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 1 | | Level 2 | | Cash equivalents | | $ | 1,336.0 | | | $ | 1,205.3 | | | $ | 130.7 | | | Available-for-sale debt securities: | | | | | | | | Corporate bonds | | 10,751.9 | | | — | | | 10,751.9 | | | U.S. government and government agency obligations | | 3,303.5 | | | — | | | 3,303.5 | | | Commercial paper | | 558.3 | | | — | | | 558.3 | | | Certificates of deposit | | 304.1 | | | — | | | 304.1 | | | Asset-backed securities | | 193.1 | | | — | | | 193.1 | | | Sovereign bonds | | 78.3 | | | — | | | 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 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 | | 34.3 | | | 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 |
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