. Working with the scientific and academic community, we empower institutions and libraries to drive research excellence and student outcomes by connecting trusted content, deep expertise, and responsible innovation. Our A&G segment is home to research, education, and library solutions, including Web of Science, ProQuest, Ex Libris, and Innovative. •Intellectual Property. Our comprehensive intellectual property data, software, and expertise helps companies drive innovation, law firms achieve practice excellence, and organizations worldwide effectively manage and protect critical intellectual property assets. Our IP segment is home to Derwent Innovation, CompuMark, Innography, IPfolio, FoundationIP, and other IP solutions. •Life Sciences & Healthcare. Our connected data, deep expertise, and intelligence platforms empower life sciences and healthcare organizations with the contextual intelligence needed to deliver safe, effective, and commercially successful treatments and solutions to patients faster. Our LS&H segment is home to comprehensive solutions used by pharma, biotech, and medtech companies, including Cortellis, Medtech, Market Access and Commercialization, and deep consulting expertise. Our chief operating decision maker (“CODM”) is our chief executive officer (“CEO”), who evaluates performance for our reportable segments based primarily on revenues and Adjusted EBITDA. Our CEO uses these measures predominantly during the annual budgeting process and the quarterly forecast update and reporting process to identify and evaluate investment decisions that provide the best opportunities to accelerate revenue growth and provide incremental margin improvement. Our CEO 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. 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. 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. 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:
The following table summarizes our long-lived assets by geography, based on physical location. Long-lived assets consist of Property and equipment, net and Operating lease right-of-use assets and exclude Goodwill, Other intangible assets, net, Deferred income taxes, and Other assets.
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| 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. During the year ended December 31, 2023, we reached settlement related to a large legal claim, which was covered by insurance. We recognized a total gain on settlement of $49.4 which is included in Other operating expense (income), net in the Consolidated Statement of Operations. 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 on May 18, 2022. On August 8, 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 on October 7, 2022. Without deciding the motion, the court entered an order on June 23, 2023, allowing plaintiffs limited leave to amend, and plaintiffs filed an amended complaint on July 14, 2023. On August 10, 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 on September 8, 2023. Defendants’ motions to dismiss the amended complaint are currently pending. In a separate but related litigation, on June 7, 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 on August 19, 2022, and filed its preliminary objections to the state court complaint on October 21, 2022. After granting a partial stay on January 4, 2023, the court denied a further stay of the proceedings on April 17, 2023. On April 24, 2024, the court sustained the Company’s preliminary objections, but permitted plaintiff leave to file an amended complaint, which plaintiff filed on May 28, 2024. On August 29, 2024, plaintiff filed a second amended complaint, to which the Company filed preliminary objections on September 30, 2024. On April 25, 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 on December 9, 2025. On February 18, 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. 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.
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2025 | |
| 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. During the year ended December 31, 2023, we reached settlement related to a large legal claim, which was covered by insurance. We recognized a total gain on settlement of $49.4 which is included in Other operating expense (income), net in the Consolidated Statement of Operations. 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 on May 18, 2022. On August 8, 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 on October 7, 2022. Without deciding the motion, the court entered an order on June 23, 2023, allowing plaintiffs limited leave to amend, and plaintiffs filed an amended complaint on July 14, 2023. On August 10, 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 on September 8, 2023. Defendants’ motions to dismiss the amended complaint are currently pending. In a separate but related litigation, on June 7, 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 on August 19, 2022, and filed its preliminary objections to the state court complaint on October 21, 2022. After granting a partial stay on January 4, 2023, the court denied a further stay of the proceedings on April 17, 2023. On April 24, 2024, the court sustained the Company’s preliminary objections, but permitted plaintiff leave to file an amended complaint, which plaintiff filed on May 28, 2024. On August 29, 2024, plaintiff filed a second amended complaint, to which the Company filed preliminary objections on September 30, 2024. On April 25, 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 on December 9, 2025. On February 18, 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. 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.
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Insider Trading Arrangements |
3 Months Ended | 12 Months Ended |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2025 |
|
| Trading Arrangements, by Individual | ||
| Material Terms of Trading Arrangement | During the quarter ended December 31, 2025, no director or officer (as defined in Rule 16a-1 under the Exchange Act) of the Company adopted or terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408(a) of Regulation S-K).
|
|
| 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 |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | At Clarivate, cybersecurity risk management is an integral part of our Enterprise Risk Management program. Because we are a global information services provider, our business is highly dependent on the protection of our proprietary software and content, as well as the timeliness, accuracy, and availability of our digitally-based offerings. Consequently, we are highly sensitive to risks from cybersecurity threats to our information systems, particularly those threats that would affect our ability to continue to provide real-time access to our database content and analysis. To mitigate these threats, we utilize the following processes and governance structure. Our Information Security Risk Management program is designed to align with ISO 27001 and related information security frameworks to ensure consistent, measurable controls across Clarivate’s enterprise. It provides a framework to identify, assess, and control cybersecurity threats and incidents. We conduct an annual information security risk assessment and targeted cybersecurity reviews throughout the year to evaluate emerging threats and control effectiveness. The results of these assessments and reviews are reported to executive management and the Board of Directors (the “Board”). Our cybersecurity efforts also include mandatory information security awareness training for all employees, clearly defined expectations for acceptable use policies, and certification of adherence to our Code of Conduct. The IT Governance, Risk, and Compliance team conducts periodic audits to evaluate policy and regulatory compliance, recording findings for subsequent review and remediation initiatives. We also leverage internal and external security subject matter experts and consultants to conduct comprehensive risk assessments, including architecture reviews, vulnerability scans, penetration tests, application security evaluations, and technical compliance reviews. We maintain a security threat intelligence system that collects and analyzes data from internal vulnerability management tools, vendors, and third-party security organizations. Our patch management standard is designed to ensure that appropriate patching practices are consistently applied to our technology infrastructure, and a security operations center enhances our real-time awareness, event correlation, and incident response capabilities. As part of our risk management program, we also assess cybersecurity risks associated with third-party service providers. We have processes in place designed to oversee and identify material risks from cybersecurity threats associated with our engagement of such providers, including the use of cybersecurity risk criteria when determining the selection and oversight of those service providers.