v3.26.1
Financial Instruments and Fair Value (Tables)
 6 Months Ended
Jun. 30, 2026
Financial Instruments and Fair Value [Abstract]  
Summary of Investments The following tables summarize our short-term and long-term investments (in millions):
 
 June 30, 2026
 Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. government and agency securities$563.0 $— $(1.3)$561.7 
Corporate debt securities518.0 — (1.3)516.7 
Commercial paper314.9 — (0.2)314.7 
Certificates of deposit and term deposits106.3 — (0.1)106.2 
Total available-for-sale investments
1,502.2 — (2.9)1,499.3 
Marketable equity securities
34.5 
Total short-term and long-term investments
$1,502.2 $— $(2.9)$1,533.8 

 December 31, 2025
 Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. government and agency securities$513.7 $0.9 $— $514.6 
Corporate debt securities368.5 0.4 (0.1)368.8 
Commercial paper354.8 0.1 — 354.9 
Certificates of deposit and term deposits90.3 0.1 — 90.4 
Total available-for-sale investments
1,327.3 1.5 (0.1)1,328.7 
Marketable equity securities
98.2 
Total short-term and long-term investments
$1,327.3 $1.5 $(0.1)$1,426.9 
Schedule of Unrealized Loss on Investments
The following tables show the gross unrealized losses and the related fair values of our available-for-sale investments that have been in a continuous unrealized loss position (in millions):
June 30, 2026
 Less Than 12 Months12 Months or GreaterTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. government and agency securities$561.7 $(1.3)$— $— $561.7 $(1.3)
Corporate debt securities516.7 (1.3)— — 516.7 (1.3)
Commercial paper314.7 (0.2)— — 314.7 (0.2)
Certificates of deposit and term deposits106.2 (0.1)— — 106.2 (0.1)
Total available-for-sale investments
$1,499.3 $(2.9)$— $— $1,499.3 $(2.9)
December 31, 2025
 Less Than 12 Months12 Months or GreaterTotal
 Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. government and agency securities$514.5 $— $— $— $514.5 $— 
Corporate debt securities368.9 (0.1)— — 368.9 (0.1)
Commercial paper354.9 — — — 354.9 — 
Certificates of deposit and term deposits90.4 — — — 90.4 — 
Total available-for-sale investments
$1,328.7 $(0.1)$— $— $1,328.7 $(0.1)
Investments Classified by Contractual Maturity Date
The contractual maturities of our available-for-sale investments were (in millions):
 June 30,
2026		December 31,
2025
Due within one year$1,100.2 $989.0 
Due within one to three years399.1 339.7 
Total$1,499.3 $1,328.7 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value of our financial assets measured at fair value on a recurring basis (in millions):
 June 30, 2026December 31, 2025
 Aggregate
Fair
Value		Quoted
Prices in
Active
Markets For
Identical
Assets		Significant
Other
Observable
Remaining
Inputs		Significant
Other
Unobservable
Remaining
Inputs		Aggregate
Fair
Value		Quoted
Prices in
Active
Markets For
Identical
Assets		Significant
Other
Observable
Remaining
Inputs		Significant
Other
Unobservable
Remaining
Inputs
  (Level 1)(Level 2)(Level 3) (Level 1)(Level 2)(Level 3)
Cash equivalents:
Money market funds$158.5 $158.5 $— $— $174.4 $174.4 $— $— 
U.S. government and agency securities1.3 1.3 — — — — — — 
Corporate debt securities— — — — 1.1 — 1.1 — 
Commercial paper19.4 — 19.4 — 38.1 — 38.1 — 
Certificates of deposit and term deposits30.2 — 30.2 — — — — — 
Total cash equivalents
209.4 159.8 49.6 — 213.6 174.4 39.2 — 
Short-term investments:
U.S. government and agency securities404.3 404.3 — — 383.5 381.5 2.0 — 
Corporate debt securities275.0 — 275.0 — 160.2 — 160.2 — 
Commercial paper314.7 — 314.7 — 354.9 — 354.9 — 
Certificates of deposit and term deposits106.2 — 106.2 — 90.4 — 90.4 — 
Marketable equity securities34.5 34.5 — — 98.2 98.2 — — 
Total short-term investments
1,134.7 438.8 695.9 — 1,087.2 479.7 607.5 — 
Long-term investments:
U.S. government and agency securities157.4 140.7 16.7 — 131.1 121.8 9.3 — 
Corporate debt securities241.7 — 241.7 — 208.6 — 208.6 — 
Total long-term investments
399.1 140.7 258.4 — 339.7 121.8 217.9 — 
Total
$1,743.2 $739.3 $1,003.9 $— $1,640.5 $775.9 $864.6 $—