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Financial Instruments and Fair Value | 9 Months Ended
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Sep. 30, 2025
Financial Instruments and Fair Value [Abstract] |
FINANCIAL INSTRUMENTS AND FAIR VALUE | FINANCIAL INSTRUMENTS AND FAIR VALUE Short-Term and Long-Term Investments Our short-term and long-term investments comprised of available-for-sale investments and marketable equity securities. The following tables summarize our short-term and long-term investments (in millions):
| September 30, 2025
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. government and agency securities | $ | 560.0 |  |  | $ | 0.6 |  |  | $ | (0.1) |  |  | $ | 560.5 |
Commercial paper | 370.4 |  |  | 0.1 |  |  | — |  |  | 370.5 |
Corporate debt securities | 285.2 |  |  | 0.3 |  |  | (0.1) |  |  | 285.4 |
Certificates of deposit and term deposits | 102.2 |  |  | 0.1 |  |  | — |  |  | 102.3 |
Total available-for-sale investments | 1,317.8 |  |  | 1.1 |  |  | (0.2) |  |  | 1,318.7 |
Marketable equity securities |  |  |  |  |  |  | 98.1 |
Total short-term and long-term investments | $ | 1,317.8 |  |  | $ | 1.1 |  |  | $ | (0.2) |  |  | $ | 1,416.8 |
| December 31, 2024
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. government and agency securities | $ | 469.1 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 469.5 |
Commercial paper | 428.7 |  |  | 0.2 |  |  | (0.2) |  |  | 428.7 |
Corporate debt securities | 166.4 |  |  | 0.1 |  |  | (0.1) |  |  | 166.4 |
Certificates of deposit and term deposits | 61.8 |  |  | — |  |  | — |  |  | 61.8 |
Total available-for-sale investments | 1,126.0 |  |  | 0.7 |  |  | (0.3) |  |  | 1,126.4 |
Marketable equity securities |  |  |  |  |  |  | 64.2 |
Total short-term and long-term investments | $ | 1,126.0 |  |  | $ | 0.7 |  |  | $ | (0.3) |  |  | $ | 1,190.6 |
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):
| September 30, 2025
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. government and agency securities | $ | 560.5 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | — |  |  | $ | 560.5 |  |  | $ | (0.1) |
Commercial paper | 370.5 |  |  | — |  |  | — |  |  | — |  |  | 370.5 |  |  | — |
Corporate debt securities | 285.4 |  |  | (0.1) |  |  | — |  |  | — |  |  | 285.4 |  |  | (0.1) |
Certificates of deposit and term deposits | 102.3 |  |  | — |  |  | — |  |  | — |  |  | 102.3 |  |  | — |
Total available-for-sale investments | $ | 1,318.7 |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,318.7 |  |  | $ | (0.2) |
| December 31, 2024
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. government and agency securities | $ | 27.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27.8 |  |  | $ | — |
Commercial paper | 149.4 |  |  | (0.2) |  |  | — |  |  | — |  |  | 149.4 |  |  | (0.2) |
Corporate debt securities | 63.5 |  |  | (0.1) |  |  | — |  |  | — |  |  | 63.5 |  |  | (0.1) |
Certificates of deposit and term deposits | 10.9 |  |  | — |  |  | — |  |  | — |  |  | 10.9 |  |  | — |
Total available-for-sale investments | $ | 251.6 |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | — |  |  | $ | 251.6 |  |  | $ | (0.3) |
The contractual maturities of our available-for-sale investments were (in millions):
| September 30, 2025 |  | December 31, 2024
Due within one year | $ | 1,029.6 |  |  | $ | 1,126.4 |
Due within one to three years | 289.1 |  |  | — |
Total | $ | 1,318.7 |  |  | $ | 1,126.4 |
Available-for-sale investments are reported at fair value, with unrealized gains and losses and the related tax impact included as a separate component of stockholders’ equity and in comprehensive income. We do not intend to sell any of the securities in an unrealized loss position and it is not more likely than not that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. Realized gains and losses on available-for-sale investments were insignificant in the periods presented. The changes in fair value of our marketable equity securities are recorded in other income—net on the condensed consolidated statements of income. We recognized a $14.1 million and $10.7 million gain during the three and nine months ended September 30, 2025, respectively. We recognized a $11.1 million and $11.2 million gain during the three and nine months ended September 30, 2024, respectively. Assets Measured at Fair Value on a Recurring Basis The following table presents the fair value of our financial assets measured at fair value on a recurring basis (in millions):
| September 30, 2025 |  | December 31, 2024
| 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 | $ | 170.5 |  |  | $ | 170.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 296.1 |  |  | $ | 296.1 |  |  | $ | — |  |  | $ | — |
Commercial paper | 34.0 |  |  | — |  |  | 34.0 |  |  | — |  |  | 59.7 |  |  | — |  |  | 59.7 |  |  | — |
Certificates of deposit and term deposits | 4.5 |  |  | — |  |  | 4.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total cash equivalents | 209.0 |  |  | 170.5 |  |  | 38.5 |  |  | — |  |  | 355.8 |  |  | 296.1 |  |  | 59.7 |  |  | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | 437.1 |  |  | 437.1 |  |  | — |  |  | — |  |  | 469.5 |  |  | 464.5 |  |  | 5.0 |  |  | — |
Commercial paper | 370.5 |  |  | — |  |  | 370.5 |  |  | — |  |  | 428.7 |  |  | — |  |  | 428.7 |  |  | — |
Corporate debt securities | 119.7 |  |  | — |  |  | 119.7 |  |  | — |  |  | 166.4 |  |  | — |  |  | 166.4 |  |  | — |
Certificates of deposit and term deposits | 102.3 |  |  | — |  |  | 102.3 |  |  | — |  |  | 61.8 |  |  | — |  |  | 61.8 |  |  | — |
Marketable equity securities | 98.1 |  |  | 98.1 |  |  | — |  |  | — |  |  | 64.2 |  |  | 64.2 |  |  | — |  |  | — |
Total short-term investments | 1,127.7 |  |  | 535.2 |  |  | 592.5 |  |  | — |  |  | 1,190.6 |  |  | 528.7 |  |  | 661.9 |  |  | — |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | 123.4 |  |  | 113.3 |  |  | 10.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate debt securities | 165.7 |  |  | — |  |  | 165.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total long-term investments | 289.1 |  |  | 113.3 |  |  | 175.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,625.8 |  |  | $ | 819.0 |  |  | $ | 806.8 |  |  | $ | — |  |  | $ | 1,546.4 |  |  | $ | 824.8 |  |  | $ | 721.6 |  |  | $ | — |
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the nine months ended September 30, 2025 and year ended December 31, 2024.

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- Definition Financial Instruments and Fair Value [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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