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | At Clarivate, cybersecurity risk management is an integral part of our Enterprise Risk Management program. Because we are a global information services provider, our business is highly dependent on the protection of our proprietary software and content, as well as the timeliness, accuracy, and availability of our digitally-based offerings. Consequently, we are highly sensitive to risks from cybersecurity threats to our information systems, particularly those threats that would affect our ability to continue to provide real-time access to our database content and analysis. To mitigate these threats, we utilize the following processes and governance structure.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] | Our cybersecurity efforts also include mandatory information security awareness training for all employees, clearly defined expectations for acceptable use policies, and certification of adherence to our Code of Conduct. |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board, acting directly and through its committees, is responsible for the oversight of our risk management programs. The Board’s Audit Committee has the delegated responsibility for the oversight of key enterprise risks, including risks from cybersecurity threats. The Audit Committee also provides oversight of our policies and processes for monitoring and mitigating such risks. Among other duties, the Audit Committee receives and reviews periodic reports from management pertaining to cybersecurity programs and data privacy controls, as well as other information security reports that the committee deems appropriate. The Audit Committee meets at least quarterly, and the chair of the committee gives regular reports to the full Board on its activities. Management is responsible for day-to-day risk management activities, including those relating to information systems and cybersecurity. We employ an internal chief information security officer (“CISO”) who has more than 25 years of technology industry leadership, cybersecurity expertise, and engineering and operations experience. Our CISO and his team of certified security subject matter experts (collectively, “Information Security”) have deep experience and expertise in cybersecurity and lead our organizational efforts to assess and manage material risks associated with our information systems and cybersecurity threats. Our dedicated Information Security Steering Committee regularly reviews our most significant information security risks, strategic projects, and key performance indicators. On a quarterly basis, Information Security also meets with business segment leadership to discuss the most significant risks, including identifying potentially material risks and developing, implementing, and applying reasonable risk mitigation processes. Our risk management programs are developed, implemented, managed, and reviewed under the direction of Information Security and business segment leaders, with subsequent actions determined based on the results of these preventive and detective controls. Our incident response plan defines our procedures when potential security incidents are identified, including the associated escalation path. Depending on the assessed severity of the incident, the Audit Committee or the full Board
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Board |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee meets at least quarterly, and the chair of the committee gives regular reports to the full Board on its activities.
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| Cybersecurity Risk Role of Management [Text Block] | The Audit Committee also provides oversight of our policies and processes for monitoring and mitigating such risks. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Board |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our risk management programs are developed, implemented, managed, and reviewed under the direction of Information Security and business segment leaders, with subsequent actions determined based on the results of these preventive and detective controls.
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| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Nature of Operations and Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||
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Dec. 31, 2025 | |||||||||||||
| Accounting Policies [Abstract] | |||||||||||||
| Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include our accounts and the accounts of our wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents is comprised of 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 $12.6 and $10.5 as of December 31, 2025 and 2024, respectively.
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| 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 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.
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| Recently Issued Accounting Standards | 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 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. The amendments in this update are effective for fiscal years, including interim reporting periods, beginning after December 15, 2025, with early adoption permitted. We are currently assessing the impact of this update on our financial statements and related 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.
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| Property and Equipment | Property and Equipment Property and equipment is recorded at cost, and depreciation is recorded using the straight‑line method over the estimated useful lives of the assets, as follows:
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| Concentration of Credit Risk | Concentration of Credit Risk Accounts receivable are the primary financial instrument that potentially subjects us to significant concentrations of credit risk. Accounts receivable represent arrangements in which services were transferred to a customer before the customer pays consideration or before payment is due. We do not require collateral or other securities to support customer receivables. We perform ongoing credit evaluations of our customers and limit the amount of credit extended when deemed appropriate. We maintain our cash and cash equivalent balances with high-quality financial institutions and consequently, we believe that such funds are subject to minimal credit risk.
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| Fair Value Measurements | Fair Value Measurements Fair value is determined based on the assumptions that market participants would use in pricing the asset or liability. We utilize the following fair value hierarchy in determining fair values: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3 - Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. The carrying value of cash and cash equivalents, accounts receivable, accounts payable, and other accruals readily convertible into cash approximate fair value because of the short-term nature of the instruments. As further discussed in Note 2 - Acquisitions and Divestitures, we have classified the contingent consideration associated with the Valipat divestiture within Level 3 of the fair value hierarchy. As further discussed in Note 9 - Debt, we have classified our debt instruments within Level 2 of the fair value hierarchy. We have also classified our derivative instruments described in Note 8 - Derivative Instruments within Level 2 of the fair value hierarchy.
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| Allowance for Credit Losses | Allowance for Credit Losses We estimate credit losses for trade receivables by using a current expected credit loss model. The credit loss allowance is determined through an analysis of historical collection experience, the aging of accounts receivable, and an evaluation of the impact of current and projected economic conditions. Trade and other receivables are written off when there is no reasonable expectation of recovery, such as a past due status greater than 360 days or bankruptcy of the debtor.
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| Internally Developed Software and Content | Internally Developed Software and Content Internally Developed Software — Development costs related to internally generated software are capitalized once a project has progressed to the application development stage. Costs of significant improvements or enhancements on existing software for internal use, both internally developed and purchased, are also capitalized. Costs related to the preliminary project stage, data conversion, and the post-implementation/operation stage of an internal-use software development project are expensed as incurred. Capitalized costs are amortized over five years, which is the estimated useful life of the related software. Purchased software is amortized over three years, which is the estimated useful life of the related software. Content — Costs related to the acquisition of source materials, content selection, document processing, editing, abstracting, and indexing are capitalized. We also capitalize internal and external costs associated with the development of product- related software that adds functionality and improves the customer’s ability to search our content. These capitalized costs are amortized over a to five year useful life. We do not capitalize any costs associated with research and development or marketing.
