v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The table below summarizes the Company's assets 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
Fair Value Measurements at Reporting Date
As of March 31, 2026
Value
Level 1Level 2
Cash equivalents$1,865.3 $613.3 $1,252.0 
Available-for-sale debt securities:
Corporate bonds10,619.6 — 10,619.6 
U.S. government and government agency obligations3,667.6 — 3,667.6 
Commercial paper689.1 — 689.1 
Certificates of deposit248.0 — 248.0 
Asset-backed securities219.7 — 219.7 
Sovereign bonds84.4 — 84.4 
Equity securities(a)
48.7 48.7 — 

$17,442.4 $662.0 $16,780.4 
As of December 31, 2025
Cash equivalents$2,121.6 $1,127.7 $993.9 
Available-for-sale debt securities:
Corporate bonds10,219.5 — 10,219.5 
U.S. government and government agency obligations4,367.3 — 4,367.3 
Commercial paper541.1 — 541.1 
Certificates of deposit265.9 — 265.9 
Asset-backed securities242.8 — 242.8 
Sovereign bonds76.8 — 76.8 
Equity securities(a)
34.3 34.3 — 

$17,869.3 $1,162.0 $16,707.3 
(a) Includes equity securities of $47.5 million and $33.3 million as of March 31, 2026 and December 31, 2025, respectively, which were subject to transfer restrictions that expired in April 2026
In addition to the investments summarized in the table above, the Company recorded the following investments within Other noncurrent assets:
•As of March 31, 2026 and December 31, 2025, $571.6 million and $334.0 million, respectively, of equity securities that do not have a readily determinable fair value. The change in carrying value of such investments was primarily the result of additional purchases.
•As of March 31, 2026 and December 31, 2025, equity securities held through ownership interest in an investment fund of $169.9 million and $147.5 million, respectively, which are measured at fair value based on Level 3 inputs. The change in carrying value was primarily the result of additional purchases by the fund.

During the three months ended March 31, 2026 and 2025, the Company recognized $24.0 million and $139.7 million of net unrealized gains, respectively, in Other income (expense), net, related to investments in equity securities that were still held as of the period end date.
Other Fair Value Disclosures
The fair value of the Company's long-term debt, which was determined based on Level 2 inputs, was estimated to be $1.564 billion and $1.576 billion as of March 31, 2026 and December 31, 2025, respectively. The carrying value was $1.986 billion as of March 31, 2026 and December 31, 2025.