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 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


(In millions)	Fair		Fair Value Measurements at Reporting Date
As of March 31, 2026	Value		Level 1		Level 2
Cash equivalents	$	1,865.3	$	613.3	$	1,252.0
Available-for-sale debt securities:
Corporate bonds	10,619.6		—		10,619.6
U.S. government and government agency obligations	3,667.6		—		3,667.6
Commercial paper	689.1		—		689.1
Certificates of deposit	248.0		—		248.0
Asset-backed securities	219.7		—		219.7
Sovereign bonds	84.4		—		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 bonds	10,219.5		—		10,219.5
U.S. government and government agency obligations	4,367.3		—		4,367.3
Commercial paper	541.1		—		541.1
Certificates of deposit	265.9		—		265.9
Asset-backed securities	242.8		—		242.8
Sovereign bonds	76.8		—		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