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| Leases | Leases We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) assets, Current portion of operating lease liability, and Operating lease liabilities on our Consolidated Balance Sheets. Our finance lease asset is included within Property and equipment, net on our Consolidated Balance Sheets (see Note 5 - Property and Equipment, Net) and the related finance lease liability is included as an item of indebtedness (see Note 9 - Debt) on our Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial valuation of finance lease assets and liabilities is calculated in the same way. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes initial direct costs incurred and any lease payments made before lease commencement, minus any lease incentives received. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We account for lease and non-lease components as a single lease component.
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| Business Combinations | We account for our business combinations using the acquisition method of accounting. We allocate the purchase price of an acquisition to the assets acquired and liabilities assumed based on their estimated fair values. As part of this allocation process, we identify and attribute values and estimated lives to the intangible assets acquired. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill.
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| Goodwill and Indefinite-Lived Intangible Assets | Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment annually as of the first day of the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill impairment testing is performed at the reporting unit level. For goodwill impairment testing purposes, we have determined that our business segments are our reporting units. As part of our annual goodwill impairment testing, we have the option to first perform qualitative testing to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If we bypass the qualitative assessment, or if the qualitative assessment indicates that quantitative analysis should be performed, we evaluate goodwill for impairment by comparing the estimated fair value of a reporting unit with its carrying amount, including goodwill. We estimate the fair value of a reporting unit using a discounted cash flow (“DCF”) analysis based on the present value of estimated future cash flows, discounted at an appropriate risk- adjusted rate. We use our internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates. Our indefinite-lived intangible assets are related to trade names. Similar to goodwill, as part of our annual indefinite-lived intangible asset impairment testing, we have the option to first perform qualitative testing by evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the indefinite-lived assets are impaired. If we do not believe that it is more likely than not that the indefinite-lived assets are impaired, no quantitative impairment test is required. If we choose not to complete a qualitative assessment, or if the qualitative assessment indicates that a quantitative analysis should be performed, we estimate the fair value of the indefinite-lived asset by using the relief-from-royalty method based on the present value of estimated future cash flows that the indefinite-lived asset is expected to generate in the future. Any impairment charge is recognized in full in the reporting period in which it has been identified. For discussion of the analysis and results of our impairment tests, see Note 6 - Other Intangible Assets, Net and Goodwill and Note 12 - Restructuring and Other Impairments.
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| Impairment of Long-lived Assets | Asset Impairment Evaluation We evaluate property and equipment, definite-lived intangible assets, and operating lease ROU assets for impairment whenever circumstances indicate the carrying value may not be recoverable. We determine the recoverability of an asset, or a group of assets, by comparing the carrying value to the future undiscounted cash flows that the asset is expected to generate over its remaining life. Any impairment is measured as the difference between the carrying value and the fair value of the asset.
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| Income Taxes | Income Taxes We recognize income taxes under the asset and liability method. Deferred income tax assets and liabilities arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. Deferred income tax assets and liabilities are recorded at the enacted tax rate expected to apply to the temporary difference when settled or realized. We record U.S. tax expense resulting from Global Intangible Low Taxed Income (“GILTI”) as a current period expense. In assessing the realizability of deferred tax assets, we consider all available positive and negative evidence factors. Evidence considered includes historical and projected future taxable income by tax jurisdiction, character and timing of income or loss, and prudent and feasible tax planning strategies. We record a valuation allowance to reduce deferred tax assets to the net realizable value that is more likely than not to be realized. We record tax benefits when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The amount of tax benefit recorded is the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement. We then record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken on a tax return. Uncertain tax positions are reassessed quarterly and liabilities for unrecognized tax benefits are adjusted when our judgment changes as a result of the evaluation of new information, such as developments in case law, new regulations or tax law, or changes in the status of ongoing audits. These adjustments will be reflected as increases or decreases to income tax expense in the period in which new information is available. Accrued interest and penalties related to unrecognized tax benefits are included within the Provision (benefit) for income taxes in the Consolidated Statements of Operations.
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| Revenue Recognition | Revenue Recognition 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. For transactions that involve a third party, we evaluate whether we are acting as the principal or the agent in the transaction by considering factors such as control of the specified goods or services before they are transferred to the customer, fulfillment responsibility, collection risk, and discretion in establishing price. If we determine that we control the good or service before it is transferred to the customer, we recognize revenue on a gross basis. Conversely, if we determine that we do not control the good or service before it is transferred to the customer, we recognize revenue on a net basis.
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| Significant Judgments | When multiple performance obligations exist in a single contract, the transaction price is allocated to each performance obligation in proportion to the standalone selling price of each performance obligation. The standalone selling price is typically determined by reference to our standard price lists and is a reflection of our normal pricing practices when sold separately with consideration of market conditions and other factors, including customer demographics and geographic location. Discounts applied to the contract are allocated based on the same proportion of standalone selling prices.
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| Cost to Obtain a Contract | We pay commissions to sales colleagues for obtaining new customers and renewing contracts with existing customers. We treat these commission costs as costs to obtain a contract and are therefore considered contract assets. We capitalize certain of these commission costs within Prepaid expenses and Other non-current assets on the Consolidated Balance Sheets. The costs are amortized to Selling, general and administrative costs within the Consolidated Statements of Operations. The amortization period is between and seven years based on the estimated length of the customer relationship.
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| Share-Based Compensation | Share-based Compensation We recognize compensation expense for share-based awards based on grant date fair value. The fair value of restricted share units (“RSUs”) is based on the fair value of our common shares on the date of grant, and we use a Monte Carlo simulation to determine the fair value of our performance share units (“PSUs”) at grant date. We use the graded vesting method to amortize the value of share-based awards to expense. We recognize forfeitures as they occur.
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| Defined Contribution Plans | Defined Contribution Plans Employees participate in various defined contribution savings plans that provide for Company-matching contributions. Costs for future employee benefits are accrued over the periods in which employees earn the benefits. Total expense related to defined contribution plans was $39.7, $37.3, and $34.9 for the years ended December 31, 2025, 2024, and 2023, respectively, which approximates the cash outlays related to the plans.
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| Restructuring | Restructuring Restructuring expense includes costs associated with involuntary termination benefits provided to employees, certain contract termination costs, and other costs associated with an exit or disposal activity. Involuntary termination benefits are recognized within restructuring charges at the time that the program was approved and all necessary communications were made. The liabilities are recorded within Accrued expenses and other current liabilities in the Consolidated Balance Sheets. The corresponding expenses are recorded within Restructuring and other impairments in the Consolidated Statements of Operations. For further details, see Note 12 - Restructuring and Other Impairments.
