v3.26.1
Cash, Cash Equivalents, Marketable Debt Securities and Other (Tables)
 6 Months Ended
Jun. 30, 2026
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Schedule of Cash and Available-For-Sale Debt Securities by Major Asset Category

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.
Schedule of Marketable Debt Securities in Continuous Loss Position

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.