The following table shows the Company’s cash, cash equivalents, time deposit investments, and available-for-sale (“AFS”) debt securities by major asset category at June 30, 2026 and December 31, 2025 (in millions):


	June 30, 2026
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities and Other		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	438.5	$	—	$	—		$	438.5	$	438.5	$	—	$	—
Time Deposits (a):		50.0		—		—			50.0		—		50.0		—
Level 1 (b):
U.S. Treasury securities		55.6		—		(0.2	)		55.4		—		32.0		23.4
Money market funds		0.4		—		—			0.4		0.4		—		—
Subtotal		56.0		—		(0.2	)		55.8		0.4		32.0		23.4
Level 2 (c):
Corporate debt securities		99.2		—		(0.1	)		99.1		—		52.7		46.4
Commercial paper		13.4		—		—			13.4		3.9		9.5		—
Certificates of deposit		6.8		—		—			6.8		—		6.8		—
U.S. government agency securities		3.2		—		—			3.2		—		—		3.2
Subtotal		122.6		—		(0.1	)		122.5		3.9		69.0		49.6
Total	$	667.1	$	—	$	(0.3	)	$	666.8	$	442.8	$	151.0	$	73.0

	December 31, 2025
	Adjusted Cost Basis		Unrealized Gain		Unrealized Loss			Fair Value		Cash and Cash Equivalents		Short-Term Marketable Debt Securities		Long-Term Marketable Debt Securities
Cash and cash equivalents	$	492.3	$	—	$	—		$	492.3	$	492.3	$	—	$	—
Level 1 (b):
Money market funds		36.7		—		—			36.7		36.7		—		—
U.S. Treasury securities		32.7		0.1		—			32.8		—		14.7		18.1
Subtotal		69.4		0.1		—			69.5		36.7		14.7		18.1
Level 2 (c):
Corporate debt securities		100.0		0.4		—			100.4		—		55.6		44.8
U.S. government agency securities		4.1		—		—			4.1		—		—		4.1
Certificates of deposit		1.5		—		—			1.5		—		1.5		—
Subtotal		105.6		0.4		—			106.0		—		57.1		48.9
Total	$	667.3	$	0.5	$	—		$	667.8	$	529.0	$	71.8	$	67.0

(a)

We had a single $50.0 million investment in a time deposit as of June 30, 2026. This investment matures within one year and is recorded in “Short-term marketable debt securities and other” on our Consolidated Balance Sheets. We record time deposit investments at amortized cost, which approximates fair value. We did not have any investments in time deposits as of December 31, 2025.

(b)

Valuations based on quoted prices for identical assets or liabilities in active markets.

(c)

Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

For both the three and six months ended June 30, 2026 and 2025, net realized gains and losses on the sales and maturities of certain marketable debt securities were insignificant.

The Company invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The maturities of the Company’s long-term marketable debt securities generally range from one to two years.

Fair values were determined for each individual marketable debt security in the investment portfolio. When evaluating a marketable debt security for impairment, PCA reviews factors such as the duration and extent to which the fair value of the marketable debt security is less than its cost, the financial condition of the issuer and any changes thereto, the general market condition in which the issuer operates, and PCA’s intent to sell, or whether it will be more likely than not required to sell, the marketable debt security before recovery of its amortized cost basis.

As of June 30, 2026 and December 31, 2025, we do not consider any of the impairments related to our marketable debt securities to be the result of credit losses. Therefore, we have not recorded an allowance for credit losses related to our marketable debt securities. All unrealized gains and losses were recorded in other comprehensive income (OCI).

The following tables provide information about the Company’s marketable debt securities that have been in a continuous loss position as of June 30, 2026 and December 31, 2025 (in millions, except number of marketable debt securities in a loss position):


	June 30, 2026
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months
Corporate debt securities	$	58.8		57	$	0.2
U.S. Treasury securities		42.6		25		0.2
Commercial paper		9.7		7		—
Certificates of deposit		5.3		3		—
U.S. government agency securities		3.2		4		—
	$	119.6		96	$	0.4

	December 31, 2025
	Fair Value of Marketable Debt Securities in a Loss Position < 12 Months		Number of Marketable Debt Securities in a Loss Position < 12 Months		Unrealized Losses < 12 Months (d)
Corporate debt securities	$	6.2		8	$	—
U.S. government agency securities		1.7		2		—
	$	7.9		10	$	—

(d)

Unrealized losses were insignificant for the debt securities in a continuous loss position less than 12 months for the period ended December 31, 2025.

For both periods ended June 30, 2026 and December 31, 2025, there were no marketable debt securities in a continuous loss position greater than or equal to 12 months.