Marketable Securities and Other Investments

A summary of our cash equivalents and marketable debt and equity securities, which are recorded at fair value, is shown


	As of June 30, 2026				As of December 31, 2025
	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value

	(in millions)
Cash equivalents	$2,656.9	$—	$—	$2,656.9	$2,779.1	$—	$—	$2,779.1
Marketable securities:
U.S. Treasury securities	1,668.0	0.4	(8.0)	1,660.4	1,852.9	12.1	(0.1)	1,864.9
U.S. government agency securities	191.0	0.2	(0.4)	190.8	261.2	1.2	—	262.4
Asset-backed securities	1,236.1	1.2	(3.8)	1,233.5	1,351.1	6.0	(0.1)	1,357.0
Certificates of deposit	18.9	—	—	18.9	26.2	—	—	26.2
Corporate debt securities	4,326.1	5.7	(14.0)	4,317.8	3,669.3	25.0	(0.4)	3,693.9
Commercial paper	64.7	—	—	64.7	14.6	—	—	14.6
Total marketable available-for- sale debt securities	7,504.8	7.5	(26.2)	7,486.1	7,175.3	44.3	(0.6)	7,219.0
Corporate equity securities	25.0	—	(13.1)	11.9	25.0	—	(8.4)	16.6
Total marketable securities	7,529.8	7.5	(39.3)	7,498.0	7,200.3	44.3	(9.0)	7,235.6
Total cash equivalents and marketable securities	$10,186.7	$7.5	$(39.3)	$10,154.9	$9,979.4	$44.3	$(9.0)	$10,014.7

Amounts in the table above at fair value were classified on our condensed consolidated balance sheets as follows:


	As of June 30, 2026	As of December 31, 2025

	(in millions)
Cash and cash equivalents	$2,656.9	$2,779.1
Marketable securities	1,708.9	1,523.3
Long-term marketable securities	5,789.1	5,712.3
Total	$10,154.9	$10,014.7

Marketable available-for-sale debt securities by contractual maturity were as follows:


	As of June 30, 2026	As of December 31, 2025

	(in millions)
Matures within one year	$1,697.0	$1,506.7
Matures after one year through five years	5,689.5	5,595.8
Matures after five years	99.6	116.5
Total	$7,486.1	$7,219.0

We did not record any allowances for credit losses to adjust the fair value of our marketable available-for-sale debt

securities during the three and six months ended June 30, 2026 and 2025. Additionally, we did not record any realized gains

or losses related to these investments that were material to our condensed consolidated statements of income during the three

and six months ended June 30, 2026 and 2025. As of June 30, 2026, we held marketable available-for-sale debt securities

with a total fair value of $4.8 billion that were in unrealized loss positions totaling $26.2 million, including an insignificant

amount that had been in unrealized loss positions for greater than twelve months.

We record changes in the fair value of our investments in corporate equity securities to “Other income (expense), net” in

our condensed consolidated statements of income. During the three and six months ended June 30, 2026 and 2025, our net

unrealized (losses) gains on corporate equity securities with readily determinable fair values held at the conclusion of each

period were as follows:

As of June 30, 2026 and December 31, 2025, the carrying value of our equity investments without readily determinable

fair values, which are recorded in “Other assets” on our condensed consolidated balance sheets was $80.1 million and

$81.5 million, respectively.

During the three and six months ended June 30, 2026, we received $75.5 million cash proceeds following the conversion

of a note receivable we held from a privately-held company that was acquired. As a result, we recognized a realized gain of

$48.7 million within “Other income (expense), net” in our condensed consolidated statements of income.