
	As of March 31, 2025
	Level 1		Level 2		Level 3		Balance
Assets
Money market funds(1)	$	836.5	$	—	$	—	$	836.5
Time deposits(1)	196.9		—		—		196.9
U.S. government and agency securities(2)	—		2,686.7		—		2,686.7
Corporate debt securities(2)	—		589.2		—		589.2
Equity securities(3)	18.6		—		—		18.6


Total assets	$	1,052.0	$	3,275.9	$	—	$	4,327.9
Liabilities

Contingent consideration(4)	—		—		28.8		28.8
Total liabilities	$	—	$	—	$	28.8	$	28.8


	As of December 31, 2024
	Level 1		Level 2		Level 3		Balance
Assets
Money market funds(1)	$	649.8	$	—	$	—	$	649.8
Time deposits(1)	155.9		—		—		155.9
U.S. government and agency securities(2)	—		2,473.3		—		2,473.3
Corporate debt securities(2)	—		569.4		—		569.4
Equity securities(3)	23.9		—		—		23.9


Total assets	$	829.6	$	3,042.7	$	—	$	3,872.3
Liabilities

Contingent consideration(4)	—		—		24.7		24.7
Total liabilities	$	—	$	—	$	24.7	$	24.7

(2)Included in cash and cash equivalents and current and non-current marketable investments in our consolidated balance sheets. See Note 3—Investments—Marketable Investments—Available-for-Sale Debt Securities for further information. The fair value of these securities is principally measured or corroborated by trade data for identical securities for which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded.

(3)Included in current marketable investments in our consolidated balance sheets. The fair value of these securities is based on quoted market prices for identical instruments in active markets. During the three months ended March 31, 2025, and March 31, 2024 we recognized $5.3 million of net unrealized losses and $5.6 million of net unrealized gains, respectively, on these securities. We recorded these gains and losses in our consolidated statements of operations within other (expense) income, net. See Note 3—Investments—Marketable Investments—Investments in Equity Securities with Readily Determinable Fair Values.

(4)Included in other current liabilities and other non-current liabilities in our consolidated balance sheets. The fair value of our contingent consideration obligations is estimated using probability-weighted discounted cash flow models (DCFs). The DCFs incorporate Level 3 inputs, including estimated discount rates, that we believe market participants would consider relevant in pricing and the projected timing and amount of cash flows, which are estimated and developed, in part, based on the requirements specific to each acquisition agreement. The fair value of our contingent consideration liabilities increased by $4.1 million during the period from December 31, 2024 to March 31, 2025. The loss was recorded within research and development in our consolidated statements of operations.