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| Legal Costs | Legal Costs Legal costs expected to be incurred in connection with a loss contingency are expensed and accrued at the outset of the legal matter giving rise to the estimated legal costs. We reassess the sufficiency of the accrual each reporting period.
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| Foreign Currency Translation | Foreign Currency Translation The operations of each of our entities are measured using the currency of the primary economic environment in which the subsidiary operates (“functional currency”). Assets and liabilities of foreign subsidiaries whose functional currency is the local currency are translated into U.S. dollars using period-end exchange rates. Revenues and expenses are translated at the average exchange rate in effect during each fiscal month during the year. The effects of foreign currency translation adjustments are included as a component of Accumulated other comprehensive loss in the accompanying Consolidated Balance Sheets.
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| Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to ordinary shares by the weighted average number of ordinary shares outstanding for the applicable period. Diluted EPS is computed by dividing net income (loss) attributable to ordinary shares, adjusted for the change in fair value of the private placement warrants, by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding for the applicable period. Diluted EPS reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares, as calculated using the treasury stock method.
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| Identifiable Intangible Assets, net | Definite-lived intangible assets are generally amortized on a straight-line basis over the following estimated useful lives:
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Nature of Operations and Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment, Net | Property and equipment is recorded at cost, and depreciation is recorded using the straight‑line method over the estimated useful lives of the assets, as follows:
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| Schedule of Finite-Lived Intangible Assets | Definite-lived intangible assets are generally amortized on a straight-line basis over the following estimated useful lives:
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| Schedule of Accounts Payable and Accrued Liabilities | Accrued expenses and other current liabilities consisted of the following:
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| Schedule of Other Operating (Income) Expense, Net | consisted of the following:
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Revenue (Tables) |
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| Schedule of disaggregated revenues | The following table presents revenues by transaction type, based on revenue recognition pattern:
The following table presents revenues by geography, based on customer location:
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| Schedule of contract balances |
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Accounts Receivable (Tables) |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts, Notes, Loans and Financing Receivable | Our Accounts receivable, net balance consisted of the following:
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| Accounts Receivable, Allowance for Credit Loss Roll Forward | The change in our accounts receivable allowance related to the following activity during each of the years presented:
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Property and Equipment, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property and Equipment, Net | Property and equipment is recorded at cost, and depreciation is recorded using the straight‑line method over the estimated useful lives of the assets, as follows:
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Other Intangible Assets, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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| Schedule of Goodwill | The change in the carrying amount of Goodwill by segment was as follows:
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| Schedule of Estimated Amortization for Five Succeeding Years | As of December 31, 2025, estimated future amortization expense related to definite-lived intangible assets was as follows:
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| Schedule of Weighted-Average Estimated Useful Life for Definite-Lived Intangible Assets | As of December 31, 2025, the remaining weighted-average estimated useful life (in years) of our definite-lived intangible assets, by major class and in total, was as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease, Cost | The following table presents the components of our lease cost, supplemental cash flow disclosures, and other information related to our lease arrangements:
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| Operating Lease Maturity | The following table presents an analysis of our lease liability maturities as of December 31, 2025:
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| Finance Lease Maturity | The following table presents an analysis of our lease liability maturities as of December 31, 2025:
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Derivative Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Notional Amounts of Outstanding Derivative Positions | 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:
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| Schedule of Fair Value of Derivative Instruments | The following table provides the location and the fair value of our derivative instruments in the Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024:
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Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The following table summarizes our total indebtedness:
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| Schedule of Maturities of Outstanding Borrowings | Amounts due under our outstanding borrowings as of December 31, 2025 are as follows:
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| Debt Instrument Redemption |
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Shareholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss (“AOCL”) The table below provides information about the changes in AOCL by component and the related amounts reclassified to net earnings during the periods indicated (net of tax).
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Share-based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount | Total share-based compensation expense for the years ended December 31, 2025, 2024, and 2023, comprised the following:
Total income tax provision (benefit) recognized for stock-based compensation arrangements were as follows:
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| Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | A summary of RSU and PSU activity for the year ended December 31, 2025, is presented below:
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| Schedule of Nonvested Performance-based Units Activity | A summary of RSU and PSU activity for the year ended December 31, 2025, is presented below:
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Restructuring and Other Impairments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Provision (Benefit) for Income Taxes by Jurisdiction | The components of the Provision (benefit) for income taxes by jurisdiction were as follows:
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| Schedule of Components of Income (Loss) Before Income Tax | The components of Income (loss) before income taxes were as follows:
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| Schedule of Reconciliation of the Statutory Income Tax Rate to Effective Tax Rate | The following tables present reconciliations between the statutory U.K. income tax rate and our effective tax rate (“ETR”) for the years ended December 31, 2025, 2024, and 2023. The 2025 reconciliation is presented in accordance with ASU 2023-09, Improvements to Income Tax Disclosures, which we adopted on a prospective basis during the year ended December 31, 2025.
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| Schedule of Deferred Income Tax Assets and Liabilities | The tax effects of the significant components of temporary differences giving rise to our deferred income tax assets and liabilities were as follows:
Deferred tax assets and liabilities are presented net in the Consolidated Balance Sheets if they are in the same jurisdiction. The components of the net deferred tax liability, as reported in the Consolidated Balance Sheets, were as follows:
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| Summary of Valuation Allowance | The following table summarizes the changes in our deferred tax valuation allowance:
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| Summary of unrecognized tax benefits, excluding interest and penalties: | The following table summarizes our unrecognized tax benefits, excluding interest and penalties:
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| Schedule of Cash Flow, Supplemental Disclosures | The following table presents income taxes paid, net of refunds, by jurisdiction in accordance with ASU 2023-09, Improvements to Income Tax Disclosures for the year ended December 31, 2025:
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted EPS Computations for Ordinary Shares | The basic and diluted EPS computations for our ordinary shares are calculated as follows:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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| Schedule of Assets by Geography | The following table summarizes our long-lived assets by geography, based on physical location. Long-lived assets consist of Property and equipment, net and Operating lease right-of-use assets and exclude Goodwill, Other intangible assets, net, Deferred income taxes, and Other assets.
