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v3.26.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2026
Investments [Abstract] |
Schedule of Available-for-Sale Debt Securities | Available-for-sale debt securities consisted of the following (in millions):
As of March 31, 2026 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. government and agency securities | $ | 1,723.3 |  |  | $ | 2.7 |  |  | $ | (3.3) |  |  | $ | 1,722.7 |
Corporate debt securities | 403.5 |  |  | 0.7 |  |  | (0.8) |  |  | 403.4 |
Total | $ | 2,126.8 |  |  | $ | 3.4 |  |  | $ | (4.1) |  |  | $ | 2,126.1 |
Reported under the following captions in our consolidated balance sheets:
Cash and cash equivalents |  |  |  |  |  |  | $ | — |
Current marketable investments |  |  |  |  |  |  | 808.7 |
Non-current marketable investments |  |  |  |  |  |  | 1,317.4 |
Total |  |  |  |  |  |  | $ | 2,126.1 |
As of December 31, 2025 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. government and agency securities | $ | 2,433.0 |  |  | $ | 10.5 |  |  | $ | (0.3) |  |  | $ | 2,443.2 |
Corporate debt securities | 603.1 |  |  | 3.7 |  |  | — |  |  | 606.8 |
Total | $ | 3,036.1 |  |  | $ | 14.2 |  |  | $ | (0.3) |  |  | $ | 3,050.0 |
Reported under the following captions in our consolidated balance sheets:
Cash and cash equivalents |  |  |  |  |  |  | $ | 37.0 |
Current marketable investments |  |  |  |  |  |  | 1,236.3 |
Non-current marketable investments |  |  |  |  |  |  | 1,776.7 |
Total |  |  |  |  |  |  | $ | 3,050.0 |
Schedule of Available-for-Sale Debt Securities in an Unrealized Loss Position | The following tables present gross unrealized losses and fair value for those available-for-sale debt securities that were in an unrealized loss position as of March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in millions):
| Less than 12 months |  | 12 months or longer |  | Total
As of March 31, 2026 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government and agency securities | $ | 822.6 |  |  | $ | (3.3) |  |  | $ | — |  |  | $ | — |  |  | $ | 822.6 |  |  | $ | (3.3) |
Corporate debt securities | 119.6 |  |  | (0.8) |  |  | — |  |  | — |  |  | 119.6 |  |  | (0.8) |
Total | $ | 942.2 |  |  | $ | (4.1) |  |  | $ | — |  |  | $ | — |  |  | $ | 942.2 |  |  | $ | (4.1) |
| Less than 12 months |  | 12 months or longer |  | Total
As of December 31, 2025 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government and agency securities | $ | 215.0 |  |  | $ | (0.3) |  |  | $ | 3.5 |  |  | $ | — |  |  | $ | 218.5 |  |  | $ | (0.3) |
Corporate debt securities | 19.6 |  |  | — |  |  | — |  |  | — |  |  | 19.6 |  |  | — |
Total | $ | 234.6 |  |  | $ | (0.3) |  |  | $ | 3.5 |  |  | $ | — |  |  | $ | 238.1 |  |  | $ | (0.3) |
Schedule of the Contractual Maturities | The following table summarizes the contractual maturities of available-for-sale debt securities (in millions). Actual maturities may differ from contractual maturities because the issuers of certain of these debt securities have the right to call the securities or prepay their obligations under the securities with or without penalties.
| As of March 31, 2026
| Amortized Cost |  | Fair Value
Due within one year | $ | 807.7 |  |  | $ | 808.7 |
Due in one to three years | 1,319.1 |  |  | 1,317.4 |
Total | $ | 2,126.8 |  |  | $ | 2,126.1 |

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