v3.26.1
Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026
Cost BasisGainsLossesValue
Corporate bonds$10,606.9 $35.3 $(22.6)$10,619.6 
U.S. government and government agency obligations3,667.9 4.7 (5.0)3,667.6 
Commercial paper689.3 — (0.2)689.1 
Certificates of deposit248.2 — (0.2)248.0 
Asset-backed securities219.2 0.6 (0.1)219.7 
Sovereign bonds84.3 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 obligations4,352.2 15.2 (0.1)4,367.3 
Commercial paper540.8 0.3 — 541.1 
Certificates of deposit265.7 0.2 — 265.9 
Asset-backed securities241.4 1.4 — 242.8 
Sovereign bonds76.3 0.5 — 76.8 
$15,617.4 $98.5 $(2.5)$15,713.4 
Marketable Securities, Based on Contractual Maturity Dates 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 years9,638.9 10,224.8 
Maturities after five years98.4 1.5 
$15,528.4 $15,713.4