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Nature of Operations and Summary of Significant Accounting Policies - General (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2025
USD ($)
segment
|
Dec. 31, 2024
USD ($)
|
|
| Accounting Policies [Abstract] | ||
| Number of reportable segments | segment | 3 | |
| Restricted cash | $ | $ 12.6 | $ 10.5 |
Nature of Operations and Summary of Significant Accounting Policies - Property and Equipment (Details) |
Dec. 31, 2025 |
|---|---|
| Computer hardware | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment estimated useful lives | 3 years |
| Furniture, fixtures, and equipment | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment estimated useful lives | 5 years |
| Furniture, fixtures, and equipment | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment estimated useful lives | 7 years |
Nature of Operations and Summary of Significant Accounting Policies - Internally Developed Software and Content (Details) |
Dec. 31, 2025 |
|---|---|
| Software Development | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets estimated useful lives | 5 years |
| Purchased software | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets estimated useful lives | 3 years |
| Content | Minimum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets estimated useful lives | 2 years |
| Content | Maximum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets estimated useful lives | 5 years |
Nature of Operations and Summary of Significant Accounting Policies - Revenue Recognition (Details) - Technology and content |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Minimum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Commission fees amortization period | 1 year |
| Maximum | |
| Finite-Lived Intangible Assets [Line Items] | |
| Commission fees amortization period | 7 years |
Nature of Operations and Summary of Significant Accounting Policies - Defined Contribution Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Accounting Policies [Abstract] | |||
| Defined contribution plan expense | $ 39.7 | $ 37.3 | $ 34.9 |
Nature of Operations and Summary of Significant Accounting Policies - Accrued Expenses and Other Current Liabilites (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Customer Refund Liability, Current | $ 62.8 | $ 84.8 |
| Accrued royalty costs | 72.4 | 79.3 |
| Other accrued expenses and other current liabilities | 137.8 | 144.7 |
| Accrued expenses and other current liabilities | $ 273.0 | $ 308.8 |
Nature of Operations and Summary of Significant Accounting Policies - Other Operating (Income) Expense, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Accounting Policies [Abstract] | |||
| Gain on sale from divestitures | $ 0.0 | $ 54.7 | $ 0.0 |
| Gain on legal settlement | 0.0 | 0.0 | (49.4) |
| Net foreign exchange loss (gain) | 34.9 | 4.2 | 38.9 |
| Miscellaneous expense (income), net | (16.3) | (1.3) | (0.3) |
| Other operating expense (income), net | $ 18.6 | $ (51.8) | $ (10.8) |
Revenue - Disaggregated Revenues (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disaggregation of Revenue [Line Items] | |||
| Revenues | $ 2,455.2 | $ 2,556.7 | $ 2,628.8 |
| North America [Member] | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 1,303.0 | 1,381.4 | 1,405.5 |
| EMEA [Member] | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 654.8 | 667.8 | 707.5 |
| Asia Pacific [Member] | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 497.4 | 507.5 | 515.8 |
| Subscription revenues | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 1,605.5 | 1,626.8 | 1,618.1 |
| Re-occurring Revenues | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 434.2 | 429.8 | 444.6 |
| Transactional and other revenues | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 415.5 | 500.1 | 566.1 |
| Recurring Revenues | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | $ 2,039.7 | $ 2,056.6 | $ 2,062.7 |
Revenue - Contract Balances (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Revenue from Contract with Customer [Abstract] | ||
| Accounts receivable, net | $ 821.7 | $ 798.3 |
| Current portion of deferred revenues | 878.6 | 859.1 |
| Non-current portion of deferred revenues | $ 17.0 | $ 16.6 |
Revenue - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disaggregation of Revenue | |||
| Revenue recognized that was deferred at the beginning of the period | $ 737.8 | ||
| Prepaid expenses | |||
| Disaggregation of Revenue | |||
| Prepaid sales commissions | 15.2 | $ 15.4 | |
| Noncurrent assets | |||
| Disaggregation of Revenue | |||
| Prepaid sales commissions | $ 18.7 | $ 21.4 | |
| U.S. federal | Revenue | Customer Concentration Risk | |||
| Disaggregation of Revenue | |||
| Revenue from contract with customer | 49.00% | 50.00% | 49.00% |
Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Receivables [Abstract] | ||||
| Accounts receivable | $ 833.6 | $ 814.5 | ||
| Accounts receivable allowance | (11.9) | (16.2) | $ (26.6) | $ (27.1) |
| Accounts receivable, net | $ 821.7 | $ 798.3 |
Accounts Receivable - Allowance (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
| Balance at beginning of year | $ 16.2 | $ 26.6 | $ 27.1 |
| Additional provisions | 2.7 | 3.2 | 7.0 |
| Write-offs | (7.9) | (12.9) | (9.3) |
| Exchange rate change | 0.9 | (0.7) | 1.8 |
| Balance at end of year | $ 11.9 | $ 16.2 | $ 26.6 |
Property and Equipment, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Property, Plant and Equipment [Line Items] | |||
