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v3.25.1

Marketable Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Available-for-sale Debt Securities | The following tables summarize the Company's investments in available-for-sale debt securities:
(In millions) |  | Amortized |  | Unrealized |  | Fair
As of March 31, 2025 |  | Cost Basis |  | Gains |  | Losses |  | Value
Corporate bonds |  | $ | 8,540.9 |  |  | $ | 49.8 |  |  | $ | (15.1) |  |  | $ | 8,575.6 |
U.S. government and government agency obligations |  | 3,531.8 |  |  | 5.7 |  |  | (2.3) |  |  | 3,535.2 |
Commercial paper |  | 393.6 |  |  | 0.2 |  |  | — |  |  | 393.8 |
Certificates of deposit |  | 414.1 |  |  | 0.3 |  |  | — |  |  | 414.4 |
Asset-backed securities |  | 321.2 |  |  | 0.7 |  |  | (0.2) |  |  | 321.7 |
Sovereign bonds |  | 60.0 |  |  | 0.3 |  |  | (0.1) |  |  | 60.2 |
|  | $ | 13,261.6 |  |  | $ | 57.0 |  |  | $ | (17.7) |  |  | $ | 13,300.9 |
As of December 31, 2024 |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 8,226.9 |  |  | $ | 25.1 |  |  | $ | (31.4) |  |  | $ | 8,220.6 |
U.S. government and government agency obligations |  | 4,820.5 |  |  | 3.4 |  |  | (6.9) |  |  | 4,817.0 |
Commercial paper |  | 548.3 |  |  | 0.4 |  |  | — |  |  | 548.7 |
Certificates of deposit |  | 380.6 |  |  | 0.5 |  |  | — |  |  | 381.1 |
Asset-backed securities |  | 279.0 |  |  | 0.6 |  |  | (0.3) |  |  | 279.3 |
Sovereign bonds |  | 82.7 |  |  | 0.1 |  |  | (0.4) |  |  | 82.4 |
|  | $ | 14,338.0 |  |  | $ | 30.1 |  |  | $ | (39.0) |  |  | $ | 14,329.1 |
Marketable Securities, Based on Contractual Maturity Dates | The fair values of available-for-sale debt securities by contractual maturity consist of the following:
|  | March 31, |  | December 31,
(In millions) |  | 2025 |  | 2024
Maturities within one year |  | $ | 5,259.2 |  |  | $ | 6,524.3 |
Maturities after one year through five years |  | 8,041.7 |  |  | 7,804.8 |
|  | $ | 13,300.9 |  |  | $ | 14,329.1 |
Fair Value and Unrealized Losses of Marketable Securities | The following table shows the fair value and gross unrealized losses by category and disaggregated by the length of time that the Company's available-for-sale debt securities have been in a continuous unrealized loss position.
| Less than 12 Months |  | 12 Months or Greater |  | Total
(In millions) As of March 31, 2025 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 7,982.1 |  |  | $ | (4.1) |  |  | $ | 593.5 |  |  | $ | (11.0) |  |  | $ | 8,575.6 |  |  | $ | (15.1) |
U.S. government and government agency obligations | 3,473.9 |  |  | (1.9) |  |  | 61.3 |  |  | (0.4) |  |  | 3,535.2 |  |  | (2.3) |
Asset-backed securities | 310.7 |  |  | (0.2) |  |  | 11.0 |  |  | — |  |  | 321.7 |  |  | (0.2) |
Sovereign bonds | 60.2 |  |  | (0.1) |  |  | — |  |  | — |  |  | 60.2 |  |  | (0.1) |
| $ | 11,826.9 |  |  | $ | (6.3) |  |  | $ | 665.8 |  |  | $ | (11.4) |  |  | $ | 12,492.7 |  |  | $ | (17.7) |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 7,175.8 |  |  | $ | (14.2) |  |  | $ | 1,044.8 |  |  | $ | (17.2) |  |  | $ | 8,220.6 |  |  | $ | (31.4) |
U.S. government and government agency obligations | 4,675.3 |  |  | (6.2) |  |  | 141.7 |  |  | (0.7) |  |  | 4,817.0 |  |  | (6.9) |
Asset-backed securities | 265.4 |  |  | (0.3) |  |  | 13.9 |  |  | — |  |  | 279.3 |  |  | (0.3) |
Sovereign bonds | 63.3 |  |  | (0.3) |  |  | 19.1 |  |  | (0.1) |  |  | 82.4 |  |  | (0.4) |
| $ | 12,179.8 |  |  | $ | (21.0) |  |  | $ | 1,219.5 |  |  | $ | (18.0) |  |  | $ | 13,399.3 |  |  | $ | (39.0) |

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