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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Subject to Fair Value Measurements | Assets and liabilities subject to fair value measurements are as follows (in millions):
| As of March 31, 2026
| Level 1 |  | Level 2 |  | Level 3 |  | Balance
Assets |  |  |  |  |  |  |
Money market funds(1) | $ | 397.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 397.5 |
Time deposits(1) | 205.5 |  |  | — |  |  | — |  |  | 205.5 |
U.S. government and agency securities(2) | — |  |  | 1,722.7 |  |  | — |  |  | 1,722.7 |
Corporate debt securities(2) | — |  |  | 403.4 |  |  | — |  |  | 403.4 |
Equity securities(3) | 65.3 |  |  | — |  |  | — |  |  | 65.3 |
Total assets | $ | 668.3 |  |  | $ | 2,126.1 |  |  | $ | — |  |  | $ | 2,794.4 |
Liabilities |  |  |  |  |  |  |
Contingent consideration(4) | — |  |  | — |  |  | 34.2 |  |  | 34.2 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 34.2 |  |  | $ | 34.2 |
| As of December 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Balance
Assets |  |  |  |  |  |  |
Money market funds(1) | $ | 753.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 753.1 |
Time deposits(1) | — |  |  | — |  |  | — |  |  | — |
U.S. government and agency securities(2) | — |  |  | 2,443.2 |  |  | — |  |  | 2,443.2 |
Corporate debt securities(2) | — |  |  | 606.8 |  |  | — |  |  | 606.8 |
Equity securities(3) | 126.9 |  |  | — |  |  | — |  |  | 126.9 |
Total assets | $ | 880.0 |  |  | $ | 3,050.0 |  |  | $ | — |  |  | $ | 3,930.0 |
Liabilities |  |  |  |  |  |  |
Contingent consideration(4) | — |  |  | — |  |  | 32.5 |  |  | 32.5 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 32.5 |  |  | $ | 32.5 |
(1)Included in cash and cash equivalents in our consolidated balance sheets. (2)Included in cash and cash equivalents and current and non-current marketable investments in our consolidated balance sheets. See Note 3—Investments—Marketable Investments—Available-for-Sale Debt Securities for further information. The fair value of these securities is principally measured or corroborated by trade data for identical securities for which related trading activity is not sufficiently frequent to be considered a Level 1 input or comparable securities that are more actively traded. (3)Included in current marketable investments in our consolidated balance sheets. The fair value of these securities is based on quoted market prices for identical instruments in active markets. During the three months ended March 31, 2026 and March 31, 2025, we recognized $61.6 million and $5.3 million of net unrealized losses, respectively, on these securities. These net unrealized losses are recorded within other expense, net in our consolidated statements of operations. See Note 3—Investments—Marketable Investments—Investments in Equity Securities with Readily Determinable Fair Values. (4)Included in other current liabilities and other non-current liabilities in our consolidated balance sheets. The fair value of our contingent consideration obligations is estimated using probability-weighted discounted cash flow models (DCFs). The DCFs incorporate Level 3 inputs, including estimated discount rates, that we believe market participants would consider relevant in pricing and the projected timing and amount of cash flows, which are estimated and developed, in part, based on the requirements specific to each acquisition agreement. The fair value of our contingent consideration liabilities increased by $1.7 million during the period from December 31, 2025 to March 31, 2026. The loss was recorded within research and development in our consolidated statements of operations.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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