| Finance lease | $ 8.0 | $ 8.0 | |
| Total property and equipment, gross | 153.1 | 142.7 | |
| Accumulated depreciation | (100.4) | (89.2) | |
| Property and equipment, net | 52.7 | 53.5 | |
| Depreciation | 21.9 | 19.0 | $ 23.2 |
| Computer hardware | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment, gross, excluding finance lease | 77.1 | 64.3 | |
| Leasehold improvements | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment, gross, excluding finance lease | 21.3 | 21.6 | |
| Furniture, fixtures and equipment | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment, gross, excluding finance lease | 44.4 | 46.6 | |
| Other | |||
| Property, Plant and Equipment [Line Items] | |||
| Total property and equipment, gross, excluding finance lease | $ 2.3 | $ 2.2 | |
Other Intangible Assets, Net - Other Intangible Assets, Net Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Amortization of intangible assets | $ 735.3 | $ 708.0 | $ 685.1 |
Other Intangible Assets, Net and Goodwill - Remaining Weighted-Average Useful Life (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Schedule Of Goodwill and Intangible Assets Disclosure [Line Items] | |
| Remaining amortization period | 15 years |
| Customer relationships | |
| Schedule Of Goodwill and Intangible Assets Disclosure [Line Items] | |
| Remaining amortization period | 18 years |
| Technology and content | |
| Schedule Of Goodwill and Intangible Assets Disclosure [Line Items] | |
| Remaining amortization period | 8 years |
| Computer software | |
| Schedule Of Goodwill and Intangible Assets Disclosure [Line Items] | |
| Remaining amortization period | 5 years |
| Trade names and other | |
| Schedule Of Goodwill and Intangible Assets Disclosure [Line Items] | |
| Remaining amortization period | 6 years |
Other Intangible Assets, net and Goodwill - Estimated Amortization (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| 2026 | $ 697.0 | |
| 2027 | 665.0 | |
| 2028 | 627.4 | |
| 2029 | 574.2 | |
| 2030 | 516.4 | |
| Thereafter | 4,755.5 | |
| Amortizing intangible assets | 7,835.5 | |
| Internally developed software projects in process | 15.7 | |
| Definite-lived intangible assets, Net | $ 7,851.2 | $ 8,284.3 |
Leases - Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
contract
| |
| Leases [Abstract] | |
| Number of finance lease contracts | 1 |
Leases - Lease Cost and Other Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lease Cost | |||
| Operating lease cost | $ 20.5 | $ 20.2 | $ 22.4 |
| Variable and short-term lease cost | 6.4 | 4.8 | 6.0 |
| Finance lease cost: | 2.5 | 2.4 | 2.6 |
| Total lease cost | 29.4 | 27.4 | 31.0 |
| Cash paid for amounts included in measurement of lease liabilities: | |||
| Operating cash flows for operating leases | 26.7 | 30.3 | 31.9 |
| Operating cash flows for finance leases | 2.0 | 2.1 | 2.1 |
| Financing cash flows for finance leases | 1.3 | 1.2 | 1.0 |
| Right-of-use assets obtained in exchange for lease obligations: | |||
| Operating leases | $ 8.0 | $ 16.8 | $ 16.2 |
| Weighted-average remaining lease term: | |||
| Operating leases | 4 years | 5 years | 5 years |
| Finance leases | 11 years | 12 years | 13 years |
| Weighted-average discount rate: | |||
| Operating leases | 6.50% | 6.20% | 5.20% |
| Finance leases | 6.936% | 6.936% | 6.90% |
Leases - Future Lease Payments (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Operating Leases | ||
| 2026 | $ 21.3 | |
| 2027 | 15.3 | |
| 2028 | 8.5 | |
| 2029 | 7.2 | |
| 2030 | 4.6 | |
| Thereafter | 7.7 | |
| Total undiscounted cash flows | 64.6 | |
| Current lease liabilities | 18.4 | $ 20.6 |
| Non-current lease liabilities | 37.9 | 53.2 |
| Total lease liabilities | 56.3 | |
| Interest on lease liabilities | 8.3 | |
| Finance Leases | ||
| 2026 | 3.4 | |
| 2027 | 3.4 | |
| 2028 | 3.5 | |
| 2029 | 3.6 | |
| 2030 | 3.7 | |
| Thereafter | 22.6 | |
| Total undiscounted cash flows | 40.2 | |
| Current lease liabilities | 1.5 | |
| Non-current lease liabilities | 26.6 | |
| Total lease liabilities | 28.1 | $ 29.3 |
| Interest on lease liabilities | $ 12.1 |
Derivative Instruments - Interest Rate Swap Arrangements (Details) - Cash Flow Hedging - Designated as Hedging Instrument $ in Millions |
Dec. 31, 2025
USD ($)
swap
|
|---|---|
| Interest Rate Swap Maturing October 2026 | |
| Derivative [Line Items] | |
| Notional value | $ 739.2 |
| 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 | $ 1,756.9 |
| Interest Rate Swap Maturing January 2031 Entered 2025 | |
| Derivative [Line Items] | |
| Notional value | $ 115.0 |
Debt - Amounts Due Under Outstanding Borrowings (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| 2026 | $ 101.5 | |
| 2027 | 1.7 | |
| 2028 | 923.1 | |
| 2029 | 923.5 | |
| 2030 | 2.3 | |
| Thereafter | 2,517.8 | |
| Total debt outstanding | 4,469.9 | $ 4,571.1 |
| Less: capitalized debt issuance costs and original issue discount | (46.9) | $ (51.1) |
| Total, including the current portion of long-term debt | $ 4,423.0 |
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 03, 2024 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Feb. 28, 2022 |
|
| Equity [Abstract] | |||||
| Stock repurchase program, authorized amount | $ 500.0 | $ 1,000.0 | |||
| Stock repurchased and retired (in shares) | 56,000,000.0 | 34,400,000 | |||
| Stock Repurchased and Retired During Period, Value | $ 224.5 | $ 200.0 | $ 100.0 | ||
| Treasury stock acquired, average cost per share (in dollars per share) | $ 4.01 | $ 5.81 | $ 7.22 | ||
| Preferred stock, dividend rate (as a percent) | 5.25% | ||||
