v3.25.2
Marketable Securities (Tables)
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Debt Securities
The following tables summarize the Company's investments in available-for-sale debt securities:
(In millions)AmortizedUnrealizedFair
As of June 30, 2025
Cost BasisGainsLossesValue
Corporate bonds$8,901.5 $66.7 $(8.7)$8,959.5 
U.S. government and government agency obligations3,656.2 9.0 (1.3)3,663.9 
Commercial paper573.2 0.1 (0.1)573.2 
Certificates of deposit417.2 0.2 — 417.4 
Asset-backed securities371.0 1.3 (0.1)372.2 
Sovereign bonds60.0 0.4 — 60.4 
$13,979.1 $77.7 $(10.2)$14,046.6 
As of December 31, 2024
Corporate bonds$8,226.9 $25.1 $(31.4)$8,220.6 
U.S. government and government agency obligations4,820.5 3.4 (6.9)4,817.0 
Commercial paper548.3 0.4 — 548.7 
Certificates of deposit380.6 0.5 — 381.1 
Asset-backed securities279.0 0.6 (0.3)279.3 
Sovereign bonds82.7 0.1 (0.4)82.4 
$14,338.0 $30.1 $(39.0)$14,329.1 
Marketable Securities, Based on Contractual Maturity Dates The fair values of available-for-sale debt securities by contractual maturity consist of the following:
June 30,December 31,
(In millions)
2025
2024
Maturities within one year$5,473.8 $6,524.3 
Maturities after one year through five years8,572.4 7,804.8 
Maturities after five years
0.4 — 
$14,046.6 $14,329.1 
Fair Value and Unrealized Losses of Marketable Securities
The following table shows the fair value and gross unrealized losses by category and disaggregated by the length of time that the Company's available-for-sale debt securities have been in a continuous unrealized loss position.
Less than 12 Months12 Months or GreaterTotal
(In millions)
As of June 30, 2025
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Corporate bonds$8,501.0 $(1.5)$458.5 $(7.2)$8,959.5 $(8.7)
U.S. government and government agency obligations3,640.7 (1.2)23.2 (0.1)3,663.9 (1.3)
Commercial paper
573.2 (0.1)— — 573.2 (0.1)
Asset-backed securities365.2 (0.1)7.0 — 372.2 (0.1)
$13,080.1 $(2.9)$488.7 $(7.3)$13,568.8 $(10.2)
As of December 31, 2024
Corporate bonds$7,175.8 $(14.2)$1,044.8 $(17.2)$8,220.6 $(31.4)
U.S. government and government agency obligations4,675.3 (6.2)141.7 (0.7)4,817.0 (6.9)
Asset-backed securities265.4 (0.3)13.9 — 279.3 (0.3)
Sovereign bonds63.3 (0.3)19.1 (0.1)82.4 (0.4)
$12,179.8 $(21.0)$1,219.5 $(18.0)$13,399.3 $(39.0)