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Marketable Securities (Tables)

3 Months Ended

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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