v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
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
The following tables summarize the Company's assets that are measured at fair value on a recurring basis:
(In millions)
Fair
Fair Value Measurements at Reporting Date
As of June 30, 2026
Value
Level 1Level 2
Cash equivalents$1,336.0 $1,205.3 $130.7 
Available-for-sale debt securities:
Corporate bonds10,751.9 — 10,751.9 
U.S. government and government agency obligations3,303.5 — 3,303.5 
Commercial paper558.3 — 558.3 
Certificates of deposit304.1 — 304.1 
Asset-backed securities193.1 — 193.1 
Sovereign bonds78.3 — 78.3 
Equity securities(a)
177.9 177.9 — 

$16,703.1 $1,383.2 $15,319.9 
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 securities34.3 34.3 — 

$17,869.3 $1,162.0 $16,707.3 
(a) Includes equity securities of $114.0 million as of June 30, 2026 which were subject to transfer restrictions that expire in December 2026
In addition to the investments summarized in the table above, the Company recorded the following investments within Other noncurrent assets:
•As of June 30, 2026 and December 31, 2025, $597.3 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 June 30, 2026 and December 31, 2025, equity and other securities held through ownership interest in an investment fund of $203.9 million and $147.5 million, respectively, which are primarily measured at fair value based on Level 3 inputs. The change in carrying value was primarily the result of additional purchases by the fund.
Other income (expense), net included net unrealized gains related to investments in equity securities that were still held as of the period end date of $61.4 million and $85.4 million for the three and six months ended June 30, 2026, respectively, and $249.8 million and $389.5 million for the three and six months ended June 30, 2025, respectively.

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 $1.561 billion and $1.576 billion as of June 30, 2026 and December 31, 2025, respectively. The carrying value was $1.987 billion as of June 30, 2026 and $1.986 billion as of December 31, 2025.