Marketable securities as of March 31, 2026 and December 31, 2025 consist of both available-for-sale debt securities of investment grade issuers (see below and Note 6) as well as equity securities of publicly traded companies (see Note 6).


(In millions)	Amortized		Unrealized				Fair
As of March 31, 2026	Cost Basis		Gains		Losses		Value
Corporate bonds	$	10,606.9	$	35.3	$	(22.6)	$	10,619.6
U.S. government and government agency obligations	3,667.9		4.7		(5.0)		3,667.6
Commercial paper	689.3		—		(0.2)		689.1
Certificates of deposit	248.2		—		(0.2)		248.0
Asset-backed securities	219.2		0.6		(0.1)		219.7
Sovereign bonds	84.3		0.3		(0.2)		84.4
	$	15,515.8	$	40.9	$	(28.3)	$	15,528.4

As of December 31, 2025
Corporate bonds	$	10,141.0	$	80.9	$	(2.4)	$	10,219.5
U.S. government and government agency obligations	4,352.2		15.2		(0.1)		4,367.3
Commercial paper	540.8		0.3		—		541.1
Certificates of deposit	265.7		0.2		—		265.9
Asset-backed securities	241.4		1.4		—		242.8
Sovereign bonds	76.3		0.5		—		76.8
	$	15,617.4	$	98.5	$	(2.5)	$	15,713.4

The Company classifies its investments in available-for-sale debt securities based on their contractual maturity dates. The available-for-sale debt securities as of March 31, 2026 mature at various dates through December 2032. The fair values of available-for-sale debt securities by contractual maturity consist of the following:


	March 31,		December 31,
(In millions)	2026		2025
Maturities within one year	$	5,791.1	$	5,487.1
Maturities after one year through five years	9,638.9		10,224.8
Maturities after five years	98.4		1.5
	$	15,528.4	$	15,713.4