v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets by Level The following tables summarize the fair value of these financial assets by significant investment category and their levels within the fair value hierarchy (in millions):
March 31, 2026December 31, 2025
Level ILevel IILevel IIITotal Level ILevel IILevel IIITotal
Financial Assets:
Cash Equivalents:
Money market funds $973.2 $— $— $973.2 $1,174.8 $— $— $1,174.8 
Commercial paper— 63.7 — 63.7 — 29.8 — 29.8 
Corporate bonds— — — — — 6.6 — 6.6 
U.S. government notes48.4 — — 48.4 124.9 — — 124.9 
Agency securities— 20.0 — 20.0 — — — — 
1,021.6 83.7 — 1,105.3 1,299.7 36.4 — 1,336.1 
Marketable Securities:
Commercial paper— 311.1 — 311.1 — 83.0 — 83.0 
U.S. government notes2,728.1 — — 2,728.1 2,854.3 — — 2,854.3 
Corporate bonds— 5,059.7 — 5,059.7 — 4,329.7 — 4,329.7 
Municipal bonds— 14.5 — 14.5 — 14.5 — 14.5 
Agency securities— 1,450.3 — 1,450.3 — 1,497.6 — 1,497.6 
2,728.1 6,835.6 — 9,563.7 2,854.3 5,924.8 — 8,779.1 
Other Assets:
Money market funds - restricted cash1.4 — — 1.4 1.4 — — 1.4 
Total Financial Assets$3,751.1 $6,919.3 $— $10,670.4 $4,155.4 $5,961.2 $— $10,116.6 
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities measured at fair value on a recurring basis (in millions):
March 31, 2026December 31, 2025
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$374.8 $— $— $374.8 $112.8 $— $— $112.8 
U.S. government2,777.5 2.8 (3.8)2,776.5 2,970.4 8.8 — 2,979.2 
Corporate bonds5,066.3 4.7 (11.3)5,059.7 4,321.2 16.0 (0.9)4,336.3 
Municipal bonds14.5 — — 14.5 14.5 — — 14.5 
Agency securities1,474.1 0.6 (4.4)1,470.3 1,495.5 2.7 (0.6)1,497.6 
Total $9,707.2 $8.1 $(19.5)$9,695.8 $8,914.4 $27.5 $(1.5)$8,940.4 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value The following table is an analysis of our debt securities in unrealized loss positions (in millions):
March 31, 2026
Unrealized Losses within 12 months Unrealized Losses 12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Commercial paper$10.0 $— $— $— $10.0 $— 
U.S. government notes1,560.6 (3.8)10.0 — 1,570.6 (3.8)
Corporate bonds2,925.3 (11.3)6.0 — 2,931.3 (11.3)
Municipal bonds11.4 — — — 11.4 — 
Agency securities1,053.0 (4.4)— — 1,053.0 (4.4)
Total $5,560.3 $(19.5)$16.0 $— $5,576.3 $(19.5)
Schedule of Fair Value of Available-for-Sale Investments by Contractual Maturity The fair values of marketable debt securities, by remaining contractual maturities, are as follows (in millions):
March 31, 2026
Fair Value
Due in 1 year or less$3,501.6 
Due in 1 to 3 years6,062.1 
Total debt securities $9,563.7