| Repurchase of ordinary shares (in shares) | 13,800,000 | ||||
| Repurchase of ordinary shares | $ 100.0 | ||||
| Preferred stock, outstanding (in shares) | 14,400,000 | ||||
| Preferred Stock, Convertible, Terms | 3.8462 | ||||
| Shares converted (in shares) | 55,300,000 | ||||
Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Total share based compensation expense | $ 63.0 | $ 60.6 | $ 108.9 |
| Provision (benefit) for income taxes | (1.8) | (2.2) | (8.7) |
| Cost of revenues | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Total share based compensation expense | 17.4 | 14.6 | 39.9 |
| Selling, general and administrative costs | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Total share based compensation expense | $ 45.6 | $ 46.0 | $ 69.0 |
Income Taxes - Provision (Benefit) for Income Taxes by Jurisdiction (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current Federal, State and Local, Tax Expense (Benefit) [Abstract] | |||
| U.K. | $ 3.1 | $ 2.3 | $ (1.2) |
| Other | 53.0 | 36.8 | (40.8) |
| Total current | 48.5 | 61.2 | (23.1) |
| Deferred Federal, State and Local, Tax Expense (Benefit) [Abstract] | |||
| U.K. | 1.9 | 0.8 | (0.4) |
| Other | (36.3) | 44.1 | (42.9) |
| Total deferred | (41.3) | 21.7 | (78.2) |
| Provision (benefit) for income taxes | 7.2 | 82.9 | (101.3) |
| U.S. federal | |||
| Current Federal, State and Local, Tax Expense (Benefit) [Abstract] | |||
| U.S. | (5.6) | 19.0 | 14.5 |
| Deferred Federal, State and Local, Tax Expense (Benefit) [Abstract] | |||
| U.S. | (1.4) | (20.0) | (30.5) |
| U.S. state | |||
| Current Federal, State and Local, Tax Expense (Benefit) [Abstract] | |||
| U.S. | (2.0) | 3.1 | 4.4 |
| Deferred Federal, State and Local, Tax Expense (Benefit) [Abstract] | |||
| U.S. | $ (5.5) | $ (3.2) | $ (4.4) |
Income Taxes - Components of Income (Loss) Before Income Tax (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| U.K. income (loss) | $ (123.6) | $ (155.4) | $ (180.1) |
| U.S. income (loss) | (80.9) | (437.8) | (477.9) |
| Other income (loss) | 10.6 | 39.4 | (354.5) |
| Income (loss) before income taxes | $ (193.9) | $ (553.8) | $ (1,012.5) |
Income Taxes - Reconciliation of the Statutory Income Tax Rate to Effective Tax Rate, Prior to Adoption of ASU 2023-09 (Details) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Percent | |||
| Income (loss) before income taxes | $ (193.9) | $ (553.8) | $ (1,012.5) |
| Provision (benefit) for income taxes | $ 7.2 | $ 82.9 | $ (101.3) |
| U.K. statutory tax rate | 25.00% | 25.00% | 23.50% |
| Effect of different tax rates | (0.60%) | 0.00% | |
| BEAT | (1.20%) | (0.70%) | |
| Change in tax law | (9.60%) | 0.00% | |
| Valuation allowances | (16.00%) | (2.20%) | (4.40%) |
| Share-based compensation | (2.40%) | (1.30%) | |
| Other permanent differences | (1.20%) | (0.60%) | |
| Withholding tax | (0.70%) | (0.50%) | |
| Uncertain tax positions | (0.90%) | 7.00% | |
| Other foreign jurisdictions | (1.60%) | 2.10% | |
| Outside basis difference in foreign subsidiary | (18.80%) | (15.40%) | |
| Nontaxable or nondeductible items | (1.10%) | 0.00% | |
| Tax credits | 1.80% | 0.60% | |
| Other | (1.50%) | (0.30%) | |
| Effective tax rate | (3.70%) | (15.00%) | 10.00% |
Income Taxes - Tax effects of the significant components of temporary differences (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Income Tax Disclosure [Abstract] | ||||
| Accounts receivable | $ 1.3 | $ 1.9 | ||
| Accrued expenses | 18.4 | 12.2 | ||
| Deferred revenue | 2.1 | 0.9 | ||
| Partnerships outside basis difference | 143.9 | 40.9 | ||
| Other assets | 19.0 | 24.0 | ||
| Debt issuance costs | 7.9 | 10.4 | ||
| Lease liabilities | 11.3 | 8.4 | ||
| Goodwill | 422.0 | 527.4 | ||
| Operating losses and tax attributes | 938.2 | 835.4 | ||
| Fixed assets, net | 1.3 | 0.0 | ||
| Total deferred tax assets | 1,565.4 | 1,461.5 | ||
| Valuation allowances | (1,340.4) | (1,279.7) | $ (1,256.6) | $ (1,179.3) |
| Net deferred tax assets | 225.0 | 181.8 | ||
| Other identifiable intangible assets, net | (385.6) | (365.1) | ||
| Other liabilities | (25.1) | (20.9) | ||
| Right-of-use assets | (9.2) | (5.4) | ||
| Fixed assets, net | 0.0 | (15.2) | ||
| Total deferred tax liabilities | (419.9) | (406.6) | ||
| Net deferred tax liabilities | $ (194.9) | $ (224.8) |
Income taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Deferred tax asset | $ 17.2 | $ 48.5 |
| Deferred tax liability | (212.1) | (273.3) |
| Net deferred tax liabilities | $ (194.9) | $ (224.8) |
Income Taxes - Deferred Tax Valuation Allowance (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Valuation Allowance [Roll Forward] | |||
| Beginning balance, January 1 | $ 1,279.7 | $ 1,256.6 | $ 1,179.3 |
| Change charged to expense/(income) | 26.4 | 31.1 | 51.4 |
| Change charged to CTA | 34.3 | (8.0) | 25.9 |
| Ending balance, December 31 | $ 1,340.4 | $ 1,279.7 | $ 1,256.6 |
Income Taxes - Taxes paid by jurisdiction (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Income Tax Disclosure [Line Items] | |
| U.K. | $ (3.0) |
| Total | 42.1 |
| India | |
| Income Tax Disclosure [Line Items] | |
| Foreign: | 6.7 |
| U.S. federal | |
| Income Tax Disclosure [Line Items] | |
| Foreign: | 6.4 |
| Germany federal | |
| Income Tax Disclosure [Line Items] | |
| Foreign: | 4.5 |
| South Korea | |
| Income Tax Disclosure [Line Items] | |
| Foreign: | 3.8 |
| Spain | |
| Income Tax Disclosure [Line Items] | |
| Foreign: | 3.1 |
| Sweden | |
| Income Tax Disclosure [Line Items] | |
| Foreign: | 2.3 |
