v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of financial assets with maturities of less than 90 days included within cash and cash equivalents
The following table summarizes our financial assets with maturities of less than 90 days from the date of purchase included in cash and cash equivalents in our condensed consolidated balance sheets:
(In millions)As of June 30, 2026As of December 31, 2025
Money market funds$569.4 $2,027.7 
Overnight reverse repurchase agreements— 70.0 
Short-term debt securities— 15.4 
Commercial paper— 120.1 
Total
$569.4 $2,233.2 
Marketable debt and equity securities The following tables summarize our marketable debt and equity securities, classified as available-for-sale:
As of June 30, 2026
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable equity securities
Marketable equity securities, non-current$227.7 $— $(43.7)$184.0 
Total marketable equity securities$227.7 $— $(43.7)$184.0 

As of December 31, 2025
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Marketable debt securities
Corporate debt securities:
Current$246.8 $— $— $246.8 
Non-current290.6 0.2 — 290.8 
Government securities:
Current560.4 — — 560.4 
Non-current88.4 — — 88.4 
Mortgage and other asset backed securities:
Non-current52.7 — — 52.7 
Total marketable debt securities$1,238.9 $0.2 $— $1,239.1 
Marketable equity securities
Marketable equity securities, non-current$227.7 $— $(109.6)$118.1 
Total marketable equity securities$227.7 $— $(109.6)$118.1 
The estimated fair value and amortized cost of our marketable debt securities classified as available-for-sale by contractual maturity are summarized as follows:
 As of December 31, 2025
(In millions)Estimated
Fair Value		Amortized
Cost
Due in one year or less$807.2 $807.2 
Due after one year through five years419.5 419.3 
Due after five years12.4 12.4 
Total marketable debt securities$1,239.1 $1,238.9 
Realized Gain (Loss) on Investments
The proceeds from maturities and sales of marketable debt securities and any resulting realized gains and losses are summarized as follows:
For the Three Months Ended June 30,For the Six Months Ended June 30,
(In millions)2026202520262025
Proceeds from maturities and sales$1,515.2 $— $2,140.4 $— 
Realized gains0.2 — 0.2 — 
Realized losses1.5 — 1.5 — 

Realized losses for the three and six months ended June 30, 2026, primarily relate to sales of corporate bonds.