The table below summarizes the Company's assets and liabilities which are measured at fair value on a recurring basis. The following fair value hierarchy is used to classify assets and liabilities, based on inputs to valuation techniques utilized to measure fair value: •Level 1 - Quoted prices in active markets for identical assets or liabilities •Level 2 - Significant other observable inputs, such as quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuations in which significant inputs used are observable •Level 3 - Significant other unobservable inputs | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | | | | Fair Value Measurements at Reporting Date | As of June 30, 2025 | | Fair Value | | Level 1 | | Level 2 | | Level 3 | Assets: | | | | | | | | | | Cash equivalents | | $ | 850.1 | | | $ | 224.1 | | | $ | 626.0 | | | $ | — | | | Available-for-sale debt securities: | | | | | | | | | | Corporate bonds | | 8,959.5 | | | — | | | 8,959.5 | | | — | | | U.S. government and government agency obligations | | 3,663.9 | | | — | | | 3,663.9 | | | — | | | Commercial paper | | 573.2 | | | — | | | 573.2 | | | — | | | Certificates of deposit | | 417.4 | | | — | | | 417.4 | | | — | | | Asset-backed securities | | 372.2 | | | — | | | 372.2 | | | — | | | Sovereign bonds | | 60.4 | | | — | | | 60.4 | | | — | | Equity securities(a) | | 1,485.4 | | | 1,485.4 | | | — | | | — | | Total assets | | $ | 16,382.1 | | | $ | 1,709.5 | | | $ | 14,672.6 | | | $ | — | | | | | | | | | | | Liabilities: | | | | | | | | | Contingent consideration | | $ | 10.3 | | | $ | — | | | $ | — | | | $ | 10.3 | | | | | | | | | | | As of December 31, 2024 | | | | | | | | | | Assets: | | | | | | | | | | Cash equivalents | | $ | 1,452.2 | | | $ | 1,264.2 | | | $ | 188.0 | | | $ | — | | | Available-for-sale debt securities: | | | | | | | | | | Corporate bonds | | 8,220.6 | | | — | | | 8,220.6 | | | — | | | U.S. government and government agency obligations | | 4,817.0 | | | — | | | 4,817.0 | | | — | | | Commercial paper | | 548.7 | | | — | | | 548.7 | | | — | | | Certificates of deposit | | 381.1 | | | — | | | 381.1 | | | — | | | Asset-backed securities | | 279.3 | | | — | | | 279.3 | | | — | | | Sovereign bonds | | 82.4 | | | — | | | 82.4 | | | — | | Equity securities(a) | | 1,095.3 | | | 1,095.3 | | | — | | | — | | Total assets | | $ | 16,876.6 | | | $ | 2,359.5 | | | $ | 14,517.1 | | | $ | — | | | | | | | | | | | Liabilities: | | | | | | | | | Contingent consideration | | $ | 52.3 | | | $ | — | | | $ | — | | | $ | 52.3 | | | | | | | | | | | (a) Includes equity securities of $34.7 million and $43.2 million as of June 30, 2025 and December 31, 2024, respectively, that are subject to transfer restrictions expiring in April 2026 |
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