| Brazil | |
| Income Tax Disclosure [Line Items] | |
| Foreign: | 2.2 |
| Other foreign | |
| Income Tax Disclosure [Line Items] | |
| Foreign: | $ 16.1 |
Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
| Beginning balance | $ 30.8 | $ 26.0 | $ 83.8 |
| Increases for tax positions taken in prior years | 5.3 | 3.3 | 1.1 |
| Increases for tax positions taken in the current year | 2.8 | 2.1 | 1.6 |
| Decreases for tax positions taken in prior years | (0.4) | (0.5) | (54.1) |
| Decreases related to settlements with tax authorities | 0.0 | 0.0 | (6.2) |
| Decreases due to statute expirations | (0.2) | (0.1) | (0.2) |
| Ending balance | $ 38.3 | $ 30.8 | $ 26.0 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Basic EPS | |||
| Net income (loss) | $ (201.1) | $ (636.7) | $ (911.2) |
| Dividends on preferred shares | 0.0 | 31.3 | 75.4 |
| Net income (loss) attributable to ordinary shares | (201.1) | (668.0) | (986.6) |
| Change in fair value of private placement warrants | $ 0.0 | $ 0.0 | $ 0.0 |
| Weighted average shares, basic (in shares) | 673.3 | 693.6 | 671.6 |
| Basic EPS (in dollars per share) | $ (0.30) | $ (0.96) | $ (1.47) |
| Diluted EPS | |||
| Net income (loss) attributable to ordinary shares, diluted | $ (201.1) | $ (668.0) | $ (986.6) |
| Weighted average shares, basic (in shares) | 673.3 | 693.6 | 671.6 |
| Weighted average effect of potentially dilutive shares (in shares) | 0.0 | 0.0 | 0.0 |
| Weighted average shares, diluted (in shares) | 673.3 | 693.6 | 671.6 |
| Diluted EPS (in dollars per share) | $ (0.30) | $ (0.96) | $ (1.47) |
Earnings Per Share - Narrative (Details) - shares shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Warrant and share-based payment awards | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive shares (in shares) | 20.5 | 20.2 | 32.7 |
Segment Information - Narrative (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2025
USD ($)
segment
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Segment Reporting [Abstract] | |||
| Number of reportable segments | segment | 3 | ||
| Goodwill and intangible asset impairments | $ | $ (15.0) | $ (540.7) | $ (979.9) |
Segment Information - Reconciliation of Segment Adjusted EBITDA to Net income (loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Segment Reporting Information | |||
| Revenues | $ 2,455.2 | $ 2,556.7 | $ 2,628.8 |
| People-related costs | (820.3) | (823.8) | (818.5) |
| Royalties and other product costs | (328.2) | (362.2) | (382.5) |
| Technology costs | (158.3) | (153.9) | (144.7) |
| Outside service costs | (65.3) | (74.0) | (80.1) |
| Other costs | (81.3) | (82.4) | (85.8) |
| Adjusted EBITDA | 1,001.8 | 1,060.4 | 1,117.2 |
| Provision (benefit) for income taxes | (7.2) | (82.9) | 101.3 |
| Depreciation and amortization | (757.2) | (727.0) | (708.3) |
| Interest expense, net | (265.4) | (283.4) | (293.7) |
| Royalties and other product costs | (63.0) | (60.6) | (108.9) |
| Goodwill and intangible asset impairments | (15.0) | (540.7) | (979.9) |
| Restructuring and other impairments | (50.7) | (19.6) | (40.0) |
| Mark to market gain (loss) on financial instruments | 0.0 | 5.2 | 15.9 |
| Transaction related costs | (22.5) | (17.9) | (8.2) |
| Other | (21.9) | 29.8 | (6.6) |
| Net income (loss) | (201.1) | (636.7) | (911.2) |
| Restructuring and other impairments | (50.7) | (19.6) | (33.9) |
| Academia & Government | |||
| Segment Reporting Information | |||
| Revenues | 1,266.0 | 1,326.4 | 1,323.3 |
| People-related costs | (342.7) | (349.7) | (352.8) |
| Royalties and other product costs | (215.4) | (248.5) | (247.7) |
| Technology costs | (78.8) | (80.5) | (75.6) |
| Outside service costs | (33.8) | (39.9) | (43.0) |
| Other costs | (47.3) | (44.0) | (45.7) |
| Adjusted EBITDA | 548.0 | 563.8 | 558.5 |
| Restructuring and other impairments | (21.2) | (7.0) | (13.8) |
| Intellectual Property | |||
| Segment Reporting Information | |||
| Revenues | 799.4 | 811.4 | 862.7 |
| People-related costs | (294.4) | (283.3) | (277.7) |
| Royalties and other product costs | (75.5) | (76.1) | (91.3) |
| Technology costs | (50.9) | (46.3) | (44.6) |
| Outside service costs | (20.9) | (21.1) | (22.7) |
| Other costs | (23.6) | (26.1) | (26.0) |
| Adjusted EBITDA | 334.1 | 358.5 | 400.4 |
| Restructuring and other impairments | (15.7) | (5.8) | (9.2) |
| Life Sciences & Healthcare | |||
| Segment Reporting Information | |||
| Revenues | 389.8 | 418.9 | 442.8 |
| People-related costs | (183.2) | (190.8) | (188.0) |
| Royalties and other product costs | (37.3) | (37.6) | (43.5) |
| Technology costs | (28.6) | (27.1) | (24.5) |
| Outside service costs | (10.6) | (13.0) | (14.4) |
| Other costs | (10.4) | (12.3) | (14.1) |
| Adjusted EBITDA | 119.7 | 138.1 | 158.3 |
| Restructuring and other impairments | $ (13.8) | $ (6.8) | $ (10.9) |
Segment Information - Assets by Geography (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | $ 99.3 | $ 107.1 |
| U.S. federal | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | 28.7 | 35.0 |
| India | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | 17.0 | 18.9 |
| U.K. | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | 15.6 | 18.1 |
| All other | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | $ 38.0 | $ 35.1 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Loss Contingencies [Line Items] | |||
| Gain on settlement | $ 0.0 | $ 0.0 | $ 49.4 |
| One Of The Larger Legal Claims [Member] | |||
| Loss Contingencies [Line Items] | |||
| Gain on settlement | $ 49.4 | ||