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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The table below summarizes the Company's assets and liabilities which are measured at fair value on a recurring basis. The following fair value hierarchy is used to classify assets and liabilities, based on inputs to valuation techniques utilized to measure fair value:
•Level 1 - Quoted prices in active markets for identical assets or liabilities
•Level 2 - Significant other observable inputs, such as quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuations in which significant inputs used are observable
•Level 3 - Significant other unobservable inputs
(In millions)Fair Value Measurements at Reporting Date
As of March 31, 2025
Fair ValueLevel 1Level 2
Level 3
Assets:
Cash equivalents$1,865.0 $660.1 $1,204.9 $— 
Available-for-sale debt securities:
Corporate bonds8,575.6 — 8,575.6 — 
U.S. government and government agency obligations3,535.2 — 3,535.2 — 
Commercial paper393.8 — 393.8 — 
Certificates of deposit414.4 — 414.4 — 
Asset-backed securities321.7 — 321.7 — 
Sovereign bonds60.2 — 60.2 — 
Equity securities(a)
1,234.6 1,234.6 — — 
Total assets
$16,400.5 $1,894.7 $14,505.8 $— 
Liabilities:
Contingent consideration
$10.3 $— $— $10.3 
As of December 31, 2024
Assets:
Cash equivalents$1,452.2 $1,264.2 $188.0 $— 
Available-for-sale debt securities:
Corporate bonds8,220.6 — 8,220.6 — 
U.S. government and government agency obligations4,817.0 — 4,817.0 — 
Commercial paper548.7 — 548.7 — 
Certificates of deposit381.1 — 381.1 — 
Asset-backed securities279.3 — 279.3 — 
Sovereign bonds82.4 — 82.4 — 
Equity securities(a)
1,095.3 1,095.3 — — 
Total assets
$16,876.6 $2,359.5 $14,517.1 $— 
Liabilities:
Contingent consideration
$52.3 $— $— $52.3 
(a) Includes equity securities of $26.3 million and $43.2 million as of March 31, 2025 and December 31, 2024, respectively, that are subject to transfer restrictions expiring in April 2026
In addition to the investments summarized in the table above, the Company classified the following investments within Other noncurrent assets:
•As of March 31, 2025 and December 31, 2024, the Company had $316.8 million and $159.8 million, respectively, in equity securities that do not have a readily determinable fair value. The change in carrying value of such investments was a result of additional purchases.
•As of March 31, 2025 and December 31, 2024, the Company had equity securities held through ownership interest in an investment fund of $72.3 million and $52.0 million, respectively, which are measured at fair value based on Level 3 inputs.
During the three months ended March 31, 2025 and 2024, the Company recorded $139.7 million of net unrealized gains and $196.2 million of net unrealized losses, respectively, on equity securities in Other income (expense), net.
The fair value of the Company's long-term debt, which was determined based on Level 2 inputs, was estimated to be $1.511 billion and $1.484 billion as of March 31, 2025 and December 31, 2024, respectively.